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Pan Malaysia Holdings soars 31.82% on controlling stake sale

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Pan Malaysia Holdings soars 31.82% on controlling stake sale Empty Pan Malaysia Holdings soars 31.82% on controlling stake sale

Post by Cals Wed 17 Dec 2014, 01:25

Pan Malaysia Holdings soars 31.82% on controlling stake sale
.KUALA LUMPUR: Pan Malaysia Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) soared as much as 3.5 sen or 31.82% to 14.5 sen on news that Malayan United Industries Bhd (MUI) ( Financial Dashboard) is selling its 69.19% stake in the company to Datuk Dr Yu Kuan Chon for RM77.12 million.
The property and financial services entity closed the day with a market capitalisation of RM134.7 million after some 13.12 million shares changed hands.
Yu is the chairman and executive director of YNH Property Bhd.
MUI fell 1 sen or 4.35% to 22 sen, with 19.82 million shares done.
Last Friday, MUI said it was selling its Pan Malaysia Holdings stake to Yu in a bid to divest its non-core assets.
MUI said about RM60 million of the sale proceeds will be used to repay MUI’s bank loans, while the balance would be for working capital. MUI is controlled by tycoon Tan Sri Khoo Kay Peng.
 
This article first appeared in The Edge Financial Daily, on December 16, 2014.
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