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NewsHot Stock Kulim surges 18.5% on takeover offer from Johor Corp
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Hot Stock Kulim surges 18.5% on takeover offer from Johor Corp
by Cals Sat 07 Nov 2015, 02:22
- Hot Stock
[size=28]Kulim surges 18.5% on takeover offer from Johor Corp
By Surin Murugiah / theedgemarkets.com | November 6, 2015 : 9:30 AM MYTKUALA LUMPUR (Nov 6): Kulim (M) Bhd ([You must be registered and logged in to see this image.] Valuation: 3.00, Fundamental: 2.60) shares surged 18.5% in early trade today after it received a takeover offer from its major shareholder Johor Corp Bhd at RM4.10 per share, a premium of 80 sen or 24.24% over the group's last closing price of RM3.30.
At 9.10am, Kulim jumped 61 sen to RM3.91 with 2.85 million shares traded.
In a statement on Bursa Malaysia today, Kulim said Johor Corp - which, together with parties acting in concert with it, owns a 61.87% stake in Kulim - plans to undertake the privatisation via a selective capital reduction (SCR) and repayment exercise that will entail a total payout of RM2.22 billion.
It said the offer will remain open for the board's acceptance until 5pm on Nov 20, 2015.
Johor Corp does not intend to maintain the listing status of Kulim.
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