Ninetology offers to buy 39.44% of Ingenuity Solutions shares (0034)

KUALA LUMPUR: Ninetology Marketing Sdn. Bhd has offered to acquire 214.29 million shares of Ingenuity Solutions Bhd, or a 39.44% stake, at 55 sen a share.
Trading
in the shares and warrants of Ingenuity was suspended in the afternoon
session on Wednesday and will resume on Thursday morning.
Ninetology said it wanted to acquire the shares from major shareholder Chin Boon Long, Firstwide Success Sdn Bhd, Landasan Simfoni Sdn Bhd and Titanium Hallmark Sdn Bhd.
At
55 sen, this was a premium of 39.2% above the pre-suspension price of
39.5 sen. The share price rose 4.5 sen to 39.5 sen with 25.27 million
shares done.
The warrants added one sen to 12 sen with 30.07 million units done.
Ingenuity
Solutions said its company secretary had on Wednesday received an offer
letter from Ninetology, "offering to purchase all and not partial of
the shares" held by Chin and the three other parties, the 39.44% stake
at 55 sen a share.
"This offer stands for 14 days from today.
The offer will only be executed on the premise that all and not one or
some of the abovenamed persons accepts the offer unconditionally," it
said.
Ingenuity Solutions also said Bursa Malaysia Securities
Bhd had on Tuesday requested for more information on Ninetology,
including details of the corporate exercise that Ninetology intends to
propose to Ingenuity Solutions, which had to be released on Wednesday.
Bursa
Securities had also requested for background information of Ninetology
such as names of the directors, names of the major shareholders and
their respective shareholdings, principal activities, latest financial
information (including revenue and profit after tax).
"The
company had on Aug 29, 2012 written to Ninetology to request for the
above information, and is still awaiting for a response from
Ninetology," it said.