Ingenuity falls 25% in active trade (0034)

KUALA LUMPUR: Shares of Ingenuity Solutions Bhd
fell 25.7% in afternoon trade on Tuesday ahead of a press conference
called by substantial shareholder Chin Boon Long to clear the air over
the recent developments.
At 4.19pm, the share price of the ACE Market-listed company was down nine sen to 26 sen. There were 96.36 million shares done.
Ingenuity-WA fell 1.5 sen to nine sen with 39.92 million units transacted.
The
FBM KLCI slipped 0.27 of a point to 1,653.63. Turnover was 1.14 billion
shares valued at RM1.089bil. There were 238 gainers, 468 losers and 320
counters unchanged.
Ingenuity, a tech firm which made a net
profit of RM3.2mil in its latest quarter, has attracted trading
interest in recent days following events leading to the announcement of
a possible takeover of Ingenuity.
In the latest development,
Chin was quoted saying on Tuesday he would be addressing the media and
stakeholders in his personal capacity. The press conference will be
held Wednesday at 10.15am in Federal Hotel, Jalan Bukit Bintang, Kuala
Lumpur.
He sent out an invite to the media and hopes to extend the invite to all shareholders of Ingenuity Solutions, 1 Utopia Bhd as well as other concerned stakeholders. Chin is also the managing director of 1 Utopia.
To recap, last Thursday, Ninetology Marketing Sdn Bhd, a relatively unknown technology firm with a paid-up capital of RM2, announced it had "ready funds" to take over Ingenuity.
Ninetology
had offered to acquire a 39.44% stake in the company at 55 sen per
share. If the deal goes through, this would trigger a mandatory general
offer to acquire all the remaining shares Ninetology has not already
owned in Ingenuity.
Ingenuity it had received an offer letter from Ninetology to purchase all of the shares held by Chin, Firstwide Success Sdn Bhd, Landasan Simfoni Sdn Bhd and Titanium Hallmark Sdn Bhd
amounting to a total of 214,297,656 shares, representing 39.44% of the
total equity interest of Ingenuity, at an offer price of 55 sen per
share.