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Hot Stock Ingress jumps 9% on takeover offer
by Cals Wed 17 Apr 2013, 11:34
Hot Stock Ingress jumps 9% on takeover offer
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Wednesday, 17 April 2013 11:10
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KUALA LUMPUR (April 17): Investors chased Ingress Corp Bhd shares, helping the stock rise as much as 9.14% after the automobile-component make announced a proposed takeover offer by its major shareholders.
At 10:44am, Ingress was up 14 sen or 8.54% to RM1.78 with about 3.56 million shares changing hands. It traded as high as RM1.79 and as low as RM1.77 in intraday trades.
Yesterday, Ingress said it had received a conditional takeover offer from its major shareholders to buy all the shares in the company not owned by them for RM1.85 a share cash.
The offerors comprise Ramdawi Sdn Bhd (RSB) which is the private vehicle of Datuk Rameli Musa and Datuk Dr Ab Wahab Ismail.
Rameli is Ingress executive chairman while Ab Wahab is executive adviser and founder.
The RM1.85 offer is a 33.21% discount to Ingress' latest reported book value of RM2.77 a share.
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Wednesday, 17 April 2013 11:10
A + / A - / Reset
KUALA LUMPUR (April 17): Investors chased Ingress Corp Bhd shares, helping the stock rise as much as 9.14% after the automobile-component make announced a proposed takeover offer by its major shareholders.
At 10:44am, Ingress was up 14 sen or 8.54% to RM1.78 with about 3.56 million shares changing hands. It traded as high as RM1.79 and as low as RM1.77 in intraday trades.
Yesterday, Ingress said it had received a conditional takeover offer from its major shareholders to buy all the shares in the company not owned by them for RM1.85 a share cash.
The offerors comprise Ramdawi Sdn Bhd (RSB) which is the private vehicle of Datuk Rameli Musa and Datuk Dr Ab Wahab Ismail.
Rameli is Ingress executive chairman while Ab Wahab is executive adviser and founder.
The RM1.85 offer is a 33.21% discount to Ingress' latest reported book value of RM2.77 a share.
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