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Hot Stock Ireka jumps 31% on planned privatisation

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Hot Stock Ireka jumps 31% on planned privatisation Empty Hot Stock Ireka jumps 31% on planned privatisation

Post by Cals Mon 17 Jun 2013, 11:20

Hot Stock Ireka jumps 31% on planned privatisation
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com   
Monday, 17 June 2013 10:45


KUALA LUMPUR (June 17): Ireka Corp Bhd rose as much as 31% on its major shareholders' planned privatisation of the CONSTRUCTION [] firm.
At 10.30am, Ireka pared gains to 85 sen with some 229,000 shares done. The exchange's third-largest gainer had resumed trading today. Trading of the stock was suspended last Friday to facilitate announcement of the proposed privatisation.
Ireka’s major shareholders plan to privatise and delist the firm via a selective capital reduction (SCR) and cash-repayment exercise.
The major shareholders who already own 64.7% in the firm, plans to cancel the remaining 35.3% stake they do not own.
Upon completion of the SCR, the acquirers will have 100% of Ireka. They will subsequently make a cash repayment of 90 sen a share to minority shareholders of the company.
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