Hot Stock Luster share, warrants fall on takeover denial

Hot Stock Luster share, warrants fall on takeover denial
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Thursday, 20 June 2013 16:15

KUALA LUMPUR (June 20): Penny stock LUSTER INDUSTRIES BHD [], which has been dominating the top actives for the past month, saw its share price plummet by as much as four sen or 16.67% today.

Prices of the securities of the plastic component manufacturer fell after it refuted Bernama’s report that its two new major shareholders are in talks with three companies, one of which is linked to tycoon Tan Sri Syed Mokhtar Albukhary.

At 3:53 pm, Luster shares fell 3.5 sen or 14.58% to 20.5 sen on a trade volume of 185.44 million units. The counter had hit a high of 25 sen earlier.

Two of Luster's free detachable warrants, LUSTER-WA and LUSTER-WB, trailed its mother share as the most active entities.

LUSTER-WA fell 1.5 sen or 13.64% to 9.5 sen after on trades of 46.1 million warrants. LUSTER-WB also lost 1.5 sen to trade at 9.5 sen with a trade volume of 104.17 million.

Luster filed an announcement to Bursa Malaysia today in response to Bernama’s article yesterday. The company said: “The statement pertaining to the discussion between (Luster major shareholders) Lim See Chea and Wee Song He, and Puncak Semangat Sdn Bhd, Manfield Development Sdn Bhd and Jalinan Muhibah Sdn Bhd, is baseless.”

However, the company said while it has expressed the intention to explore any possible development and upgrading of the current Kuala Muda port. Luster has yet to receive confirmation from the state government.

Yesterday, Bernama reported, quoting sources, that three parties were believed to be in talks to take over Luster. This came as the companies placed bids to take over the Kuala Kedah Jetty.

One of these companies was Puncak Semangat, a company linked to Syed Mokhtar.