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Focal Aims hits limit-up on Eco World takeover

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Focal Aims hits limit-up on Eco World takeover Empty Focal Aims hits limit-up on Eco World takeover

Post by Cals Tue 17 Sep 2013, 17:53

Published: Tuesday September 17, 2013 MYT 1:53:00 PM
Updated: Tuesday September 17, 2013 MYT 1:55:41 PM
Focal Aims hits limit-up on Eco World takeover

KUALA LUMPUR: Focal Aims Holdings Bhd’s share price hit limit-up to RM1.23 – the highest since the heydays of 1996 when it surged to RM13 -- on Tuesday after Eco World Development Holdings Sdn Bhd launched a takeover of the property company at RM1.40 a share.

At midday, it was up 32 sen to RM1.23.

The FBM KLCI rose just 0.33 of a point to 1,771.13. Turnover was 789.02 million shares valued at RM727.27mil. There were 371 gainers, 222 losers and 270 counters unchanged.

Focal Aims had received a notice from Eco World (formerly Maple Quay Sdn Bhd) and Liew Tian Xiong – son of SP Setia Bhd president and chief executive officer Tan Sri Liew Kee Sin – that they had entered into a conditional share sale agreement with various shareholders of the company to acquire 164.77 million ordinary shares.

“The buyers will become the new controlling shareholders of the company, with a 65.05% equity interest in the company, and will therefore be obliged to extend a mandatory general offer to the shareholders of the company other than the buyers for a cash offer price of RM 1.40 per share,” it said.

Focal Aims hit a high of RM13 on Dec 31, 1996 and then fell to a low of 75.8 sen at the end of 1997 during the Asian Financial Crisis.
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