Is Focal Aims worth more than RM1.40?

by **Cals** Wed 18 Sep 2013, 20:25

Published: Wednesday September 18, 2013 MYT 9:22:00 AM
Updated: Wednesday September 18, 2013 MYT 3:30:37 PM
Is Focal Aims worth more than RM1.40?

KUALA LUMPUR: Over-exuberant speculators chased shares of Focal Aims Holdings Bhd early Wednesday, pushing the counter above its upper trading limit at RM1.61, which was 21 sen higher than the takeover price of RM1.40.

At 9.14am, the share price of low-profile Focal Aims had surged 37 sen to RM1.61, with 3.31 million shares done.

The FBM KLCI fell 2.95 points to 1,771.99, giving up half of the last-minute gains notched on Tuesday. Turnover was 107.81 million shares valued at RM44.98mil. There were 116 gainers, 88 losers and 144 counters unchanged.

Questions have arose about the takeover price of RM1.40 offered by Eco World Development Holdings Sdn Bhd.

StarBiz reported that Focal Aims would be the most likely candidate for a reverse takeover of Eco World, disproving earlier theories that Salcon Bhd would be used as the vehicle for Tan Sri Liew Kee Sin’s comeback post-SP Setia Bhd.

Johor-based Focal Aims’ announced on Tuesday that its major shareholders had inked a conditional share sale pact with Eco World Development Holdings Sdn Bhd (EWDH) and Liew Tian Xiong for 164.78 million shares at RM1.40 apiece, valuing the exercise at RM230.69mil.

EWDH, previously known as Maple Quay Sdn Bhd, controls 50% of Eco World and is owned by Tan Sri Abdul Rashid Abdul Manaf and Datuk Eddie Leong Kok Wah – former directors of SP Setia and close associates of Liew. Tian Xiong is Liew’s eldest son.