Hot Stock Maica rises as high as 22% on possible takeover by Klang businessman

by **Cals** Mon 28 Oct 2013, 13:43

Hot Stock Maica rises as high as 22% on possible takeover by Klang businessman

Business & Markets 2013

Written by Cynthia Blemin of theedgemalaysia.com

Monday, 28 October 2013 12:26

KUALA LUMPUR (Oct 28): Shares of Malaysia Aica Bhd (Maica) jumped as high as 22% after a news report stated that Sunsuria Group may buy more shares in the latter after a recent proposed corporate exercise.
This purchase could trigger a general offer.
Sunsuria is owned by Klang businessman Ter Leong Yap, who is a property developer and also the chairman of the Selangor Chinese Chamber of Commerce.
The Edge Weekly reported over the weekend that unlisted Sunsuria, which aspires to get listed on Bursa Malaysia, may raise its current stake of 17.68% in Maica to above 33% -- the threshold that triggers general offer for the company.
At 11.50 am today, shares of Maica climbed 15 sen or 17.96% to 98.5 sen, on trades of 834,500 shares.
Earlier, the shares had risen to a high of RM1.02 to become the bourse’s top gainer.
A remiser said investors are confident with Maica’s long-term prospects as they see the company is cash-rich and has made sound business decisions
A check showed that Maica has a market capitalization of RM126.5 million.
“Investors who have been on the sidelines are looking for good stocks, such as Maica, to pick up especially after the uncertainty and concerns over the budget is almost over”, he added.
Prices for Maica shares gained 40% over the past week, following news that Sunsuria had proposed to inject its assets into Maica.
Sunsuria wanted to inject assets into Maica, which would result in Sunsuria having a stake of 17.68% in Maica, according to a recent announcement to Bursa Malaysia by Maica.