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Hot Stock OSK Ventures jumps 8% on take-over offer

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Hot Stock OSK Ventures jumps 8% on take-over offer Empty Hot Stock OSK Ventures jumps 8% on take-over offer

Post by Cals Mon 30 Dec 2013, 11:54

Hot Stock OSK Ventures jumps 8% on take-over offer
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com   
Monday, 30 December 2013 10:09

KUALA LUMPUR (Dec  30): OSK Ventures International Bhd rose as much as 8% on news that the firm's major shareholders are making a take-over offer for the venture-capital entity, dealers say.

At 9.50am, OSK Ventures was traded at 58 sen with some seven million shares done. The bourse's eighth most-active stock had earlier risen as much as 4.5 sen to 59 sen.

"It is due to the take-over offer," a dealer told theedgemalaysia.com over telephone today.

OSK Ventures said last Friday (December 27) that the firm had received a take-over offer from OSK Equity Holdings Sdn Bhd.

OSK Equity, controlled by Tan Sri Ong Leong Huat and family, had offered to buy the remaining shares and warrants in OSK Ventures at 58 sen and 15 sen each respectively.

This follows OSK Equity's move to raise its stake in OSK Ventures to 45.52% from 32.24%. The acquirer, however, plans to maintain the listing status of OSK Ventures.

According to the dealer, OSK Ventures' share price has surpassed the offer price as investors may be demanding for a higher offer.

It is worth noting that the offer price of 58 sen a share for OSK Ventures compares with the company's book value per share of RM1.06.

Meanwhile, Kenanga Investment Bank Bhd said OSK Ventures shares' immediate technical support and resistance are seen at 50 sen and 56 sen respectively.
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