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NewsHot Stock Golsta falls 11.7% on disappointing offer from Clement Hii
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Hot Stock Golsta falls 11.7% on disappointing offer from Clement Hii
by Cals Tue 25 Feb 2014, 01:35
| Hot Stock Golsta falls 11.7% on disappointing offer from Clement Hii |
| Business & Markets 2014 |
| Written by Ho Wah Foon of theedgemalaysia.com |
| Monday, 24 February 2014 12:24 |
KUALA LUMPUR (Feb 24): Golsta Synergy Bhd fell 29 sen or 11.7% at noon as investors were disappointed with the takeover offer price of RM2.10 per share.
Last Friday, the stock rose sharply by 48 sen or 24% to close at RM2.48 after news broke at noon that journalist-turned-businessman Tan Sri Clement Hii had bought 27.27% stake in Golsta Synergy.
At market close last Friday, Hii announced he had acquired a total of 36.69% stake in Golsta Synergy and would launch a conditional mandatory general offer for the rest of the shares at RM2.10.
At 12.02 pm, Golsta fell 29 sen or 11.7% to become the fourth top loser on the exchange with trades of 220,600 shares done.
Hii had bought Golsta Synergy shares through GS Capital Sdn Bhd.
Golsta is an investment holding company which engages in the design, fabrication and installation of industrial machines. It has operations in the cultivation and marketing of oil palm seeds and seedlings.
Golsta is currently a loss-making company, reporting a net loss of RM1.61 million in its third quarter ended Sept 30, 2013. It had a net asset value of RM1.161 per share.
Hii, a known corporate player, has personal investments in education, properties, media, technology, manufacturing, and food and beverage.
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