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Update SYF share price drops 6.5% from day's high after GO announcement

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Update SYF share price drops 6.5% from day's high after GO announcement Empty Update SYF share price drops 6.5% from day's high after GO announcement

Post by Cals Thu 13 Mar 2014, 17:12

Update SYF share price drops 6.5% from day's high after GO announcement
Business & Markets 2014
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Thursday, 13 March 2014 16:43

KUALA LUMPUR (Mar 13): SYF Resources Bhd’s share price dropped 4.5 sen or 6.5% to 65 sen from a high of 69.5 sen after the announcement of a general offer (GO) by its director, Ng Ah Chai.

Ahead of the announcement, SYF shares were traded at 69.5 sen, up 6.5 sen or 10.3% from its opening price of 63 sen.

At 4.14pm, its share price declined 4.5 sen to 65 sen, with some 3.8 million shares done.

Company director Ng Ah Chai is offering 65 sen per share in a general offer exercise for the company.

Ng, who now holds 137.0 million shares or 50.27% stake in the company after acquiring Tan Sri Clement Hii Chii Kok’s 20% stake today, is offering to buy the remaining shares in the company.

According to a series of announcements by the company, this follows Tan Sri Clement Hii Chii Kok’s disposal of his entire 20% stake (54.5 million shares) in the company, held by his investment vehicle, HCK Equities Sdn Bhd.

Ng had acquired 56.5 million shares over the past two days at a total cost of RM338.9 million, where most of the shares were acquired through direct dealings, according to SYF’s filings with Bursa Malaysia.
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