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Hot Stock Golsta falls 6% on profit taking
by Cals Thu 20 Mar 2014, 18:41
| Hot Stock Golsta falls 6% on profit taking |
| Business & Markets 2014 |
| Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com |
| Thursday, 20 March 2014 12:52 |
KUALA LUMPUR (Mar 20): Golsta Synergy Bhd fell 5.8% today on profit taking, approaching nearer to its RM2.10 general offer price.
At 12.30 pm lunch break, Golsta was traded at RM2.77, down 15 sen or 5.1% with some 104,900 shares exchanged.
It was among the top losers on the board and had earlier declined as much as 17 sen or 5.8% in share price.
The share price of Golsta had shot past the general offer price of RM2.10 given by Tan Sri Clement Hii last month mainly because investors thought they could fetch higher price.
A dealer told theedgemalaysia.com that the fall in share price may be due to profit taking.
“The share price is currently down by about 15 sen, which pales in comparison to its initial spike in share price after Hii’s entry,” he said.
Hii emerged as a major shareholder of Golsta in February, after acquiring 16.95 million shares or a 36.69% stake in the company.
With the acquisition, Hii had triggered a mandatory general offer for the rest of the shares in Golsta not owned by him. He has offered to take over the remaining of the shares not owned by him at RM2.10 per share.
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