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Tecnic falls as much as 7% in morning trades
by Cals Tue 22 Sep 2015, 23:15
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[size=28]Tecnic falls as much as 7% in morning trades
By Cynthia Blemin / theedgemarkets.com | September 22, 2015 : 12:01 PM MYTKUALA LUMPUR, (Sept 22): Tecnic Group Bhd ([You must be registered and logged in to see this image.] Valuation: 2.10, Fundamental: 1.95)'s reverse takeover (RTO) plan did not excite the market judging its share price heading south in the morning trade.
The stock fell as much as 7% in morning trades today, after it entered a non-binding memorandum of understanding with RohasEuco Holdings Sdn Bhd for a proposed RTO of a steel structure fabricator, as part of its regularisation plan.
At 11.19am, Tecnic stock dropped 0.8 sen or 6.67% to its lowest at RM1.12 with 57,200 shares done, giving it a market capitalisation of RM48.5 million.
The RTO plan entails Tecnic acquiring all the equity interests held by the vendor in REI, comprising 68.38 million shares, for RM200 million, it added.
The purchase consideration will be satisfied via the issuance of 317.46 million shares at 63 sen apiece, Tecnic also said.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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