UMA Goodway Integrated in talks for potential acquisition

by **Cals** Sat 16 Jul 2016, 17:09

UMA

[size=28]Goodway Integrated in talks for potential acquisition

By Yimie Yong / theedgemarkets.com | July 15, 2016 : 4:11 PM MYT

KUALA LUMPUR (July 15): Goodway Integrated Industries Bhd, which was slapped with an unusual market activity query yesterday (July 14) over the sharp rise in price of the rubber and rubber-related compounds manufacturer's shares recently, said it could be due to it being in talks for a potential acquisition.

"The company is in the midst of discussions or negotiations for a potential acquisition, of which the terms have not been finalised at this juncture. There has not been any corporate development involving Goodway Integrated and its group of companies' business and affairs that has not been previously announced that may account for the trading activity," it told Bursa Malaysia today.

Goodway Integrated said it will make an announcement on the potential acquisition in compliance with its obligations under the Main Market Listing Requirements of Bursa Securities immediately after the company executes the relevant definitive agreement(s).

However, it cautioned that there is no certainty the negotiations will result in the signing of the relevant definitive agreement(s).

At 3.43pm, the counter was trading up 2.5 sen or 5.81% to 45.5 sen, with 2.43 million shares changing hands, for a market capitalisation of RM50.29 million.

The stock has been on the uptrend since June 27, climbing as much as 22.5 sen or 102% to a one-year high of 44.5 sen in mid-afternoon trade yesterday. The stock pared part of its gains thereafter to close the day at 43 sen, still up 4.5 sen or 11.7% for the day, with 6.25 million shares traded.

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