KUALA LUMPUR: In an announcement to Bursa Malaysia yesterday, Box-Pak (M) Bhd denied knowledge of any privatisation following a news report on the matter.
Bok-Pak stated that its board of directors was unaware of any formal discussions concerning the privatisation of Box-Pak.
To recap, a local daily quoting a source yesterday had reported that Box-Pak’s parent company Kian Joo Can Factory Bhd (KJCF) was planning to privatise Box-Pak in a multimillion ringgit deal involving Japanese investors.
Box-Pak’s share price lost 9.72% yesterday, falling 24 sen to RM2.23 from a 14-year high of RM2.47 while trading volume almost doubled to 5.35 million from 2.81 million shares.
The article also said that KJCF would be paying RM3.20 for the remaining shares it does not own, which works out to be 1.71 times price-to-book and 12.93 times price-earnings ratio.
Box-Pak also said it had not appointed any investment bank for said privatisation.
“The company from time to time may receive proposals, enquiries and expressions of interest in relation to the company’s various investments. Box-Pak will make the necessary disclosure to Bursa Malaysia Securities Berhad in accordance with the provisions of the Main Market listing requirements,” it added.
The Edge Financial Daily reported yesterday that Box-Pak may have been targeted for a takeover.
It was speculated that Tokyo and Osaka-listed Oji Paper Co Ltd (Japan) could be a potential offeror. Oji Paper has acquired three Malaysian paper-related companies since 2010.
Bok-Pak stated that its board of directors was unaware of any formal discussions concerning the privatisation of Box-Pak.
To recap, a local daily quoting a source yesterday had reported that Box-Pak’s parent company Kian Joo Can Factory Bhd (KJCF) was planning to privatise Box-Pak in a multimillion ringgit deal involving Japanese investors.
Box-Pak’s share price lost 9.72% yesterday, falling 24 sen to RM2.23 from a 14-year high of RM2.47 while trading volume almost doubled to 5.35 million from 2.81 million shares.
The article also said that KJCF would be paying RM3.20 for the remaining shares it does not own, which works out to be 1.71 times price-to-book and 12.93 times price-earnings ratio.
Box-Pak also said it had not appointed any investment bank for said privatisation.
“The company from time to time may receive proposals, enquiries and expressions of interest in relation to the company’s various investments. Box-Pak will make the necessary disclosure to Bursa Malaysia Securities Berhad in accordance with the provisions of the Main Market listing requirements,” it added.
The Edge Financial Daily reported yesterday that Box-Pak may have been targeted for a takeover.
It was speculated that Tokyo and Osaka-listed Oji Paper Co Ltd (Japan) could be a potential offeror. Oji Paper has acquired three Malaysian paper-related companies since 2010.
