Naim Indah Corp (NIC MK), a developer, slid 9.7 per cent to 60.5 sen, set for the largest decrease since Nov. 21. Naim Indah said it plans to buy 60 per cent of Sagajuta (Sabah) Sdn from Generasi Cipta Sdn for RM240 million.
The company also proposed a reduction in the par value of its shares to offset accumulated losses, and will raise RM100 million from a rights offer and share placement, it said in a statement.
Naim is also in talks to buy the remaining 40 per cent stake not held by Generasi, according to a Kuala Lumpur stock exchange filing late yesterday. Sagajuta is a Malaysian property developer and investment company. -- Bloomberg
The company also proposed a reduction in the par value of its shares to offset accumulated losses, and will raise RM100 million from a rights offer and share placement, it said in a statement.
Naim is also in talks to buy the remaining 40 per cent stake not held by Generasi, according to a Kuala Lumpur stock exchange filing late yesterday. Sagajuta is a Malaysian property developer and investment company. -- Bloomberg
