KUALA LUMPUR (Feb 13): Shares of NAIM INDAH CORPORATION BHD [] slipped in early trade on Monday when it resumed trading after announcing its proposed acquisition of 60% in Sagajuta (Sabah) Sdn Bhd for an indicative price of RM240 million.
At 9.12am, it was down four sen to 63 sen with 48.73 million shares done as investors were taking profit after the price surge.
The FBM KLCI fell 1.64 points to 1,560.02. Turnover was 267.44 million shares valued at RM113.41 million. There were 161 gainers, 127 losers and 191 stocks unchanged.
Last Friday, Naim Indah proposed to acquire the Sagajuta stake from Generasi Cipta Sdn Bhd. It intends to acquire the remaining 40% equity interest in Sagajuta that is not owned by Generasi Cipta on similar terms as agreed between Nicorp and Generasi Cipta.
Naim Indah will undertake a proposed reduction in par value from 20 sen of each ordinary share to 10 each ordinary share in which the credit of RM70.2 million arising from the reduction of the par value shall be set-off against the unaudited accumulated losses of the vompany of RM64.6 million as at Sept 30, 2011.
It also proposed a renounceable rights issue on the basis of one right share of 10 sen per share on the basis of one rights share for every existing share with two free warrants after the proposed par value reduction.
Naim Indah proposed a private placement of 300 million new Naim Indah shares of 10 sen each to investors to be identified, with two free warrants for every placement share after the proposed par value reduction.
At 9.12am, it was down four sen to 63 sen with 48.73 million shares done as investors were taking profit after the price surge.
The FBM KLCI fell 1.64 points to 1,560.02. Turnover was 267.44 million shares valued at RM113.41 million. There were 161 gainers, 127 losers and 191 stocks unchanged.
Last Friday, Naim Indah proposed to acquire the Sagajuta stake from Generasi Cipta Sdn Bhd. It intends to acquire the remaining 40% equity interest in Sagajuta that is not owned by Generasi Cipta on similar terms as agreed between Nicorp and Generasi Cipta.
Naim Indah will undertake a proposed reduction in par value from 20 sen of each ordinary share to 10 each ordinary share in which the credit of RM70.2 million arising from the reduction of the par value shall be set-off against the unaudited accumulated losses of the vompany of RM64.6 million as at Sept 30, 2011.
It also proposed a renounceable rights issue on the basis of one right share of 10 sen per share on the basis of one rights share for every existing share with two free warrants after the proposed par value reduction.
Naim Indah proposed a private placement of 300 million new Naim Indah shares of 10 sen each to investors to be identified, with two free warrants for every placement share after the proposed par value reduction.
