KUALA LUMPUR (March 19) : Mega First Corp Bhd has served a takeover notice on its 60.43% subsidiary ROCK CHEMICAL INDUSTRIES (M) [] Bhd to acquire the remaining shares it does not own at RM2.10 each.
In a statement to the exchange on Monday, Mega First, a power plant builder and property developer, said the takeover offer will give the acquirer full control of Rock Chemical, building materials entity, hence greater flexibility to dictate the subsidiary’s business direction.
At RM2.10 per Rock Chemical share, Mega First will have to spend RM35.2 million to acquire the remaining 39.57% or 16.76 million shares in the subsidiary.
Trading of shares in Mega First and Rock Chemical has been suspended since last Friday for the announcement. Mega First was last traded at RM1.70 on Thursday while Rock Chemical closed at RM1.75.
In a statement to the exchange on Monday, Mega First, a power plant builder and property developer, said the takeover offer will give the acquirer full control of Rock Chemical, building materials entity, hence greater flexibility to dictate the subsidiary’s business direction.
At RM2.10 per Rock Chemical share, Mega First will have to spend RM35.2 million to acquire the remaining 39.57% or 16.76 million shares in the subsidiary.
Trading of shares in Mega First and Rock Chemical has been suspended since last Friday for the announcement. Mega First was last traded at RM1.70 on Thursday while Rock Chemical closed at RM1.75.
