KUALA LUMPUR (March 19): Shares of ROCK CHEMICAL INDUSTRIES (M) [] Bhd (RCI) jumped in late afternoon on Monday after a hesitant start and was close to the takeover offer price of RM2.10.
At 4.03pm, it was up 31 sen to RM2.06. There were 142,200 shares done.
The FBM KLCI was up 1.44 points to 1,572.84. Turnover was 1.47 billion shares valued at RM1.08 billion. There were 278 gainers, 460 losers and 313 stocks unchanged.
Mega First Corp Bhd has served a takeover notice on its 60.43% subsidiary RCI to acquire the remaining shares it does not own at RM2.10 each.
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.
RCI’s board of directors said it had received a notice of conditional take-over offer for the shares.
“The board does not intend to seek any other person to make a competing or alternative take-over offer for the offer shares,” it said.
At 4.03pm, it was up 31 sen to RM2.06. There were 142,200 shares done.
The FBM KLCI was up 1.44 points to 1,572.84. Turnover was 1.47 billion shares valued at RM1.08 billion. There were 278 gainers, 460 losers and 313 stocks unchanged.
Mega First Corp Bhd has served a takeover notice on its 60.43% subsidiary RCI to acquire the remaining shares it does not own at RM2.10 each.
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.
RCI’s board of directors said it had received a notice of conditional take-over offer for the shares.
“The board does not intend to seek any other person to make a competing or alternative take-over offer for the offer shares,” it said.
