Atis group MD gets SC’s exemption from mandatory takeover of Nadayu

KUALA LUMPUR (Dec 19): ATIS CORPORATION BHD [] group managing director Chen Khai Voon and parties acting in concert in the takeover of Nadayu PROPERTIES Bhd, will not have to make a mandatory takeover offer.

Atis said on Monday that Chen and the parties were given the exemption by the Securities Commission in a letter dated Dec 16 from the mandatory takeover offer of Nadayu (formerly MUTIARA GOODYEAR DEVELOPMENT BHD).

They had earlier submitted an application to the SC to seek for an exemption under paragraph 21.1, Practice Note 9 of the Malaysian Code on Take-Overs and Mergers 2010.



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Atis sees satisfactory performance in Q4

Atis Corp Bhd posted RM2.06 million lower pre-tax profit for the third quarter ended Sept 30, 2011 from RM30.44 million recorded in the same period last year.

The company said its revenue rose to RM195.267 million from RM187.464 million in the same quarter last year.

For the current financial year, the group recorded RM678.1 million higher revenue or by 35.2 per cent as compared to the same period last year.

The improvement was attributed to Nadayu Properties Bhd, an Atis' subsidiary, acquired at the end of the third quarter in the last financial year, it said in a filing to bursa Malaysia.

The group expected a satisfactory performance in the fourth quarter despite uncertainties in the business environment. -- Bernama



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