QUICK TAKE: Powernet jumps on Abdul Karim takeover offer
Published on 02 Oct 2019. | Source: thestar.com.my
KUALA LUMPUR: Shares in Kumpulan Powernet Bhd jumped after billionaire shareholder Datuk Mohd Abdul Karim Abdullah raised his stake in the company to trigger a mandatory general offer (MGO).
At 3.43pm, the stock was up 6.5 sen sen to 98.5 sen with 2.9 million shares traded.
Abdul Karim, on Oct 2, acquired an additional 12.25 million shares at RM1 each via several direct business transactions, a filing with Bursa Malaysia today revealed.
This increased his stake in the company from 20.04% to 36.13%.
Together with other parties acting in concert, Abdul Karim now controls about 46.81% of the company.
He has extended his offer to buyout all remaining shareholders in the company at RM1 a share.
"The offeror intends to maintain the listing status of Powernet on the main market of Bursa Malaysia," adviser RHB Investment Bank Bhd said in the filing.
Abdul Karim is the managing director and group CEO of Serba Dinamik Holdings Bhd.
Stay tuned for a new offer coming to you soon.
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