07 AUGUST 2015www.theedgemarkets.com
Instacom rises 4.35% on proposal to buy major stake in aluminium fabrication company
Edited by : AL CIRCLE
1 min read
Instacom Group Bhd ( Financial Dashboard)'s share price rises 4.35% this morning following a proposed a bonus issue of up to 657.1 million new shares on the basis of one bonus share for every three shares held to reward its shareholders.
The company also announced the proposal to purchase a major stake aluminium fabrication company Neata Aluminium (Malaysia) Sdn Bhd for RM73.58 million yesterday.
At 11.15am, the stock gained 0.5 sen to 12 sen. A total of 2.632 million shares were traded so far today.
In a filing with Bursa Malaysia yesterday, Instacom (fundamental: 1.25; valuation: 0.9) had proposed to acquire 5.3 million shares, representing a 43.6% equity interest in Neata Aluminium RM73.58 million from Golden Oasis Resources Sdn Bhd.
Instacom had said the purchase will be funded through the issuance of new Instacom shares and cash of RM13 million from the proceeds of the rights issue exercise completed last month.
Under share sale agreement, Golden Oasis has agreed to guarantee that the cumulative aggregate profit after tax of Neata for the financial years ending Dec 31, 2015 (FY15), and FY16, will not be less than RM34 million.
The company also announced the proposal to purchase a major stake aluminium fabrication company Neata Aluminium (Malaysia) Sdn Bhd for RM73.58 million yesterday.
At 11.15am, the stock gained 0.5 sen to 12 sen. A total of 2.632 million shares were traded so far today.
In a filing with Bursa Malaysia yesterday, Instacom (fundamental: 1.25; valuation: 0.9) had proposed to acquire 5.3 million shares, representing a 43.6% equity interest in Neata Aluminium RM73.58 million from Golden Oasis Resources Sdn Bhd.
Instacom had said the purchase will be funded through the issuance of new Instacom shares and cash of RM13 million from the proceeds of the rights issue exercise completed last month.
Under share sale agreement, Golden Oasis has agreed to guarantee that the cumulative aggregate profit after tax of Neata for the financial years ending Dec 31, 2015 (FY15), and FY16, will not be less than RM34 million.
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