Malaysia Market : Jerneh Asia climbs on Kuok Brothers’ takeover plan

Shares of Jerneh Asia Berhad advanced today after it received a takeover offer from its major shareholder Kuok Brothers Sdn Bhd.

At 11.53am, Jerneh Asia was up six sen to RM1.42.

The FBM KLCI fell 7.5 points to 1,484.39. Turnover was 517.93 million shares valued at RM432.07 million. Declining stocks beat advancers 380 to 181 while 226 stocks were unchanged.

Kuok Brothers offered to buy the remaining 58.19% stake, which it does not own, for RM1.45 a share. At RM1.45, this is nine sen above Monday’s close of RM1.36 while the warrants ended at 40 sen.

Kuok Brothers and the parties acting in concert directly hold 102.02 million shares or 41.81% of Jerneh Asia.(theedgemalaysia.com)