Amcorp Properties hit limit up after privatization plan

KUALA LUMPUR (May 10): Amcorp Properties Bhd (Amprop) hit limit up this morning, after its major shareholders announced a proposal to take the company private at 90 sen per share.

The counter, which emerged as the third top gainer this morning, surged 30 sen or 55.05% to a more than four-year high of 84.5 sen.

The counter saw 833,600 shares traded.

Last Friday, its major shareholders — comprising Amcorp Group Bhd, Clear Goal Sdn Bhd and banker Tan Sri Azman Hashim together with Amprop Trust — have proposed to take the company private via selective capital reduction (SCR) and repayment exercise of 90 sen per share.

The repayment of 90 sen per share is at 35.5 sen, a 65% premium over its last traded price of 54.5 sen.

“The board, save for the interested directors, will deliberate on the proposed SCR and decide on the next course of action,” the bourse filing said.

Source: TheEdgeMarkets