Kretam shares down after Hap Seng aborts bid
Published on: Tuesday, June 19, 2018
Kuala Lumpur: Kretam Holdings Bhd's shares tumbled Monday on news that Hap Seng Plantations Holdings Bhd has scrapped the acquisition of a 55 per cent stake in the company.At lunch break, Kretam shares stood at 54 sen, down 15.5 sen or 22.3 per cent from last Thursday's close of 69.5 sen, with 116.05 million shares changing hands.The Sabah-based medium-sized oil palm plantation company announced on Thursday last week that Hap Seng had aborted the acquisition of a 55 per cent stake in the company.
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In a filing to Bursa Malaysia, Kretam said it was informed by its Executive Director/Chief Executive Officer and the controlling shareholder, Datuk Lim Nyuk Sang @ Freddy Lim, that Hap Seng had decided to terminate the respective conditional share sale agreements with him and Santraprise Sdn Bhd.Stay up-to-date by following Daily Express’s Telegram channel.
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