Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 15): Aluminium Co of Malaysia Bhd (Alcom) said Towerpack Sdn Bhd's planned acquisition of a controlling 59.16% stake in Alcom became unconditional today. As such, Towerpack is obliged to acquire the remaining Alcom shares it did not own.

In a statement to Bursa Malaysia today, Alcom said it received the takeover offer notice from Towerpack at 61 sen a share.

According to Alcom, Towerpack is now buying the controlling 59.16% stake comprising 78.23 million Alcom shares from Novelis Inc. Towerpack and Novelis signed the conditional share sale and purchase agreement on Aug 18 this year.

Today, Alcom said Towerpack planned to maintain Alcom's listing on Bursa Malaysia.

Trading of Alcom shares was halted between 11:49am and 2:30pm today. At 3:03pm, Alcom shares fell 2.5 sen or 2.82% to 86 sen for a market value of RM118.88 million.

The stock saw 46,000 shares traded.

 

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