Friday 29 Mar 2024
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KUALA LUMPUR (Oct 29): Having received a takeover offer from substantial shareholder Tan Sri Robert Tan Hua Choon last Friday, shares in Computer Forms (M) Bhd surged 30 sen or 32.97% this morning to trade at a one-year high of RM1.21 apiece.

At the noon break, the stock pared gains to trade up 20 sen or 21.98% at RM1.11, making it one of the top gainers on Bursa Malaysia.

However, volume was thin with only 7,500 shares exchanged.

Last Friday, Tan had made a conditional mandatory takeover offer for Computer Forms at RM1.25 per share.

This was after he purchased an additional 1.95 million shares or a 4.74% stake in the company at RM1.04 per share via a direct business transaction.

The offer price represented a premium of 21 sen or 20.19% to the price of that transaction, as well as a 34 sen or 37.36% premium to the group's last traded price of 91 sen as at Oct 23, 2018.

Tan, who is also known as the Casio King, intends to maintain the listing status of the company in which he now owns a 33.57% stake.

He had first surfaced in the company in October 2016.

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