Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 16): Grand Hoover Bhd revealed today that its major shareholder and certain directors have been approached by parties interested in acquiring a substantial stake in the company, as well as to possibly form joint ventures with the company to tap certain business opportunities.

However, the discussions are still at the preliminary stage and no agreements or conclusions have been reached, the company said in a Bursa Malaysia filing in response to an unusual market activity (UMA) query from the bourse regulator today.

The UMA query was issued after Grand Hoover's counter hit a multi-year high, after having gained the maximum one-day limit of 30 sen or 48.39%, at 92 sen, before trading of its shares was halted at 4.18pm after 5.99 million shares were traded, making it the fourth biggest gainer across the bourse.

Separately, Grand Hoover said the trading of its shares will resume from 9am tomorrow (Friday), but did not elaborate other than highlighting its response to the UMA query.

Grand Hoover is principally engaged in the trading and distribution of sanitary wares, fittings for pipes, and ceramic tiles. It has also included property development in its portfolio.

As at June 30, 2017, Grand Hoover's managing director Sim Cheng Young is the largest single shareholder in the company and controls a 39.94% stake, of which 10.38% is indirectly held, followed by Chuah Hun Leong with a 15.91% stake.

 

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