KUALA LUMPUR (Dec 24): Koperasi Permodalan Felda has aborted the proposed acquisition of a hypermarket cum retail centre worth RM260 million from Permaju Industries Bhd.

In a filing to Bursa Malaysia today, Permaju Industries said that its 70% owned subsidiary, Hardie Development Sdn Bhd, had received a letter dated Dec 9 from Koperasi Felda stating that the board of directors of the latter had decided not to proceed with the proposal, without elaborating on the reasons of abortion. 

Koperasi Felda is a cooperative comprising employees and settlers of the plantation group. 

On Nov 20 this year, Koperasi Felda had proposed offer to purchase the hypermarket cum retail centre on the demised premises comprising about 477,418 square feet situated at Kota Kinabalu, Sabah from Permaju Industries.

Permaju Industries’ share price has dipped 2.17% to close at 22.5 sen today, giving it a market capitalisation of RM42.13 million.

According to theedgemarkets.com, Permaju Industries’ valuation at 1.2 out of 3, with 3 suggesting a company gives higher than market average returns and is trading at a lower than average valuation.

The company’s fundamental score is at 0.55 on a scale of 0-3, with 3 suggesting that it is profitable and has strong balance sheet.

The volatility of the stock is rated at 4 on a scale of 1 to 5, 1 being the least volatile.