Friday 29 Mar 2024
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KUALA LUMPUR (Jan 15): Shareholders of Delloyd Ventures Bhd have given their approval for the privatisation of the company, through a selective capital reduction and repayment exercise.

At the EGM held today, a large majority of the entitled shareholders present, voted in favour of the exercise, which will see Delloyd’s major shareholders comprising Chung & Tee Ventures Sdn Bhd and other parties acting in concert, taking the company private; while other shareholders get a capital repayment of RM181.2 million or RM5.15 per share.

With the resolution carried, the major shareholders will proceed to delist Delloyd (Fundamental Score: 2.2; Valuation Score: 1.8) from the main market of Bursa Malaysia. The privatisation exercise was proposed last May.

Going forward, Delloyd's managing director Datuk Seri Tee Boon Kee said the firm will continue to focus on its automotive parts and plantations businesses.

Shares of Delloyd ended 13 sen or 2.6% higher at RM5.07 today, giving the firm a market capitalisation of RM482.97 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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