Eastern Pac: No plan to take firm private
EASTERN Pacific Industrial Corp, a Malaysian oil and gas services provider, said its biggest shareholder has no plan to take the company private, denying a report in local business daily.
The paper had reported today that a buyout plan by Terengganu Inc, the main shareholder, has hit a snag because Ahmad Zaki Resources Bhd, the second-biggest shareholder of Eastern Pacific, wants a higher price of RM2.50 a share compared with RM2.10.
“Both shareholders have denied the contents of the article,” Eastern Pacific said in a statement today. The announcement was made after the market close.
Shares of Eastern Pacific jumped the most in 18 months in Kuala Lumpur trading before the announcement. - Bloomberg.
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Another drama in bursa malaysia. I thought only politicians interested in drama, our businessmen and financial providers also love drama ke.Not the first time i've heard this BS.Remember Astro, MBSB,Gamuda,Zelan,Ranhill and the list goes on. On the other hand, its indeed a good news to speculators and shareholders who want to cut loss at better price. I'm neutral on this.
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