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KUALA LUMPUR (May 24): Wing Tai Malaysia Bhd (WTM) shares hit limit up in thin trade this morning after its controlling shareholders offered to take company private at RM1.80 per share — 52% premium over its last traded price of RM1.18.
At 9.04am, WTM jumped 29.66% or 35 sen to RM1.53 with 1,000 shares traded.
In a filing to Bursa Malaysia yesterday, the company said it had received a voluntary takeover offer from Wing Tai Holdings Ltd (WTH) and Wing Tai Investment & Development Pte Ltd (WTID) for a cash offer.
The announcement said the controlling shareholders have no intention to maintain the listing status of the company, which is involved in property development and fashion retailing.
WTH and WTID directly hold 222.37 million and 91.94 million WTM shares respectively, representing a total of 66.13% of the voting shares of WTM.
WTM's share price has been going downhill since mid-2013. The stock has drifted down from a peak of RM2.225 in May 2013 to 94 sen in December last year — the lowest level hit since July 2010. — theedgemarkets.com
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