Rohas Tecnic slumps 16.52% in early trade

TheEdge Fri, Mar 17, 2017 09:36am - 7 years View Original


KUALA LUMPUR (March 17): Rohas Tecnic Bhd, formerly known as Tecnic Group Bhd, slumped 16.52% in early trade this morning.

At 9.16am, Rohas lost 18.5 sen to 93.5 sen with 916,200 shares traded.

Tecnic Group Bhd had received the green light from the stock exchange regulator to lift its Practice Note 16 (PN16) status. 

The firm, which has been  taken over by Rohas-Euco Holdings Sdn Bhd,  started trading under the name Rohas Tecnic Bhd beginning today.

Rohas-Euco is a privately-owned entity controlled by Tan Sri Wan Azmi Wan Hamzah, his wife Puan Sri Nik Anida Nik Manshor, George Sia Bun Chun and his wife Chan Liew Hoon.

“After due consideration of all facts and circumstances of the matter, Bursa Malaysia Securities Berhad has decided to approve the company's application for an upliftment as a PN16 company,” Tecnic said in a filing with Bursa Malaysia, adding that it has completed its regularisation plan.

Tecnic had in October 2014 disposed of its entire core business, which include the manufacturing, distribution and sale of plastic products and moulds, to SKP Resources Bhd for RM200 million.

In July 2015, Tecnic was classified as a PN16 company, essentially a cash company with no core business, and was required to acquire new business in order to maintain its listing on the local bourse.

In September 2015, Tecnic received a takeover offer from Rohas-Euco at 63 sen per share. The successful takeover was set to see the injection of new business in the form of fabrication of steel towers for power transmission and telecommunications and other related products and services.

 

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