Quick take: Suiwah shares shoot up 22% on privatisation plan
KUALA LUMPUR: Suiwah Corp Bhd 
’s shares surged 22% in early trade Monday after its major shareholder offered to take the company private by way of a selective capital reduction (SCR) and repayment exercise.
The Penang-based company hit limit up in early trade after surging 22.02%, or 48 sen to RM2.66, its highest since December 2017. It is also the top gainer on Bursa Malaysia. It is currently trading at a PE ratio of 11.36 times.
The proposed SCR entails a capital repayment which is equivalent to a cash amount of RM2.80 per ordinary share each in Suiwah held by the entitled shareholders on an entitlement date to be determined later.
The offer price represents a premium of 28.44% against its five-day volume weighted average price of RM2.18.
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