MTD ACPI surges on plan to acquire two construction units from Putrajaya Perdana

TheEdge Thu, Jul 11, 2019 09:22am - 4 years View Original


KUALA LUMPUR (July 11): MTD ACPI Engineering Bhd shares surged 32.35% in early trade this morning after the firm proposed to acquire two construction and property units from privately-held Putrajaya Perdana Bhd, prompting speculation that a reverse takeover by the latter could be in the offing further down the road.

At 9.04am, MTD ACPI added 5.5 sen to 22.5 sen for a market capitalisation of RM52.12 million.

Even so, it is early days yet as only a Heads of Agreement (HoA) has been inked with Putrajaya Perdana and its unit, Putra Perdana Development Sdn Bhd, for the acquisition of Orangebeam Construction Sdn Bhd and Orangebeam Development Sdn Bhd. The purchase consideration has also yet to be determined, it said.

 

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