KUALA LUMPUR (March 12): Shares of Asdion Bhd rose as much as 15 sen or 30% on Friday, shooting above the voluntary general takeover offer (VGO) price of 50 sen per share offered by AT Systematization Bhd on Thursday.

At 5pm, Asdion shares pared some gains to close at 60 sen apiece — still up 10 sen or 20% from its previous close of 50 sen. The counter saw some 4.38 million shares traded.

AT Systematization proposed the VGO on Thursday, citing opportunities in the logistics business as well as the potential of a project development agreement signed by Asdion with Kingdom Infra Holdings Sdn Bhd to develop a support base in Tumpat, Kelantan.

Asdion previously planned to acquire Kingdom Infra for RM66.5 million — twice its market capitalisation — before deciding to sign a joint development agreement instead for the project.

The VGO to acquire Asdion, which values the loss-making company at RM63.95 million, is conditional upon AT Systematization being able to acquire at least a 50% stake in the company.

The initial offer will remain open until 5pm on April 1, being 21 days from the date of the offer on March 11, unless TA Systematization decides to extend it to a later date.

At its current price, Asdion has a market capitalisation of RM76.74 million. Its share price has climbed 39.5 sen or 192.68% since the start of the year.

AT Systematization, on the other hand, closed up 1.5 sen or 13.04% at 13 sen, giving it a market capitalisation of RM549.78 million.