LEESK (8079) - Lee Swee Kiat Group bought trademarks before UMA
KUALA LUMPUR (Mar 12): Subsequent to an unusual market activity (UMA) query from Bursa Malaysia today, mattress manufacturer Lee Swee Kiat Group Bhd announced that it had on Mar 3 acquired several intellectual property for US$1.25 million (RM4.57 million).
According to a filing with Bursa Malaysia this evening, Lee Swee Kiat Group (fundamental: 1.7; valuation: 1.8) said its wholly-owned subsidiary LSK Mattressworld Sdn Bhd (LSKM) had on Mar 3 entered into sale and purchase (S&P) agreement with Englander Sleep Products LLC for the acquisition of nine intellectual properties.
These intellectual property includes trademarks, trade names, service marks, domain names, registrations, and pending applications.
Englander Sleep Products is a limited liability partnership that was incorporated in the US and is the current licensor of for products that carries the brand name Englander.
According to the Lee Swee Kiat Group, LSKM is currently the licensee for these intellectual property, for a period of 10 years ending October 2020.
As the sales of this brand, make up about 20% of the group's total turnover, Lee Swee Kiat Group is of the view that such an outright acquisition is expected to contribute positively in the medium and long term of its progress.
Meanwhile, the S&P agreement was entered into a day before the mattress maker's shares were heavily traded on Mar 4, and prices were almost doubled to the current level.
Earlier today, Lee Swee Kiat Group was issued an UMA query on the recent rise in price and volume of its shares.
In its third filing to the bourse today, the company said that it is not aware of any rumour or possible explanation that may have contributed to the unusual market activity other than the S&P with Englander Sleep Products.
Lee Swee Kiat Group closed three sen or 9.52% higher at 34.5 sen today, with 54.15 million shares done, it has a market capitalisation of RM52.86 million.
http://www.theedgemarkets.com
KUALA LUMPUR (Mar 12): Subsequent to an unusual market activity (UMA) query from Bursa Malaysia today, mattress manufacturer Lee Swee Kiat Group Bhd announced that it had on Mar 3 acquired several intellectual property for US$1.25 million (RM4.57 million).
According to a filing with Bursa Malaysia this evening, Lee Swee Kiat Group (fundamental: 1.7; valuation: 1.8) said its wholly-owned subsidiary LSK Mattressworld Sdn Bhd (LSKM) had on Mar 3 entered into sale and purchase (S&P) agreement with Englander Sleep Products LLC for the acquisition of nine intellectual properties.
These intellectual property includes trademarks, trade names, service marks, domain names, registrations, and pending applications.
Englander Sleep Products is a limited liability partnership that was incorporated in the US and is the current licensor of for products that carries the brand name Englander.
According to the Lee Swee Kiat Group, LSKM is currently the licensee for these intellectual property, for a period of 10 years ending October 2020.
As the sales of this brand, make up about 20% of the group's total turnover, Lee Swee Kiat Group is of the view that such an outright acquisition is expected to contribute positively in the medium and long term of its progress.
Meanwhile, the S&P agreement was entered into a day before the mattress maker's shares were heavily traded on Mar 4, and prices were almost doubled to the current level.
Earlier today, Lee Swee Kiat Group was issued an UMA query on the recent rise in price and volume of its shares.
In its third filing to the bourse today, the company said that it is not aware of any rumour or possible explanation that may have contributed to the unusual market activity other than the S&P with Englander Sleep Products.
Lee Swee Kiat Group closed three sen or 9.52% higher at 34.5 sen today, with 54.15 million shares done, it has a market capitalisation of RM52.86 million.
http://www.theedgemarkets.com
