MINETEC (7219) : Minetech gets RM15m offer for bituminous unit
KUALA LUMPUR (Jan 5): Minetech Resources Bhd has received a RM15 million offer from Asphalt Man International Co Ltd to buy its wholly-owned subsidiary Minetech Asphalt Man International Sdn Bhd, formerly Minetech Korea Petroleum Industrial Sdn Bhd.
In a filing with Bursa Malaysia, Minetech said it received a letter of offer today from Asphalt Man international to purchase the entire 4.8 million shares in Minetech Asphalt Man.
“The offer period for this letter of offer is two weeks from (today) and there is no conditionality attach,” it added.
Minetech said the management will negotiate and liaise with Asphalt Man International on the terms of the transaction and will provide the details in respect thereof in due course.
According to Minetech’s website, Minetech Asphalt Man was formed in 2005 and manufactures bituminous products for both local as well as overseas markets. Its manufacturing plant, with a production capacity of 2,000 tonnes per month, is located at Hulu Yam, Selangor.
Minetech was the most actively traded stock on Bursa Malaysia today, with some 109.6 million shares changing hands. Its shares closed down 1.5 sen or 12% to 11 sen, bringing a market capitalisation of RM73.13 million.
http://www.theedgemarkets.com
KUALA LUMPUR (Jan 5): Minetech Resources Bhd has received a RM15 million offer from Asphalt Man International Co Ltd to buy its wholly-owned subsidiary Minetech Asphalt Man International Sdn Bhd, formerly Minetech Korea Petroleum Industrial Sdn Bhd.
In a filing with Bursa Malaysia, Minetech said it received a letter of offer today from Asphalt Man international to purchase the entire 4.8 million shares in Minetech Asphalt Man.
“The offer period for this letter of offer is two weeks from (today) and there is no conditionality attach,” it added.
Minetech said the management will negotiate and liaise with Asphalt Man International on the terms of the transaction and will provide the details in respect thereof in due course.
According to Minetech’s website, Minetech Asphalt Man was formed in 2005 and manufactures bituminous products for both local as well as overseas markets. Its manufacturing plant, with a production capacity of 2,000 tonnes per month, is located at Hulu Yam, Selangor.
Minetech was the most actively traded stock on Bursa Malaysia today, with some 109.6 million shares changing hands. Its shares closed down 1.5 sen or 12% to 11 sen, bringing a market capitalisation of RM73.13 million.
http://www.theedgemarkets.com
