GHLSYS (0021) - GHL rises further on AliPay partnership, Actis takeover offer
KUALA LUMPUR (April 5): GHL Systems Bhd rose as much as 39 sen or 26% as demand for the payment-solutions specialist's shares continued. The stock rose on news of GHL's partnership with Alibaba Group's AliPay platform in Malaysia and planned takeover offer from Actis Stark (Mauritius) Ltd.
GHL shares rose to their highest so far today at RM1.87. At 11:08am, the stock cuts gains at RM1.67 for a market value of RM1.09 billion.
GHL saw some 54 million shares exchanging hands. GHL, the second most-active stock on Bursa Malaysia, was also the sixth-largest gainer.
Yesterday, GHL shares rose 34 sen to close at RM1.48. Last Friday, GHL said it received the takeover offer notice from Actis, which offered to buy the remaining GHL shares at RM1 each. Actis already owns a 44.37% stake in GHL.
On Monday, GHL announced that beginning this month, it will offer AliPay payment-acceptance services to in-store and online merchants in Malaysia.
Today, an analyst, who declined to be named, said GHL's partnership with AliPay would allow GHL to tap bigger-sized or tier-one merchants.
"GHL will now be able to acquire larger-scale merchants such as Parkson or Tesco.
"These merchants have larger transaction volumes than the merchants previously targeted by GHL, which were mostly on the lower end of the [transaction volume] scale," the analyst told theedgemarkets.com.
GHLSYS (0021) - GHL rises further on AliPay partnership, Actis takeover offer
http://www.theedgemarkets.com/en/article/ghl-rises-further-alipay-partnership-actis-takeover-offer
