KUALA LUMPUR (June 30): Nationwide Express Holdings Bhd saw its share price traded as high as 91 sen this morning, equivalent to 27.5 sen or 43.31% higher than previous close, as rumour of a possible merger and acquisition with Century Logistics Holdings Bhd circulated in the market.
When contacted, however, management from both companies denied the rumour.
Century Logistics executive director Edwin Yeap told theedgemarkets.com that the group is on the lookout for acquisition but the candidate is not Nationwide.
"[This is] market rumour, [we are] not in negotiation with Nationwide, [but] working on [it] with other companies [instead]," Yeap said in mobile text message.
Meanwhile, Nationwide chief operating officer Indraa Izwaan Mohd Yusof also said the group is not in a position to sell.
"Not [in talks for merger] at all, we spoke about some collaborations in the past, nothing about acquisition. We are never in a position to sell; we much prefer to be the acquirer when the right opportunity comes," Indraa Izwaan said.
At market break, Nationwide was the second top gainer across all Bursa Securities, up 25 sen or 39.37% to 88.5 sen, having 4.3 million shares traded.
Meanwhile, Century Logistics gained seven sen or 5.26% to RM1.40, with 3.28 million shares done.
The market values Nationwide at RM105.81 million at its current share price, while Century Logistics has a market capitalisation of RM549.52 million.
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| NATWIDE (9806) - Hot Stock: Nationwide surges 43% on rumour of possible M&A |
http://www.theedgemarkets.com/article/nationwide-surges-43-rumour-possible-ma
