Yong Tai drops 2.04% after missing deadline to fulfill conditions for proposed deals
07 Jul 2017 / 11:48 H.
PETALING JAYA: Yong Tai Bhd saw its share price drop 2.04% at mid-morning today, after it missed the deadline to fulfill conditions in the proposed acquisition of Apple 99 Development Bhd and proposed subscription of stakes in Iconic Paragon Sdn Bhd.
At 11.27am, the shares lost three sen to RM1.44, with a market capitalisation of RM640.4 million. A total of 30,000 shares was traded.
The developer told the stock exchange yesterday that it extended the period to meet the conditions in the proposed deals, for three months, until Oct 6, 2017, given that the conditions expired yesterday.
It had entered into agreements for the proposals in April.