Nationwide Express share price remain unchanged despite news of Airpak deal

PETALING JAYA: Nationwide Express Holdings Bhd’s (NEHB) share price remained unchanged this morning despite news of its second attempt to acquire Airpak Express (M) Sdn Bhd’s courier service business.
At 11.06am today, its share price stood at 77 sen with a total of 22,000 shares traded. The stock rose 10% to close at 77 sen yesterday with a total of 166,200 shares traded, giving it a market capitalisation of RM92.58 million.
Yesterday, NEHB told Bursa Malaysia that its wholly owned subsidiary Nationwide Express Distribution Sdn Bhd had entered into a conditional acquisition agreement with Airpak to acquire all its rights, title and interest in and to its courier service business, including certain assets and liabilities of Airpak.
The proposed acquisition will be satisfied by RM15 million cash and the issuance of 3 million NEHB shares. This marks NEHB’s second attempt to acquire Airpak after the aborted merger last May.