NWP share price active, jumps 38.46% on stake sale deal

PETALING JAYA: Shares of NWP Holdings Bhd rose as much as five sen or 38.46% this morning, on news that LBS Bina Bhd is buying a 73.7% stake in the timber products maker for RM93.5 million or 8.5 sen per share.
At 11.11am, the stock, which was the third most active counter, stood at 18 sen with 46.32 million shares changing hands.
However, LBS Bina shares fell two sen or 1.94% to RM1.01 with 278,900 shares changing hands following the news.
LBS Bina told the stock exchange yesterday that it has entered into a heads of agreement with NWP for the share acquisition.
Upon completion of the share subscription, LBS Bina will trigger a mandatory general offer obligation to acquire the remaining shares in NWP.