Ni Hsin buys 7.26% stake in Caely for RM4.6m

PETALING JAYA: Ni Hsin Resources Bhd has acquired 7.26% stake in Caely Holdings Bhd for RM4.6 million cash in the past 12 months.
Caely manufactures undergarments, garment, leather goods, sportswear and household products.
In a filing with Bursa Malaysia, Ni Hsin said the purchase consideration is based on open market price ranging from 67 sen to RM1.08 per share, which was funded entirely from internally generated funds.
It believes there is synergy for both companies to leverage on customer base of each other especially in the overseas market segment.
"Ni Hsin can also benefit from Caely's direct selling licence to market our Pentoli products," it noted, adding that it intends to seek board representation in Caely.
Ni Hsin shares closed unchanged at 15.5 sen, while Caely fell 9.1% to RM1.