Daiman top gainer on Bursa

PETALING JAYA: Daiman Development Bhd has emerged as the top gainer on Bursa Malaysia this morning with its share price rising as much as 29.95% after it received an offer from its major shareholder Tay Kia Hong & Sons Sdn Bhd and Daiman Holdings Sdn Bhd to privatise the group by way of a selective capital reduction and repayment exercise (SCR) at RM3 per share.
At 10.54am, Daiman stood at a high of RM2.82 with 422,900 shares changing hands.
Daiman Development yesterday said the board (save for the interested directors namely Tay Thiam Song, Tay Tian Liang, Tay Thiam Yew and Tay Hui Fong) will deliberate on the proposed SCR and decide on the next course of action.
The SCR exercise involves a total capital repayment of RM295.48 million or RM3 per share, which represents a 38.3% premium to its last traded price of RM2.17. The stock was suspended yesterday pending the material announcement.