Denko queried by Bursa over share price spike
05 Apr 2017 / 05:38 H.
PETALING JAYA: Bursa Malaysia Securities Bhd has issued an unusual market query to Denko Industrial Corp Bhd following a sudden spike in its share price.
The stock, which has been on an uptrend since late January, closed 9.95 sen higher to RM1.09 yesterday, up almost 24% in the last week alone. Some 6.9 million shares were traded.
On Feb 2, Oregon Technology Sdn Bhd made an offer to obtain all the remaining shares it does not own in Denko for 50 sen a share. In the middle of February however, Oregon through its investment banker, increased its offer price to 60 sen a share. The offer closed on March 16, 2017, leaving Oregon with a 52% stake in Denko.