Genting Plantations Becomes 10% Shareholder, PUC Shares Continue To Grow! - Kakiforex.com - Financial Market Media No. 1 in the World Genting Plantations Becomes 10% Shareholder, PUC Shares Continue To Grow! Genting Plantations Becomes 10% Shareholder, PUC Shares Continue To Grow!
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September 8, 2021

Genting Plantations Becomes 10% Shareholder, PUC Shares Continue To Grow!

 PUC Bhd showed an aggressive jump in today's trading session after Genting Plantations Bhd, the plantation arm of the Genting group became a 10%shareholder of PUC.


The news continued to support PUC's share price to record a rise to a 21 sen high in trading on Bursa Malaysia today.


As of 12.29pm, PUC's share price remained up 9.09% to 18 sen slightly down after hitting a 21 sen high with 220 million shares traded.


The increase has also driven the PUC counter to be listed in third place as the most active counter today with a market capitalization of RM221.39 million.


PUC has already entered into conditional subscription agreements with three companies in connection with the proposed placement of 375.06 million new shares at 12.5 sen per share to raise RM46.88 million.



GPVF Sdn Bhd, Matrix Edge Ventures Sdn Bhd and KH Lim Capital Sdn Bhd are the three companies that have undertaken the new share purchase.


GPVF is a wholly -owned unit of Kenyalang Borneo Sdn Bhd and is a wholly -owned unit of Genting Plantations has acquired 162.53 million units of shares for RM20.31 million.


The implementation of the GPVF entry step into the PUC is seen as a Genting group joining forces in an effort to obtain a digital banking license through the PUC.


According to the report data released, Genting Bhd is the largest shareholder of Genting Plantations which has a shareholding of 55.4%.


At the same time, Genting Plantations jumped 1.06% to RM7.60 and Genting Bhd declined 0.39% to RM5.13.


Recently, PUC has formed a consortium to offer digital banking licenses under Bank Negara Malaysia (BNM).