Privatization Offer Supports Daibochi Shares Soar 13%

 Daibochi Bhd's share price showed a drastic increase of 31 sen or 12.97% to RM2.70 in Bursa Malaysia's trading session today.

The surge was influenced by its major shareholder Scientex Bhd making plans to privatize the company.

As at 10.58am, Daibochi's share price remained up 12.55% to RM2.69 with a market capitalization of RM882.11 million.

As a result, it was listed as the 6th most profitable counter today and saw five million shares traded.

Scientex has issued a proposal to buy all the remaining shares and warrants of Daibochi that it does not yet own at an offer price of RM2.70 per share and 32 sen per warrant.

In total, it covers a total of RM345.3 million.

The plan involves the purchase of 124.78 million Daibochi shares which represents 38.13% of its total issued shares but it does not include treasury shares.

It also covers 26.14 million Daibochi warrants and represents 95.75% of the outstanding warrants.

The acquisition is expected to allow greater flexibility in implementing the group's strategic plans as well as realizing the industry's long -term growth potential.

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