TRIplc up after Puncak Niaga says buying entire stake

KUALA LUMPUR (Dec 19): TRIplc Bhd rose as much as 29 sen or 14% on news Puncak Niaga Holdings Bhd is purchasing the entire stake in TRIplc for RM210 million cash.

TRIplc is involved in construction and property development while Puncak Niaga's list comprises construction, water as well as oil and gas support service businesses.

Shares of TRIplc rose to their highest so far today at RM2.32. At 11:05am, the stock pared gains at RM2.16 for a market value of RM142.32 million.

TRIplc saw some two million shares changed hands.

Puncak Niaga shares also rose. The stock rose as much as four sen or 4% to 94 sen before narrowing gains at 92.5 sen at 11:07am.

Puncak Niaga saw some one million shares exchanged.

Last Friday, Puncak Niaga announced to Bursa Malaysia that it had signed a conditional share sale agreement with Pimpinan Ehsan Bhd to purchase the entire TRIplc stake.

Puncak Niaga said the TRIplc acquisition was expected to grow Puncak Niaga's construction business and expand the buyer's landbank for "future property development". — theedgemarkets.com