Daiman hits limit up after receiving privatisation offer

KUALA LUMPUR (Aug 28): Daiman Development Bhd shares rose as much as 65 sen or 30% to RM2.82 so far today after the property developer said yesterday major shareholders requested Daiman Development to undertake a selective capital reduction and repayment (SCR) at RM3 a share.

At 10:49am today, Bursa Malaysia's top gainer Daiman Development saw 408,600 shares exchanging hands following the privatisation offer from joint offerors Tay Kia Hong & Sons Sdn Bhd and Daiman Holdings Sdn Bhd. Daiman Development's share trade resumed today following a suspension yesterday.

According to Daiman Development's announcement to Bursa Malaysia, Tay Kia Hong & Sons, Daiman Holdings and persons acting in concert collectively own a 53.38% stake in Daiman Development.

Today, Daiman Development's share price rise also followed the lifting of Bursa Malaysia's dynamic price threshold mechanism on Daiman Development shares.

Bursa Malaysia said in a special announcement on its website today: "Kindly be informed that dynamic price threshold mechanism on stock DAIMAN (5355) will be uplifted from 9.42am until 9.52am. During this period, orders can be matched within 30%/30 sen up and down of the reference price. The reference price is RM2.17 and the upper and lower limit is RM2.82 and RM1.52 respectively." — theedgemarkets.com

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