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Building materials supplier Chuan Huat Resources Bhd (KL:CHUAN) plans to raise as much as RM5.5 million through a private placement to fund the expansion of its wire mesh production capacity in Nilai, Negeri Sembilan.
The mandatory general offer (MGO) by Pineapple Resources Bhd’s (KL:PINEAPP) largest shareholder, Gan Kok Xan, has closed, with acceptances of 7.56% increasing his and parties acting in concert’s stake to 71.42%.
PETALING JAYA: Gan Kok Xan and persons acting in concert only managed to increase their stake in Pineapple Resources Bhd by 7.56% to 71.42% at the close of the unconditional mandatory take over offer on Friday, June 5.
Notable filings
During the week of April 20 to 24, notable shareholding changes at Bursa Malaysia-listed companies included those at ACE Market-listed logistics outfit KGW Group Bhd (KL:KGW), which saw the entry of AGS SPV I Inc as a substantial shareholder.
Chuan Huat Resources Bhd (KL:CHUAN) is exiting its loss-making subsidiary Pineapple Resources Bhd (KL:PINEAPP) by disposing of its entire 63.86% stake comprising 30.97 million shares for RM26.02 million cash. The steel trader and manufacturer is looking to focus on its core businesses and unlock value from a non-core investment.
PETALING JAYA: Chuan Huat Resources Bhd's (CHRB) wholly-owned unit, Chuan Huat Holdings Sdn Bhd, is selling its 63.86% stake in Pineapple Resources Bhd (PRB) for RM26mil cash to Gan Kok Xan and Yeoh Guan Fook