K-One jumps 15pct ahead of EGM for RM94mil G-AsiaPacific sale
KUALA LUMPUR: Shares of K-One Technology Bhd jumped as much as 15.38 per cent in early trade today ahead of a shareholder vote on its RM94 million disposal of an indirect subsidiary and a proposed RM27.4 million cash repayment.
K-One Technology Bhd's shares surged 15.38% in early trading today, ahead of a shareholder vote on the company's RM94 million disposal of an indirect subsidiary and a proposed RM27.4 million cash repayment. The stock opened at 13.5 sen, before climbing to a high of 15 sen, giving it a market capitalisation of RM120.64 million. The company is selling its wholly-owned subsidiary, G-AsiaPacific Sdn Bhd, to Itochu Singapore Pte Ltd and Itochu Corp, with Itochu Singapore acquiring a 60% stake for RM56.4 million and Itochu Corp taking the remaining 40% for RM37.6 million. The disposal is expected to provide a pro forma gain of RM47.6 million for K-One.
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