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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Major Shareholder of Lagenda Properties Triggers Takeover Offer for Mercury Industries

  1. Takeover Triggered:

    • Datuk Doh Tee Leong, a major shareholder of Lagenda Properties Bhd and Epicon Bhd, has triggered a takeover offer for Mercury Industries Bhd.
    • Through his investment vehicle, Bright Meadow Sdn Bhd, Doh acquired a 59.88% stake (38.5 million shares) in Mercury Industries for RM34.65 million (90 sen per share).

  2. Mandatory Offer Details:

    • The acquisition triggered an unconditional mandatory takeover offer for the remaining 40.12% stake (25.8 million shares) at the same price of 90 sen per share, amounting to RM23.22 million.
    • The 90 sen offer price is a 12.62% discount to Mercury Industries' closing price of RM1.03 on Monday.

  3. Post-Acquisition Plans:

    • Doh plans to maintain Mercury Industries' listing status on Bursa Malaysia's Main Market.
    • He will work with Mercury Securities to meet the 25% public shareholding spread requirement.

  4. Stake Details:

    • Among the vendors, substantial shareholder Tan You Tiong sold his entire 9.33% stake to Doh. Tan is also a major shareholder in EcoFirst Consolidated Bhd.
    • Mercury Industries’ managing director, Datuk Tiong Kwing Hee, retains a 14.93% stake.

  5. Doh’s Other Interests:

    • Doh holds a 58.36% stake in Lagenda Properties via Lagenda Land Sdn Bhd and a 12.98% stake in Epicon, where he serves as an executive director.

  6. Market Reaction:

    • Shares in Mercury Industries closed unchanged at RM1.03, giving the company a market capitalization of RM66.23 million.
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