Tuesday, June 15, 2010

Pharmaniaga jumps to five-year high

KUALA LUMPUR: PHARMANIAGA BHD [] jumped to its highest level since November 2005 on Monday, June 14 after BOUSTEAD HOLDINGS BHD [] launched a RM534 million acquisition of Pharmaniaga to buy an 86.81% stake from UEM Group Bhd.

Pharmaniaga rose 7.84% or 40 sen to RM5.50 at noon with 51,900 shares done.

Meanwhile, Boustead added 1.96% or seven sen to RM3.65 with 470,200 shares traded at midday.

The move is seen as crucial for Boustead as it seeks to strengthen its pharmaceutical business. The offer price works out to RM5.75 per share or a 12% premium to its last traded price on Thursday of RM5.10.


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