Monday, September 13, 2010

#Update* Jerneh Asia, Paramount shares suspended

KUALA LUMPUR: Trading in the shares of Jerneh Asia Bhd and Paramount Corp Bhd has been suspended from 12.19pm on Monday, Sept 13 pending a material announcement regarding their stakes in Jerneh Insurance Bhd.

According to the Bursa Malaysia circulars issued on Monday, Paramount and Jerneh Asia had requested for the suspension until Tuesday at 5pm "pending a material announcement in relation to the proposed disposal of Jerneh Insurance".

The request for suspension to Bursa Securities was made pursuant to subparagraph 3.1(c) of Practice Note 2 (Requests for Suspension) of the Main Market Listing Requirements of Bursa Securities.

The Edge FinancialDaily reported the potential buyer of Jerneh Insurance was taking a closer look at the latter's insurance business, hence causing a delay in the deal.

Jerneh Asia owns 80% of Jerneh Insurance while Paramount owns the remaining 20%. Both parties had sought to dispose of their combined 100% stake in Jerneh Insurance.

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