KUALA LUMPUR: Shares of TIME DOTCOM BHD [] slumped in afternoon trade on Tuesday, June 21 after its major shareholder fixed the offer for sale of the shares at a sharp discount.
At 2.42pm, Time dotCom was down 9.5 sen to 69.5 sen with 27.78 million shares done while TIME ENGINEERING BHD [] lost 1.5 sen to 46.5 sen.
The FBM KLCI rose 0.44 of a point to 1,559.63. Turnover was 545.18 million shares done valyed at RM667.41 million. There were 180 gainers, 466 losers and 281 stocks unchanged.
Time fixed the renounceable offer for sale of up 626.18 million shares of Time dotCom at 53 sen.
The offer price of 53 sen was 33.75% below the five-day volume weighted average market price up to June 17.
The offer for sale is on the basis of eight offer shares for every 10 shares held in Time Engineering held as at 5pm on July 5.
Time dotCom's net asset per share was 55 sen as at March 31, 2011. It reported net profit of RM22.88 million on the back of RM70.60 million in revenue in the first quarter ended March 31, 2011.
At 2.42pm, Time dotCom was down 9.5 sen to 69.5 sen with 27.78 million shares done while TIME ENGINEERING BHD [] lost 1.5 sen to 46.5 sen.
The FBM KLCI rose 0.44 of a point to 1,559.63. Turnover was 545.18 million shares done valyed at RM667.41 million. There were 180 gainers, 466 losers and 281 stocks unchanged.
Time fixed the renounceable offer for sale of up 626.18 million shares of Time dotCom at 53 sen.
The offer price of 53 sen was 33.75% below the five-day volume weighted average market price up to June 17.
The offer for sale is on the basis of eight offer shares for every 10 shares held in Time Engineering held as at 5pm on July 5.
Time dotCom's net asset per share was 55 sen as at March 31, 2011. It reported net profit of RM22.88 million on the back of RM70.60 million in revenue in the first quarter ended March 31, 2011.
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