Thursday, July 7, 2011

Boustead up on Pharmaniaga stake distribution plan

KUALA LUMPUR: BOUSTEAD HOLDINGS BHD []'s shares advanced on Thursday, July 7 after the company proposed to distribute part of its stake in drugmaker PHARMANIAGA BHD [] to its minority shareholders to help meet the required 25% free-float to stay listed.

At 9.10am, Boustead rose 14 sen to RM6.07 with 352,900 shares traded.

Boustead's proposed a corporate exercise to reduce its current stake of 97.81% in Pharmaniaga includes a dividend-in-specie, restricted offer for sale, divestment and bonus issue.

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