Published: Tuesday September 4, 2012 MYT 4:41:00 PM
Updated: Tuesday September 4, 2012 MYT 4:47:50 PM
Ingenuity falls 25% in active trade
KUALA LUMPUR: Shares of Ingenuity Solutions Bhd fell 25.7% in afternoon trade on Tuesday ahead of a press conference called by substantial shareholder Chin Boon Long to clear the air over the recent developments.
At 4.19pm, the share price of the ACE Market-listed company was down nine sen to 26 sen. There were 96.36 million shares done.
Ingenuity-WA fell 1.5 sen to nine sen with 39.92 million units transacted.
The FBM KLCI slipped 0.27 of a point to 1,653.63. Turnover was 1.14 billion shares valued at RM1.089bil. There were 238 gainers, 468 losers and 320 counters unchanged.
Ingenuity, a tech firm which made a net profit of RM3.2mil in its latest quarter, has attracted trading interest in recent days following events leading to the announcement of a possible takeover of Ingenuity.
In the latest development, Chin was quoted saying on Tuesday he would be addressing the media and stakeholders in his personal capacity. The press conference will be held Wednesday at 10.15am in Federal Hotel, Jalan Bukit Bintang, Kuala Lumpur.
He sent out an invite to the media and hopes to extend the invite to all shareholders of Ingenuity Solutions, 1 Utopia Bhd as well as other concerned stakeholders. Chin is also the managing director of 1 Utopia.
To recap, last Thursday, Ninetology Marketing Sdn Bhd, a relatively unknown technology firm with a paid-up capital of RM2, announced it had "ready funds" to take over Ingenuity.
Ninetology had offered to acquire a 39.44% stake in the company at 55 sen per share. If the deal goes through, this would trigger a mandatory general offer to acquire all the remaining shares Ninetology has not already owned in Ingenuity.
Ingenuity it had received an offer letter from Ninetology to purchase all of the shares held by Chin, Firstwide Success Sdn Bhd, Landasan Simfoni Sdn Bhd and Titanium Hallmark Sdn Bhd amounting to a total of 214,297,656 shares, representing 39.44% of the total equity interest of Ingenuity, at an offer price of 55 sen per share.