Hyundai-Berjaya Corp Up In Early Trade

Hyundai-Berjaya Corporation Bhd rose more than 17% in early trade on April 5 when the counter resumed trading after Sime Darby Bhd had proposed to buy a strategic stake in the motor-based company.

At 10am, its shares were trading at RM3.62, up 34 sen, with 2.17 million shares done. It opened at RM3.70 and rose to as high at RM3.84.

Its warrants were trading at RM2.84, up 34 sen also, with 154,100 units done. It opened at RM2.90 and climbed to as high as RM3.

Berjaya Group Bhd's (BGroup) shares were also active and up one sen to 14.5 sen while the warrants added 0.5 sen to four sen in active trade.

BGroup said on April 1 that it had been offered RM298.73 million for its 40.3% stake or 72.86 million shares in Hyundai-Berjaya and RM103.55 million for 32.36 million units or 47.73% of the warrants. The offer was RM4.10 for the Hyundai-Berjaya shares and RM3.20 for the warrants.

The following day, Sime Darby announced that it had proposed to buy inter-conditionally a 51% stake each in Hyundai-Berjaya, Hyumal Motors Sdn Bhd and Inokom Corporation Sdn Bhd for a total of RM641.70 million cash.