At 12.44pm, MSB (valuation: 0.2; fundamental: 1.55) shares traded three sen higher to settle at 92 sen, which is a record high for its shares after February last year when it hit close to 94 sen before dropping to 50 sen in February this year.
937,600 shares exchanged hands.
Yesterday, MSB told Bursa Malaysia it had entered into a share-sale agreement with IPPL to acquire the remaining 40,000 ordinary shares of RM1 each.
It represented 40% of the issued and paid-up share capital of Microlink Innovation Sdn Bhd (MISB), a 60%-owned subsidiary of MSB, for a total cash consideration of RM300,451.
“The acquisition will be financed entirely by internally generated funds. The purchase consideration was derived on a willing buyer willing seller basis after taking into consideration the discounted future cash flow projections and paid-up share capital contributed by IPPL.
“MSB currently owns 60% of MISB. Upon completion of the acquisition, MISB will become a wholly-owned subsidiary of MSB,” it said.
MISB is involved in the research and development of information technology solutions for the financial services industry.
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