KUALA LUMPUR: D’nonce Technology Bhd said today that its managing director and single largest shareholder Law Kim Choon is looking to sell his stake in the company.
This confirmed an earlier StarBiz Premium report that said the company is a takeover target.
“We wish to inform that the said shareholder confirmed that he is in the midst of negotiation with potential investors to dispose of a substantial block of his shares in the company,” D’nonce told the stock exchange today.
Law owns almost a quarter of the shares in the company.
D’nonce was responding to an article that first appeared in StarBiz Premium.
“The terms of the transaction have not been finalised yet and the company will make the necessary announcement when the transaction is finalised and concluded,” it said.
D’nonce was in the news late last year for attracting interest from integrated poultry and egg player, Lay Hong Bhd , which liked it for its packaging division.
Lay Hong said then that it was also attracted to the firm’s balance sheet after D’nonce had written off businesses that had caused it to be in the red.
No deal, however, materialised.
https://www.thestar.com.my/business/business-news/2018/01/17/dnonce-confirms-md-looking-to-exit-the-company/
