KUALA LUMPUR (July 28): Cable and wire manufacturer ConnectCounty Holdings Bhd said today it has ceased all negotiations pertaining to the possible reverse takeover (RTO) exercise involving S5 Systems Sdn Bhd.
This comes after it was reported last Monday that Ancom Logistics Bhd had proposed an RTO exercise which entailed the acquisition of the entire share capital in S5 Holdings Inc — the parent company of S5 Systems.
S5 Systems was reported to be one of the front runners to bid for the new National Immigration Integration System project, which is expected to be awarded in the third quarter of this year.
In an earlier filing with Bursa Malaysia on June 16, ConnectCounty said it was in negotiations with the relevant party pertaining to the possible RTO involving S5 Systems.
From the start of June, ConnectCounty shares jumped by three times, reaching a peak of 39 sen on June 15, from 13 sen. Thereafter, the stock is seen trending downwards.
The counter closed unchanged today at 15.5 sen, valuing the group at RM78.9 million. Since its peak price on June 15, the stock has lost some 60%.