KUALA LUMPUR (Jan 21): Complete Logistic Services Bhd's share price topped RM4 at its record high on Friday after rising as much as 59 sen or 17% to RM4.08 in Bursa Malaysia trade.

At 5pm, Bursa's top gainer Complete Logistic's share price pared gains to RM4.01 with 1.28 million shares traded.

At RM4.01, Complete Logistic has a market value of about RM515.89 million based on the company's 128.65 million issued shares.

Over the last one year, Complete Logistic’s share price had risen to current levels from the stock’s closing price at 69.5 sen on Jan 22, 2021.

Complete Logistic's share price rose to the current level after the company said on Wednesday (Jan 19, 2022) that Hextar Tech Sdn Bhd and Datuk Ong Choo Meng, both of whom had earlier made a voluntary takeover offer for the remaining Complete Logistic shares not owned by them, had raised their collective stake in Complete Logistic to 73.42%, comprising 94.45 million shares, when the offer closed on that day.

Complete Logistic initially announced the takeover offer at RM2.50 a share by Hextar Tech and Ong on Nov 30, 2021.

According to the takeover offer notice dated Nov 30, 2021 attached to Complete Logistic’s Bursa filing on that day, Ong is the sole shareholder of Hextar Tech.

The notice said Ong is also a major shareholder of Complete Logistic where he owned 37.45 million shares which represent an approximately 29.11% stake as at Nov 29, 2021.

According to the notice, Hextar Tech did not own any shares in Complete Logistic when the takeover offer was initially announced.

The notice said Hextar Tech and Ong intend to maintain Complete Logistic’s listing status on Bursa’s Main Market.

Complete Logistic’s Bursa filings indicated that the closing date for the takeover offer was extended to Wednesday from the original closing date on Jan 11, 2022.