GBH shares, warrants rise in anticipation of take-over offer

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KUALA LUMPUR (Sept 4): Goh Ban Huat Bhd (GBH) shares and warrants rose in anticipation of a take-over offer for the ceramic product manufacturer.

At 12.30pm, GBH shares rose five sen or 2% to settle at RM2.45 with a total of 866,100 shares traded. The stock had earlier climbed to an intraday high of RM2.56.

GBH warrants, which earlier rose to a high of RM1.61, settled at RM1.55 for a nine sen or 6% gain. Some 1.1 million warrants were traded.

GBH has been closely watched as the company is in the midst of reverse take-over exercise (RTO), which will subsequently lead to a take-over offer by a new major shareholder.

GBH had proposed in July, to acquire 100% of oil and gas support services provider Dynac Sdn Bhd for RM632 million.

It will pay Dynac's owners with cash and new GBH shares. Dynac's owners will subsequently undertake an RTO of GBH, and launch a take-over offer for the remaining stake in the firm.

According to GBH, the offer price will not be less than RM2 a share.