PUC shares rise 27% as Genting Plantations slated to become 10% shareholder

PUC shares rise 27% as Genting Plantations slated to become 10% shareholder
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KUALA LUMPUR (Sept 8): PUC Bhd saw its shares trading higher today after news emerged that Genting Plantations Bhd — the plantation arm of the Genting group — is slated to become its 10% shareholder.

The counter was the third most active counter this morning and touched a high of 21 sen — up 4.5 sen or 27% from the 16.5 sen closing price yesterday. 

At the time of writing today, it had pared some gains at 19.5 sen, still up three sen or 18%, with 220 million shares traded.

PUC announced yesterday that it had entered into a conditional subscription agreement with three companies in relation to its proposed private placement of 375.06 million new shares at 12.5 sen per share to raise RM46.88 million.

The three companies that are buying the new shares are GPVF Sdn Bhd, Matrix Edge Ventures Sdn Bhd and KH Lim Capital Sdn Bhd.

GPVF — which is subscribing to 162.53 million shares for RM20.31 million — is a wholly-owned unit of Kenyalang Borneo Sdn Bhd which, in turn, is a wholly-owned unit of Genting Plantations, according to the plantation group's annual report.

GPVF’s entry into PUC is seen as the Genting group joining of the bid for a digital banking licence through PUC.

Genting Bhd is the largest shareholder of Genting Plantations with a 55.4% stake, according to Genting Bhd’s website. 

At the time of writing today, both Genting Plantations and Genting Bhd were in the green too. 

Genting Bhd was trading three sen or 0.58% higher at RM5.18, while Genting Plantations was up 10 sen or 1.33% at RM7.62.

In late July, PUC announced that it had formed a consortium with the Sabah and Pahang state governments to bid for one of five digital banking licences to be granted by Bank Negara Malaysia (BNM) in the first quarter of next year (1Q22).

Read also:
Genting group joins bid for digital banking licence via PUC

Joyce Goh