Grand Hoover: Major shareholder approached for stake sale

PETALING JAYA: Grand Hoover Bhd which was issued an unusual market activity query by Bursa Malaysia over the sharp rise in its share price recently, said its major shareholder has been approached to sell a substantial stake in the company.

The company’s share price jumped from 43 sen on Monday to 72 sen on Wednesday. Yesterday, it rose 48.39% or 30 sen to hit limit up and close at 92 sen with 5.99 million shares done, before trading in the stock was halted at 4.18pm.

In response to the query, the company said its major shareholder and certain directors have been approached by a few parties who expressed interest in acquiring a substantial stake in the company as well as to explore any possible joint venture with the company on certain business opportunities.

“However, the discussions with the various parties are still preliminary at this juncture and no agreements and/or conclusions have been made insofar on the discussions. The company will make the necessary announcements to Bursa Malaysia in the event that any of the corporate exercises stated above materialise,” it said.

Aside from that, Grand Hoover said, it is unaware of any corporate development, rumour or report in relation to its business and affairs of the group that may account for the sharp rise in its share price. Trading in its shares resumes today.