Merge Energy tells of approach for stake

PETALING JAYA: Merge Energy Bhd which was queried by Bursa Malaysia Securities Bhd for the sharp rise in its share price, said its major shareholder and directors were approached by certain parties interested in taking a stake in the company.

The group which saw its share price gain 117.9% in the last month, said after making due inquiries with its directors, major shareholders and such other relevant persons, it found that there have been parties who were keen in acquiring some stake in the company and exploring 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 Securities in the event any of the discussions materialised,” it added.

Besides the aforesaid, Merge Energy said that it had no knowledge of any other possible explanation, rumour or corporate development’s to account for the trading activity.

The company had been instructed by the stock market regulator to disclose any corporate developments relating to the group’s business and affairs that have not been previously announced, that may account for the trading activity including those in the stage of negotiations/discussion.