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buy apple account:Paragon Union climbs, hopes for higher takeover offer

admin2021-01-2617

KUALA LUMPUR: Shares of Paragon Union Bhd shares climbed to a high of RM1.08 a share early Monday as investors hoped the takeover offer price would be increased from 55 sen. At 10.17am, share price of the loss-making company was up six sen to RM1.03. Paragon Union manufactures and trades in automotive components and in car carpets, manufacturing and trading in commercial carpets. However, the fundamentals of the company are still challenging as it was in the red, posting losses and the net asset per share was 57 sen as at Sept 30,2020. Last Friday, Paragon Union announced it had received a notice of unconditional mandatory takeover offer from AKK Capital Sdn Bhd to acquire all the remaining ordinary shares in Paragon at 55 sen each. This follows the share sale agreements between AKK and five vendors to acquire a total of 39.98 million Paragon shares, equivalent to a 60.41% equity interest in Paragon for RM21.99mil or 55 sen per share. The total consideration will be satisfied entirely in cash. The offer price of 55 sen represents a 47.6% or 50 sen discount to Paragon’s closing share price of RM1.05 on Thursday, being the last full trading day prior to the Offer. Of the five vendors, AKK will acquire a 48.26% stake from Asia Avenue Sdn Bhd, 5.18% from Tan Choon Hock, 4.21% from Kong Say Thor, 1.48% from Lee Poh Ting and 1.28% from Lee Poh Yee. Prior to this, Asia Avenue was Paragon’s largest shareholder. Koon Hoi Chun is the sole shareholder and director of AKK. It is the intention of the offeror to maintain the listing status of Paragon upon the completion of the offer. .In the third quarter ended Sept 30,2020, its posted net losses of RM1.19mil on revenue of RM12.33mil. In the nine months, its net losses were RM5.40mil on revenue of RM26.41mil.
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