KUALA LUMPUR: Shares of Asdion Bhd
extended its losses at midday on Monday, plunging nearly 35% to a low of 27 sen in active trade.
It fell 14.5 sen to 27 sen at noon with 64 million shares done at prices ranging from 26 sen to 36.5 sen.
At 27 sen, this was the lowest since Jan 20 for the company which is primarily involved in the logistics businesses, commodity trading, and property development.
It also operates in software development and information and activities related to information and communication technologies.
Last Friday, it closed at 41.5 sen in active trade, hitting limit-down or 30 sen from 71.5 sen at Thursday’s close.
On April 28, the company had received a takeover offer from AT Sytemization via AT Engineering Solution at 50 sen a share.
Could Adsion be oversold at this level?
Last Friday, traders cautioned that if the on-going debt settlement was rejected at the EGM, AT Systemization would go ahead with the takeover offer.
On Wednesday, Asdion said Bursa Securities approved the listing and quotation of up to 59.87 million new shares to be issued arising from the conversion of the ICPS pursuant to the proposed debt settlement.
Bursa also approved the listing and quotation of up to 37.55 million placement shares.
