KUALA LUMPUR: Shares of Asdion Bhd
plunged nearly 40% to a low of 43.5 sen on Friday which could be related to the recent takeover offer by AT Systemization Bhd.
At 12.04pm, it was down 28 sen to 43.5 sen. There were 140 million shares done at prices ranging from 41.5 sen to 87.5 sen.
At 41.5 sen, this was the lowest since March 9.
Asdion is primarily involved in the logistics businesses, commodity trading, and property development.
The company also operates in software development and information and activities related to information and communication technologies.
The group focuses on various sectors such as hospitality, recreational, supply chain logistics to data services related businesses.
The company had received a takeover offer from AT Sytemization via AT Engineering Solution on April 28 at 50 sen a share.
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.
Traders cautioned that if the on-going debt settlement was rejected at the EGM, AT Systemization would go ahead with the takeover offer.
