UMW's share price dip again, falling 19 sen

PETALING JAYA: UMW Holdings Bhd’s share price fell further this morning after PNB Equity Resources Corp Sdn Bhd (PERC) made a request for time extension, to accept UMW’s offer for its stake in Perusahaan Otomobil Kedua Sdn Bhd (Perodua).
At 11.02am, UMW’s share price fell 3.08% or 19 sen to RM5.98 with a total of 2.36 million shares traded. The stock fell 0.32% to close at RM6.17 yesterday, with 678,300 shares done.
UMW’s board of directors told Bursa Malaysia yesterday that PERC had made a request for time until April 30 via a letter dated yesterday, for which UMW has given its approval.
UMW had made a conditional offer to PERC for its 10% equity interest in Perodua at a price of RM417.5 million or RM29.80 per share.
Its plans to acquire controlling stake in Perodua hit a snag, after both MBM Resources Bhd’s major shareholders Med-Bumikar Mara Sdn Bhd and its wholly owned subsidiary Central Shore Sdn Bhd rejected the RM501 million take over offer.