KUALA LUMPUR (Oct 20): Shares of Priceworth International Bhd (PWI) is acquiring Rumpun Capaian Sdn Bhd for RM260 million, to be funded by a proposed private placement and special issue. At 9.10am, PWI fell 1 sen to 12 sen with 4.46 million shares traded. Rumpun owns 99.99% of Anika Desiran Sdn Bhd (ADSB), which was awarded a 100-year concession in 1997 to carry out harvesting, forest management and rehabilitation, and industrial tree planting within a forest reserve area in Trus Madi, Sabah, known as Forest Management Unit 5 (FMU5). PWI said the acquisition presents an opportunity for the group to boost its earnings significantly, by virtue of access to significant concession for the 101,161ha forest reserve.

Source: The Edge Markets October 20, 2016 01:41 UTC