KUALA LUMPUR: Shares of SILK Holdings Bhd (SHB) surged by as much as eight per cent yesterday on news that Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd’s (SILK) sukuk holders had approved the sale of its entire stake to IJM Corp Bhd for RM395 million cash.
SHB shares closed up four sen to 83.5 sen yesterday after touching as high as 86 sen during mid-day trading with 10 million shares traded, compared with its five-day average of 300,000 shares.
However, it was not the highest close as it had climbed to RM1.20 in
July.
SHB announced to Bursa Malaysia yesterday that the sukuk holders had approved of the sale during the company’s extraordinary general meeting yesterday.
They
had also released SHB from its obligation under the corporate guarantee for the sukuk, the company said.
Holders of SILK’s RM2 billion sukuk include CIMB Bank Bhd, Bank Islam Malaysia Bhd and Etiqa Takaful Bhd.
SILK is a wholly-owned subsidiary of SHB and the concession holder for the 37km Kajang Dispersal Link Expressway.
The highway links the northern and southern parts of Kajang, Selangor.