Thursday 30 Nov 2023
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KUALA LUMPUR (Aug 13): GPA Holdings Bhd confirmed that it has been approached by data centre operator for Regal Orion Sdn Bhd for a possible reverse takeover (RTO).

The battery manufacturer said its board and major shareholder cum non-independent and non-executive chairman Tan Sri Tan Hua Choon have been approached by several parties, including Regal Orion, for a possible asset injection into GPA.

"However, there has not been any concrete development thereof which would warrant an announcement to be made at this point of time," it added in response to a query from Bursa Malaysia over an article in the latest issue of The Edge Malaysia, which quoted sources as saying that GPA could be the subject of RTO by Regal Orion.

The weekly reported that ongoing talks for the RTO were stymied by the Covid-19 lockdown, which resulted in Regal Orion's owner Ryuichi Shimokawa being stranded in Japan.

In March 2018, Regal Orion acquired a data centre at Techpark @ Enstek in Labu, Negeri Sembilan for RM69 million.

Shares in GPA finished 2.94% or half a sen lower at 16.5 sen, valuing the group at RM161.78 million. The counter saw 178.31 million shares traded.

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