KUALA LUMPUR (Aug 14): Klang-based crop protection products manufacturer and distributor Hextar Global Bhd (KL:HEXTAR) has suspended trading in its shares on Friday pending a material announcement.
The suspension took effect at 2.30pm and will continue until 5pm, for the rest of the trading day, according to a Bursa Malaysia filing.
In June, Hextar Global announced that it was scaling back its proposed RM120 million acquisition of three companies from its 52.4%-owned subsidiary, Hextar Industries Bhd — PK Fert Sdn Bhd, PK Fertilizers Sdn Bhd and Hextar Fert Sdn Bhd.
The revised proposal covers only PK Fert, valued at RM3.3 million, and Hextar Fert, valued at RM51.2 million. The company cited uncertainty in the global fertiliser industry, including geopolitical tensions in the Middle East, and said focusing on established fertiliser businesses with proven track records would reduce investment risks while supporting its entry into the fertiliser industry.
On Aug 6, the same day Hextar Global announced a new chairman, whereby the company said it had withdrawn its application for an extension of time to issue its circular and independent advice letter to shareholders regarding the related-party proposals.
Datuk Ong Chong Yi, previously an independent non-executive director, was appointed as the independent non-executive chairman.
Hextar Global shares were unchanged at 79 sen at Friday’s noon break, giving the company a market capitalisation of RM3.11 billion.