INGENS

Ninetology aims to take over Ingenuity for RM360m

KUALA LUMPUR: Ninetology Marketing Sdn Bhd aims to take over ACE Market-listed Ingenuity Solutions Bhd (ISB) for RM360mil and use the expanded group to bid for regional projects.

"We intend to bid for a few regional projects which will only be possible pursuant to our acquisition of ISB," said Ninetology CEO and managing director Sean Ng.

"With ISB in our enlarged group, we believe we can easily secure these projects as our pricing when submitting for tenders will be more competitive," he said a media briefing on Thursday. Ingenuity had on Wednesday received an offer from Ninetology Marketing Sdn Bhd to acquire a 39.44% stake in the company at 55 sen per share. At 55 sen, this was a premium of 39.2% above the pre-suspension price of 39.5 sen on Wednesday.

Ninetology wanted to acquire the shares from major shareholder Chin Boon Long, Firstwide Success Sdn Bhd, Landasan Simfoni Sdn Bhd and Titanium Hallmark Sdn Bhd.

At midday on Thursday, Ingenuity Solutions and the warrants rose 0.5 sen each to 40 sen and 12.45 sen. Their combined turnover was 101.14 million units.