KUALA LUMPUR: Chin Boon Long, one of the major shareholders of Ingenuity Solutions Bhd, will explain his stand on the mind-boggling offer for his shares from Ninetology Marketing Sdn Bhd at a press conference tomorrow. However, attempts to contact him yesterday to find out the gist of the meeting were unanswered.
In his invite to the media via an email, Chin said the press conference is being called in his own "personal capacity in response to the offer I received for my shares in Ingenuity Solutions".
He also sought the media assistance in extending the invitation to all shareholders of Ingenuity, 1 Utopia Bhd as well as other concerned stakeholders.
Ace Market-listed Ingenuity has been in the spotlight in the the past two weeks following the unusual market activity of its stock and the proposed takeover announcement by Ninetology.
The price Ninetology is offering - 55 sen per share - has been enough to create a buzz in the market, especially when Ingenuity's shares were trading at only 10 sen a piece before the unusual market activity took place in the middle of last month.
When Ninetology made known its intention last Thursday, Ingenuity's stock closed at 37 sen and yesterday, it fell two sen to 35 sen, a drop of 5.41 per cent.
While it is unsure if Chin's press conference tomorrow is to announce his intention to sell or not to sell his stake, it will be interesting to see if the other major shareholders, namely Landasan Simfoni Sdn Bhd and Titanium Hallmark Sdn Bhd, are on the same page with him.
Apart from Chin, Landasan and Titanium, the other major shareholder is Firstwide Success Sdn Bhd, of which Chin has an indirect stake of 18 per cent, making his direct and indirect shareholding in Ingenuity at 30 per cent.
Landasan and Titanium hold a collective nine per cent stake in Ingenuity.
Ninetology's offer to these shareholders end on September 12.
Meanwhile, Chin's 1 Utopia, of which he is the managing director, was the third most active stock yesterday, with the counter closing 11.76 per cent, or one sen, higher at 9.5 sen, a four-month high.
Ingenuity falls 25% in active trade
KUALA LUMPUR: Shares of Ingenuity Solutions Bhd fell 25.7% in afternoon trade on Tuesday ahead of a press conference called by substantial shareholder Chin Boon Long to clear the air over the recent developments.
At 4.19pm, the share price of the ACE Market-listed company was down nine sen to 26 sen. There were 96.36 million shares done.
Ingenuity-WA fell 1.5 sen to nine sen with 39.92 million units transacted.
The FBM KLCI slipped 0.27 of a point to 1,653.63. Turnover was 1.14 billion shares valued at RM1.089bil. There were 238 gainers, 468 losers and 320 counters unchanged.
Ingenuity, a tech firm which made a net profit of RM3.2mil in its latest quarter, has attracted trading interest in recent days following events leading to the announcement of a possible takeover of Ingenuity.
In the latest development, Chin was quoted saying on Tuesday he would be addressing the media and stakeholders in his personal capacity. The press conference will be held Wednesday at 10.15am in Federal Hotel, Jalan Bukit Bintang, Kuala Lumpur.
He sent out an invite to the media and hopes to extend the invite to all shareholders of Ingenuity Solutions, 1 Utopia Bhd as well as other concerned stakeholders. Chin is also the managing director of 1 Utopia.
To recap, last Thursday, Ninetology Marketing Sdn Bhd, a relatively unknown technology firm with a paid-up capital of RM2, announced it had "ready funds" to take over Ingenuity.
Ninetology had offered to acquire a 39.44% stake in the company at 55 sen per share. If the deal goes through, this would trigger a mandatory general offer to acquire all the remaining shares Ninetology has not already owned in Ingenuity.
Ingenuity it had received an offer letter from Ninetology to purchase all of the shares held by Chin, Firstwide Success Sdn Bhd, Landasan Simfoni Sdn Bhd and Titanium Hallmark Sdn Bhd amounting to a total of 214,297,656 shares, representing 39.44% of the total equity interest of Ingenuity, at an offer price of 55 sen per share.
（吉隆坡3日讯）灵通方案（INGENS，0034，创业板科技组）大股东是否会接受Ninetology行销公司的收购献议，答案料將在本週三揭晓。
灵通方案大股东陈文龙將在本週三（5日）举行新闻发佈会，以厘清他是否接受Ninetology行销公司较早时作出的股权献购建议及其他相关疑问。
陈文龙在回答《星洲財经》电话询问时指出，他本身认识有关买家Ninetology行销公司，不过，后者在向他及其他3个大股东作出股权献购建议之前，並没有事前照会他，他也是在Ninetology行销公司正式宣佈收购计时才知道有关献议。
个人名义发出邀请函
陈文龙今日以个人名义发出新闻发佈会邀请函，於9月5日（週三）早上10时15分举行新闻发佈会，地点为吉隆坡惹兰武吉敏登联邦酒店第15楼。
股东或权益持有者亦可出席
他表示，除了记者之外，该公司及乌托邦（UTOPIA，0140，创业板科技组）的股东或权益持有者，若是有兴趣也可出席新闻发佈会，以便提出问题，以厘清一切有关併购或相关事宜。
他表示，自从市场传出併购消息与传言后，他本身接到多方的查询，使他深感压力，特別是对灵通方案及乌托邦的影响，所以，他將將会在週三的新闻发佈会一次过地厘清各项疑问。
陈文龙为灵通方案大股东，也是乌托邦的股东及董事经理。
Ninetology行销公司是在上个月29日（週四）正式向灵通方案的4名大股东作出收购股权的献议，每股收购价为55仙。一旦落实，將会以同样价格全面献购其余尚未持有股权。
灵通方案今日交易保持热络，惟全天回落2仙至35仙，成交量为3千605万1千200股，为全场第五热门股。（星洲日报／財经）
Above news announced that a press conference will be held by Chin tomorrow at 10.15am in Federal Hotel, Jalan Bukit Bintang, Kuala Lumpur. So, tomorrow will know the result whether Chin is going to accept the offer or not. Based on today's closing at RM0.225, seem like that deal is not that promising.
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