Construction firm Ahmad Zaki Resources Bhd (AZRB) (7078) is selling its entire 21.26 per cent stake in Eastern Pacific Industrial Corp Bhd (Epic) to Lembaga Tabung Amanah Warisan Negeri Terengganu for RM111.5 million.
The proposed disposal, once completed, will eventually increase the Terengganu state government's shareholding in Epic from 39.9 per cent currently to over 60 per cent.
Thanks to AZRB and the Terengganu state government, the price of EPIC shot up to a high of 2.62 when the market opened this morning. At the time of this post, the price is traded at 2.44 for a gain of 35 sen. If I am not mistaken, I think the price that AZRB agrees to sell is 3.099 sen per share.