CASH shares hit limit-up

CASH shares hit limit-up

KUALA LUMPUR (Reuter): Shares of Construction and Supplies House Bhd (CASH) hit limit-up when trading in the counter resumed yesterday after the signing of an agreement whereby Indonesian timber tycoon Prajogo Pangestu will take over CASH in a 2.59 billion ringgit deal.

CASH shares opened at 10.30 ringgit, against its pre- suspension price of 7.95 ringgit on March 22, on volume of 3.2 million shares. Malaysian shares are limited to a 30 percent rise or fall in a trading session.

Brokers see further upside for the share as the market is still euphoric over the deal.

The deal shifts some of Prajogo's timber assets into CASH in return for a controlling stake. Prajogo will end up with about 64 percent in CASH. CASH will then buy 30 percent of Prajogo's Indonesian company, PT Barito Pacific Timber.