SC rejects Prajogo deal

SC rejects Prajogo deal

KUALA LUMPUR (Reuter): Construction & Supplies House Bhd (CASH) has confirmed market rumors that a proposed reverse takeover of the company by Indonesian tycoon Prajogo Pangestu has been rejected by the Securities Commission (SC).

In a statement to the Kuala Lumpur Stock Exchange, CASH's merchant banker Utama Wardley Bhd said proposals made on June 16 last year have been rejected by the securities watchdog body.

"Nevertheless, the company will be making an appeal to the Securities Commission to reconsider its decision," the statement said.