High precision engineering parts manufacturer could see a foreign player take up a part or the entire portion of its private placemen, which was mooted in Oct 2009.
Sources say three interested foreign parties have expressed interest in taking up the stock. Although no names were mentioned, it is understood that at least one of the parties if involved in the camera business. Notion is involved in the manufacture of parts for digital single lens reflex cameras, which is one of the biggest contributors to its revenue.
The source adds that the deal was done in principle, although the foreign player needed regulatory approval to complete the deal.
To recap, Notion announced in a series of announcements in Oct 2009 that it will place out 13.88 million new shares, representing 10% of its issued and paid up capital share capital. Bursa Malaysia had subsequently approved the corporate exercise.
Notion will price the shares through higher of a weighed average market price or at the par value of 50 sen per share. As Notion’s share has been trading around the RM2.50 mark, it will likely be priced much higher than the par value.
The placement exercise will reduce its gearing.
The money will be used for expanding its camera manufacturer operations into Thailand.
Meanwhile, Koperasi Permodalan Felda Bhd, the investment arm of the federal land authority, has been selling down its stake in Notion since Oct 13 2009. Felda gas disposed of some 85 million shares to date, bringing its stakeholding down to 1.53% stake. There was no corresponding filing indicating who had increased their stake.
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