Classita shares jump on NexG's 32.61% stake acquisition news

KUALA LUMPUR: Classita Holdings Bhd shares traded actively and rose in early trade Monday after NexG Bhd announced plans to acquire a 32.61% stake in the company, marking its entry into the property and construction sector.

The counter jumped 18.75%, or 1.5 sen, to 9.5 sen at 9.41 am, making it the most actively traded stock on Bursa Malaysia with 37.91 million shares changing hands. Year-to-date, it has surged more than 58%.

NexG, formerly known as Datasonic Group Bhd, is purchasing a 32.61% equity interest and 414.31 million warrants in Classita for a total cash consideration of RM76.78mil.

The move will make NexG the largest shareholder of Classita, with the company calling the acquisition a strategic opportunity to expand into the property and construction sector.

Classita and its subsidiaries are principally engaged in the manufacturing and sales of undergarments, property development and construction as well as direct selling and retailing of its in-house brands.