RIMBACO (01953) saw its shares drop more than 24%. The stock had plummeted 30% upon resuming trading on April 27, but subsequently staged a significant rally, accumulating gains of over 260% between April 28 and May 19. As of press time, the stock was down 24.24%, trading at HK$1.25, with a turnover of HK$84.30 million.
On the news front, RIMBACO announced on the evening of May 19 that it expects the group to record a consolidated profit attributable to owners of approximately RM15.8 million for the six months ending April 30, 2026, compared to approximately RM3.2 million for the corresponding period in 2025. The increase during the relevant period is primarily attributed to the completion of a high-margin fast-track project.
Additionally, on the evening of April 24, RIMBACO announced that the offeror, Aureole Halo Limited, would purchase 945 million shares from the seller, representing 75% of the total issued share capital, for a total cash consideration of HK$157.5 million. Following the completion, the offeror will hold 75% of the issued share capital, thereby triggering a mandatory unconditional cash offer for all issued shares under the rules. The cash offer price is HK$0.167 per share, representing a discount of approximately 74.3% compared to the closing price of HK$0.65 per share on April 10.
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