Naim Indah falls, plans to buy Sagajuta

Naim Indah Corp (NICORP), a developer, down 11 per cent to close at 56 sen, set for the largest decrease since Nov 21. Naim Indah said it plans to buy 60 per cent of Sagajuta (Sabah) Sdn from Generasi Cipta Sdn for RM240 million.

The company also proposed a reduction in the par value of its shares to offset accumulated losses, and will raise RM100 million from a rights offer and share placement, it said in a statement.

Naim is also in talks to buy the remaining 40 per cent stake not held by Generasi, according to a Kuala Lumpur stock exchange filing late yesterday. Sagajuta is a Malaysian property developer and investment company. -- Bloomberg