Published: Friday March 8, 2013 MYT 3:29:00 PM

FACB Industries up ahead of EGM

KUALA LUMPUR: Shares of FACB Industries rose in active trade on Friday in the absence of strong positive corporate news except that its EGM would be on March 25 for the proposed disposal of properties for RM131.50mil cash.

At 3.06pm, it was up 15 sen to RM1.20. There were 1.96 million shares done.

The FBM KLCI inched up 1.08 points to 1,652.01. Turnover was 443.18 million shares valued at RM762.99mil. There were 328 gainers, 255 losers and 287 counters unchanged.

FACB Industries posted net loss of RM5.59mil in the first half ended Dec 31, 2012 compared with net profit of RM164,000 a year ago. In the second quarter, it recorded a bigger net loss of RM1.21mil compared with RM781,000 a year ago.

Its net asset per share was RM1.86.

FABC Industries is scheduled to hold an EGM on March 25 to seek shareholders' approval to sell a piece of land with two factories in Shah Alam for RM97mil cash consideration.

It is also seeking shareholders' nod to sell its 100% stake in Kanzen Tetsu Sdn Bhd to Kentzu Steel Sdn Bhd for RM34.50mil.

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