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PBEC Member Pelangi Publishing Group – Plans to take the firm private

Shares in Pelangi Publishing Group Bhd rose to its highest in seven months following a privatisation offer from its controlling shareholders.

The textbook publisher rose 19.23%, or five sen to 31 sen, highest in seven months. The controlling shareholder, Datuk Sum Kown Cheek, who is also the company’s executive chairman and managing director, has written to Pelangi’s board of directors to notify his intention to take the company private via capital repayment of 36.5 sen per share.

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