AKN snubs Memstech

September 2, 2003 – AKN Technology Bhd. has abandoned its proposed acquisition of Memstech Sdn Bhd, in order to avoid a negative rating on its bonds, according to local media.

The Star reports that AKN called off the deal after a Malaysian ratings agency said it would downgrade its rating for the company’s bonds, citing concerns over AKN’s growing profile of recently-acquired companies, including Jit Technology, Autoplus International Group, PSC Technology, and CTE Technology.

AKN executive chairman Datuk Ahmad Kabeer Mohamed Nagoor, who owns 73.5% of Memstech, plans to apply to the Kuala Lumpur Stock Exchange next month to have Memstech listed on the Mesdaq market.


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