Impact of Acquistion Announcemants On Stock Return of Malaysian Company

762
3rd INTERNATIONAL CONFERENCE ON BUSINESS AND ECONOMIC

RESEARCH ( 3rd ICBER 2012 ) PROCEEDING
12 - 13 MARCH 2012. GOLDEN FLOWER HOTEL, BANDUNG, INDONESIA
ISBN: 978-967-5705-05-2. WEBSITE: www.internationalconference.com.my
IMPACT OF ACQUISTION ANNOUNCEMANTS ON STOCK RETURN OF MALAYSIAN

COMPANY
Seyed Hamidreza Sakaki
Faculty of Management
Multimedia University
Hamidrezasakkaki@gmail.com
Zarehan Selamat
Faculty of Management
Multimedia University
zarehan.selamat@mmu.edu.com
ABSTRACT
The study is to undertake the analysis of impact of acquisition on the stock return of acquirer companies
in Malaysia. The period of study is from year 2005 to 2007 and the samples of companies used are the 49
companies listed on the main board of Bursa Malaysia. This study considered the acquisition
announcement date as day 0 and analyzed the impact of acquisition announcement on the stock return
of acquirer company 20 days before and after acquisition announcement date. For this purpose, two
models were used which are market model and market adjusted model. By applying these two models,
the excess return that was created by the acquisition announcement was calculated. The study found
acquisition didnt bring a positive return for the shareholders of the acquirer firm.
KEY WORDS: acquisition announcement, acquirer, cumulative abnormal return, Malaysia

----------------------------------------------------------------------------------------------------------------------------------
1. Introduction
Evidence shows that it is challenging for merger and acquisition strategies to create value. In regards to
stock return, in an efficient capital market, stock price will react to merger or acquisition
announcements. If the market is sure about the success of the merger or acquisition, we can expect an
increase in the stock price of both acquirer and target company and value creation for shareholders; if
the market is hesitant about the success of the merger or acquisition, stock price of both companies will
experience decline and create negative returns for shareholders (Gunasekaran and Selvam 2011).
Among several researches that studied the different aspects of merger and acquisition, the main
numbers of these studies had sharply focused only on the investigation of financial performance of
acquirer and target companies in the pre and post merger or acquisition period. Somehow, it is hard to
find published papers in Malaysia on how the acquirer companies are performing after acquisition. To
fulfill this gap, the current research has attempted to analyze the stock return of acquirer companies
before and after acquisition in Malaysia.
763

2. Literature Review
Aristeidis, G. Samitas and Dimitris. F. Kenourgios (2007) investigated the impact of merger and
acquisition announcement on stock returns of tramp shipping firms, and how this affected their stock
values. For this purpose, they used the event study methodology and bootstrap. They indicated that
during the merger announcement, the tramp firms stock experienced a positive return.
Gunasekaran and Selvam (2011) studied the reaction of stock price of both target and acquirer company
to merger announcement by using market model method and market adjusted returns model. They
found that among thirteen mergers, there were two mergers where the acquirer experienced negative
abnormal returns and target companies received positive abnormal return; three mergers in which the
acquirer companies had positive abnormal returns and target companies received negative abnormal
returns; among the remaining companies, seven mergers experienced positive abnormal return not only
for the acquirer company but also for the target company and finally, for one merger, both target and
acquirer company showed negative abnormal return.
Shukla and Gekara (2010) examined the effect of merger on financial performance of acquiring firm
during pre and post merger period by using financial ratios. In addition, they analyzed the share price
behavior 20 days after and before merger announcement by using the market model and market
adjusted return model. The result indicated that stockholders experienced loss around the
announcement period. Al-Sharkas and Hassan (2010) examined the abnormal returns for bidder, target
and combined firms by applying the modified market model and EGARCH. They found that the outcome
of both methods revealed that investors of the Target Company gained significantly positive return,
meanwhile the shareholders of the acquirer company experienced significant negative return. To put in
a nutshell, the merger announcement of the bank led to create a positive return for the combined
investors.
Campa and Hernando (2004) investigated the impact of merger announcement on stock return during
1998-2000 by using Cumulative abnormal returns to target firms and Cumulative abnormal returns to
buyer firms and also returns to buyer and target firms combined around the announcement date. They
found that the shareholders of the target Company experienced a positive cumulative abnormal return
significantly that came from the merger announcement. On the other hand, the average cumulative
abnormal return to stockholders of the acquiring firm didnt differ from zero. Actually, in approximately
55% of the mergers, returns which were created for investors were negative.
The paper conducted by Mishra and Goel (2005) tested two hypotheses which were: Whether positive
or negative cumulative excess returns accrued to RIL (bidder) or RPL (target) shareholders and the
reasons thereof and Whether there is zero or negative combined excess return in the merged firm (RILRPL combined) and the reasons thereof. They found that the shareholders of target company enjoy
positive excess return and the shareholders of acquirer company experienced negative return.
764

Manoj and Jagandeep (2008) explored the impact of merger announcement on stock returns for
shareholders in the private banking sector by using event study methodology which included the single
factor model and the two factor model. They analyzed five mergers during 1999-2005. They showed that
merger announcement in Indian private banking sector had positive effects for both target and acquirer.
The paper written by Mangold and Lippok (2008) studied the effect of cross-border merger and
acquisition on shareholders wealth during 2000-2007 and whether this value is different from the value
that was created by a domestic merger and acquisition. For this purpose, the researchers used the event
study methodology. They found that the share return increased for the shareholders of the target
company meanwhile the results showed negative or zero abnormal returns or slightly positive return. In
addition, they found that the abnormal return is negative for cross-border deals while it's positive for
domestic transactions.
3. Methodology
With regards to stock return of company, there are many methods to measure the value created by
acquisition. In this study, the market model and market adjusted model will be used to evaluate the
immediate impact of acquisition on the share price of company because in an efficient capital market,
the share price of companies immediately react to new announcement and information. In order to
measure the impact of the acquisition on the share price of the company, the excess return has to be
calculated. Thus, for this purpose, the study considered the abnormal return of company instead of
actual return over the study period. The event day for each firm was considered as the date of stock
exchange announcement. For analyzing the immediate impact, 20 day before and after acquisition
announcement was considered. Therefore, the event day is 0 day; the days before acquisition are
considered as negative days and the days after acquisition are considered as positive days. Within this
study period, all the effects on the share price of the company were able to be captured. Although, the
longer period will capture all the immediate impact on the share price of the firm but there will be more
noise in the data.
As explained before, the abnormal return of each firm is calculated before and after acquisition based
on the market model and market adjusted model. After computations, the cumulative abnormal return
(CAR) should be calculated. The CAR is the aggregate abnormal return from day -20 to day +20. The CAR
indicates the average total impact of the event across all firms or across event days.
3.1. Market model method

Based on the market model method, the expected rate of return can be calculated from the equation
below:
ARt = + .Rmt + E
765

Where Rmt is the actual return on Kuala Lumpur stock market index (KLSE) for day t,, the mean returns
over the period was not explained by the market and measures sensitivity of the firm to the market.
Both and was extracted from Bloomberg information service for each company based on their event
window. This is a measure of risk and E is a statistical error term where in this study E = 0.
3.2. Market adjusted return method

Excess return for market adjusted method is calculated using the fallow equation:
ARt = Rt Rmt
ARt = abnormal return on the security for day t;
Rt = Actual return on the security for day t; and
Rmt = Actual return on market index for day t
After calculating the excess return for before and after acquisition based on the market model method
and market adjusted return method, the cumulative abnormal return for Acquirer Company before and
after acquisition needs to be calculated as shown below:
CAR = ARt (t= -20 to +20)
The trend and conclusion about the stock return of the acquirer company will be compared and
observed.
3.3. Data and variables

The period of the study is from 1.1.2005 to 1.1.2008; it means that it will include all the acquisitions that
have happened in this period in Malaysia. The population of the study includes all the companies that
were acquired by other companies in Malaysia over the period of 2005 - 2008. All the data in this study
are secondary data. The data was extracted from Bloomberg information services and Share prices of
companies were extracted from the yahoo finance website.
For the sample selection, some points in this study were considered and they are as follows:
The stock price of acquirer company should be available
Acquirer companies should be listed in KLSE
Each company should have only one acquisition during the period due to avoid overlap
Therefore, based on the above information, there are 49 acquirer companies that have these
specifications and they constitute the sample in this study. The list of these companies is shown in Table
1.
766

4. Data analysis and results

For evaluating the effect of acquisition on the share price of company, the abnormal return of share
price needs to be calculated rather than the actual price; meaning the excess return that was created by
the acquisition announcement. For this purpose, the market model and market adjusted model was
employed. The study period for this part consists of acquisition announcement date as day zero and 20
days before acquisition and 20 days after acquisition. Thus, an event window of 41 days was used,
centered on the event day.
The analysis of share price study consisted of two parts:
(1) Abnormal returns of acquirer companies on the announcement day based on the market model
and market adjusted model.
(2) The CAR of acquirer companies before and after acquisition based on the market model and
market adjusted model.
Table clearly indicates abnormal returns of acquirer companies on the announcement day based on the
market model and market adjusted model. In respect to the market model, 26 companies out of the 49
experienced negative abnormal return, while 23 companies received positive return on the same day.
On the other hand, under the market adjusted model, 23 companies earned negative abnormal return
and 26 of them gained positive return. The abnormal returns indicate that the return was the excess of
the actual return and it was caused by the event day. The abnormal returns for before and after
acquisition were computed to obtain the cumulative average return. The analysis of this part is
presented as shown below:
(CAR) calculated under the market model and market adjusted model for Asian Pac Holdings Bhd is
presented in APPENDIX
Table 1: The list of all acquirer company
No
1
2
3
4
5
6
7
8
9
10
11
12
13
Date of acquisition
3/18/2005
3/15/2005
3/1/2005
2/7/2005
3/17/2005
1/10/2005
1/12/2005
3/25/2005
1/12/2005
12/13/2005
3/8/2005
11/18/2005
2/15/2005
Acquirer
Asian Pac Holdings Bhd
Berjaya Assets BHD
Degem Bhd
Dolomite Corp Bhd
Ecofirst Consolidated Bhd
Eden Inc Bhd
Genting Bhd
Genting Malaysia BHD
Khind Holdings Bhd
Kulim Malaysia BHD
Lii Hen Industries BHD
MBM Resources BHD
Pharmaniaga Bhd
767

14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
11/25/2005
1/19/2005
2/3/2005
2/22/2005
1/17/2005
3/29/2005
12/1/2005
11/28/2006
2/10/2006
2/16/2006
2/8/2006
12/22/2006
3/3/2006
3/3/2006
12/18/2006
1/31/2006
11/7/2006
12/1/2006
2/28/2006
2/16/2006
12/31/2006
12/31/2006
12/31/2006
12/31/2006
1/9/2007
3/13/2007
1/15/2007
2/13/2007
3/13/2007
2/6/2007
3/19/2007
1/31/2007
3/2/2007
3/16/2007
1/17/2007
1/26/2007
Scomi Marine Bhd

Silver Bird Group Bhd
Supermax Corp Bhd
Symphony House Bhd
TAN Chong Motor Holdings BHD
Tradewinds Corp Bhd
Wah Seong Corp Bhd
Atlan Holdings Bhd
Cymao Holdings Bhd
Denko Industrial Corp Bhd
DXN Holdings Bhd
Eksons Corp BHD
Furqan Business Organization BHD
GSB Group Bhd
Integrated Logistics Bhd
Mahajaya Bhd
Mulpha International Bhd
PMB Technology Bhd
QL Resources BHD
Ranhill Bhd
Rex Industry Bhd
SPK Sentosa Corp BHD
Sumatec Resources Bhd
TIGER SYNERGY BHD
AirAsia BHD
Amtel Holdings Bhd
Emas Kiara Industries Bhd
Evergreen Fibreboard Bhd
Fima Corp BHD
Jaycorp Bhd
Kuala Lumpur Kepong Bhd
Pelikan International Corp Bhd
Success Transformer Corp Bhd
Top Glove Corp Bhd
UMW Holdings Bhd
YTL Corp Bhd
Table 2: Abnormal Returns of Acquirers on the announcement day based on the market model & market
adjusted model
No
Date
Acquirer
Market
model
Market Adjusted
Model
2004/03/19
-0.2953
-0.0033
2003/11/21
Berjaya Assets BHD
-0.3101
-0.0167
2004/07/19
Degem Bhd
-0.6652
-0.0006
2005/02/07
Dolomite Corp Bhd
0.0621
-0.0368
768

No
Date
Acquirer
Market
model
Market Adjusted
Model
2005/03/17
-0.1058
-0.0019
2003/06/12
Eden Inc Bhd
2.1736
-0.0025
2004/09/23
Genting Bhd
0.0488
0.0099
2005/03/25
0.0031
-0.0064
2005/01/12
Khind Holdings Bhd
0.4474
0.0096
10
2005/10/07
Kulim Malaysia BHD
-0.1058
-0.0023
11
2005/03/08
-2.8570
-0.0212
12
2005/09/29
MBM Resources BHD
0.0437
0.0003
13
2004/09/28
Pharmaniaga Bhd
-0.0454
-0.0155
14
2005/08/16
Scomi Marine Bhd
-1.7350
-0.0670
15
2005/01/19
-0.1202
0.0110
16
2005/02/03
Supermax Corp Bhd
0.1632
0.0049
17
2005/02/18
Symphony House Bhd
-0.0764
0.0053
18
2005/01/17
0.2499
-0.0027
19
2003/05/13
Tradewinds Corp Bhd
0.0174
0.0116
20
2005/10/28
Wah Seong Corp Bhd
0.0225
0.0090
21
2006/11/28
Atlan Holdings Bhd
0.0674
0.0104
22
2005/06/06
Cymao Holdings Bhd
-0.1148
0.0298
23
2006/02/16
1.0308
-0.0010
24
2006/02/08
DXN Holdings Bhd
0.0140
-0.0103
25
2006/05/23
Eksons Corp BHD
0.2633
0.0208
26
2006/03/03
-0.0882
0.0656
27
2006/03/03
GSB Group Bhd
-0.5787
0.0031
28
2006/12/18
-0.0912
-0.0125
29
2005/10/19
Mahajaya Bhd
-0.4148
0.0092
30
2006/08/18
0.0009
0.0086
31
2006/12/01
PMB Technology Bhd
0.2766
0.0582
32
2005/09/07
QL Resources BHD
0.0076
-0.0082
33
2006/02/16
Ranhill Bhd
0.6645
-0.0142
34
2005/02/16
Rex Industry Bhd
0.0085
0.0174
35
2006/11/22
-0.4616
-0.0074
36
2004/07/01
-0.2731
0.0185
37
2006/12/19
TIGER SYNERGY BHD
0.0308
0.0021
38
2007/01/09
AirAsia BHD
-0.1483
-0.0117
39
2007/03/13
Amtel Holdings Bhd
-0.1742
-0.0173
769

No
Date
Acquirer
Market
model
Market Adjusted
Model
40
2007/01/15
-0.4445
-0.0072
41
2007/02/13
-0.1906
0.0419
42
2006/09/20
Fima Corp BHD
-0.1219
0.0033
43
2006/11/06
Jaycorp Bhd
-0.0758
0.0182
44
2006/12/18
0.2754
-0.0005
45
2006/11/06
-0.7344
0.0228
46
2006/05/10
-0.2711
0.0546
47
2006/11/27
Top Glove Corp Bhd
0.5645
0.0005
48
2007/01/17
UMW Holdings Bhd
0.0095
0.0015
49
2007/01/26
YTL Corp Bhd
-0.1579
-0.0055
Table . Based on the market model, the analysis of CAR indicates that there isnt any improvement and
positive return for the company after acquisition. In addition, the CAR analysis based on the market
adjusted model shows that the acquisition led to negative impact on stock return for the company after
the acquisition announcement day. More specifically, before acquisition the firm experienced positive
CAR except on day -20. On the other hand, after acquisition, CAR was negative for the first day but after
+1, it moved into the positive zone till +5. CAR was in the negative zone from +6 to +20. As a whole, the
results confirm that Asian Pac Holdings Bhd didnt experience any positive abnormal return, not only
based on the market model but also based on the market adjusted model after acquisition.
The result of the Cumulative Abnormal Returns (CAR) calculated under the market model and the
market adjusted model for Berjaya Assets Bhd is presented in Table . Under the market model, after the
acquisition announcement, the firm didnt earn any positive CAR return. In the market adjusted model,
the CAR had an erratic behavior after the acquisition announcement and there isnt any positive overall
impact after the acquisition announcement. It could be concluded that, Berjaya Assets Bhd didnt
experience any positive CAR after the acquisition announcement.
market adjusted model for Degem Bhd is presented in Table 5. With regards to the analysis of CAR
based on the market model, the whole study period indicated negative return only. It can be interpreted
that the acquisition wasnt welcomed by the shareholders of the firm. On the other hand, based on the
market adjusted model, the firm earned positive CAR only between +10 and +14. These outcomes imply
that the acquisition didnt create any positive impact on the share prices of the acquirer Company.
market adjusted model for Dolomite Corp Bhd is presented in Table . Based on the market model, the
analysis of CAR indicates that the firm experienced positive CAR both before and after acquisition. The
analysis of CAR under the market model clearly shows that the CAR of the firm dipped into the negative
770

zone during day -20 to -14, after -14, the CAR of the firm moved to the positive zone during -13 to +12,
from +12 to +20, the CAR of the firm had erratic behavior. It can be concluded that the acquisition had a
positive impact on the share price of the company.
market adjusted model for Ecofirst Consolidated Bhd is presented in Table . In respect to the market
model, the CAR analysis manifested that the firm experienced negative CAR not only before acquisition
announcement but also after that. In contrast, it is found that in the market adjusted model, the firm
indicated a positive CAR during the study period excluding day -13 and -14. It means that the firm
earned positive CAR during the study period and the acquisition announcement had a positive impact on
the share price of the firm. The results show that these models imply a mixed impact of acquisition.
market adjusted model for Eden Inc Bhd is presented in Table the results of CAR under both the market
model and the market adjusted model show that before and after acquisition, the firm recorded a
positive CAR. In other words, the results confirm that the acquisition announcement created a positive
impact on the share price of the Acquirer Company.
market adjusted model for Genting Bhd is presented in Table the examination of CAR under the market
model clearly indicates that the acquisition brought up a positive impact on the share price of the firm
during the study period. In addition, the results based on the market adjusted model indicated a positive
CAR for the study period excluding day -19 and -20. As a whole, it is understood that the firm provided
positive returns to its investors.
market adjusted model for Genting Malaysia Bhd is presented in Table . In respect to the market model,
the results reveal that the firm earned a positive CAR for the -19 and -20 and also from -12 day to -6. The
CAR for other days is in the negative zone. With regards to the market adjusted model, only day -15 and
-19 show a positive return, the firm experienced negative CAR for other days. The above analysis
signifies that the acquisition announcement had a negative impact on the share price of the firm.
market adjusted model for Khind Holdings is presented in Table . CAR that was calculated under the
market model recorded a positive return for the firm during the study period. With regard to the market
adjusted model, the CAR was negative only for day -19 and -14 and from day 4 to 6. For the remaining
period, the firm earned a positive return. In conclusion, this study confirms that acquisition has a
positive impact on the share price of the Acquirer Company.
market adjusted model for Kulim Malaysia Bhd is presented in Table . With reference to the analysis of
CAR under the market model, there was a negative return for the acquirer for the whole study period.
771

Under the market adjusted model, the firm earned negative value except for day -2 to +1. As a whole,
the table depicts that the acquisition didnt provide any positive impacts on the wealth of the
shareholders of the Acquirer Company.
market adjusted model for Lii Hen Industries Bhd is presented in Table . The firm earned a negative
return under the market model for before and after acquisition period. Similarly, the firm, under the
market adjusted model, earned a negative return excluding day -16 and -17. In conclusion, the results
recorded negative returns before and after acquisition for the firm.
market adjusted model for MBM Resources Bhd is presented in Table . The calculation under the market
model confirms that the firm gained positive return during the study period. On the other hand, the
results based on the market adjusted model indicate that the firm gained negative return around the
acquisition announcement date from day -6 to +6 excluding day 1. Although the firm experienced a
negative return around its acquisition announcement day, it earned a positive return for the remaining
days of the study period. As a whole, it is inferred that the acquisition brought positive value for the
shareholders.
market adjusted model for Pharmaniaga Bhd is presented in Table . It is to be noted that under the
market model, the acquisition had negative impact on the share price of the company. Likewise, under
the market adjusted model, the firm earned a negative return except for day -12, -13 and -9. Thus, this
study confirms that the acquirer company didnt earn a positive return for its shareholders and it failed
to benefit them.
market adjusted model for Scomi Marine Bhd is presented in Table . With reference to the analysis of
CAR under the market model, there was a negative return for the firm during the study period and in the
market adjusted model, there was also a negative return with the exception of day -6 and -5. This means
that the shareholders didnt receive any positive abnormal returns before and after acquisition.
market adjusted model for Silver Bird Group Bhd is presented in Table . Based on the market model, the
above analysis signifies that the firm earned negative CAR during the study period. In the market
adjusted model, the firm recorded negative return before and after acquisition excluding day -20, -16
and from day -13 to -6. It is significant that the acquisition didnt create a positive impact on the share
price of the company.
market adjusted model for Supermax Corp Bhd is presented in Table . The analysis of CAR under the
market model clearly shows that the acquisition brought a positive impact to the share price of the
772

company. According to the market adjusted model, the firm earned negative value from day -20 to -12.
Later, it showed a positive impact between -11 to +20. It is concluded that the acquisition impacted the
share price of the firm positively.
market adjusted model for Symphony House Bhd is presented in Table . The computation of CAR based
on the market model, manifests that the acquisition brought a negative return for the investors. In
contrast, in respect of the market adjusted model, CAR created a positive return excluding day +16 and
+20. Thus, these models imply a mixed impact of acquisition.
market adjusted model for Tan Chong Motor Holdings Bhd is presented in Table . The results based on
the market model indicate that the acquisition brought a positive return for the share price of the
company. In addition, based on the market adjusted model, the firm earned positive CAR value from -19
to +20 except for day -17. In conclusion, this study confirms that the firm earned a positive return.
market adjusted model for Tradewinds Corp Bhd is presented in Table . In respect to the market model,
the firm gained positive return before acquisition except for day -20; also the firm earned a positive CAR
after acquisition. On the other hand, based on the market adjusted model, the company earned a
negative return from -20 day to +15 excluding day +7 and +9. After +15, it earned a positive return so
there is a positive improvement after acquisition based on the market adjusted model. As a whole, it is
found that the acquisition brought a positive impact on the share price of the company.
market adjusted model for Wah Seong Corp Bhd is presented in Table . The analysis of CAR under the
market model shows that the firm gained positive return during the study period. In addition, the
outcomes based on the market adjusted model, indicate that the CAR for the firm was positive before
acquisition from -20 to -15, after -16 the CAR dipped to the negative zone and it continued until +4.
From +4 onward, the firm continued in the positive zone until +20, excluding day +8. Thus, these results
clearly indicate that the acquisition created a positive impact on the share price of the company.
market adjusted model for Atlan Holdings Bhd is presented in Table . The analysis of CAR in the market
model shows that the firm earned a positive return from -20 to +20. On the other hand, based on the
market adjusted model, CAR moved to negative zone from day -20 to +8 and switched to positive zone
from +9 to +14. Again it slumped to negative zone from +15 to +20 except for day +18 and +17. In
conclusion, the results indicate that the acquisition created a positive impact on the share price of the
company.
market adjusted model for Cymao Holdings Bhd is presented in Table . The CAR values under the market
773

model clearly show a negative return during the study period. Also with regard to the market adjusted
model, the firm achieved positive CAR during -20 to -9 excluding day -18 and -10. Later, the firm showed
negative return from -8 to +20 excluding day +9, +10, +15 and +16. Thus, the results indicate that the
acquisition didnt create any positive return for the investors of the firm.
market adjusted model for Denko Industrial Corp Bhd is presented in Table . Under the market model,
the firm gained positive CAR before and after acquisition. With respect to the market adjusted model,
CARs moved into the negative zone from day -20 to -10 and switched to positive zone during -9 to +20.
The analysis of CAR based on both models clearly indicates that the acquisition had a positive impact on
the share price of the company.
market adjusted model for DXN Holdings Bhd is presented in Table . The analysis of CAR not only based
on the market model but also based on the market adjusted model clearly shows that the firm gained
positive CAR before and after acquisition. Thus, the above results signify that the acquisition brought a
positive return for the firm based on both models.
market adjusted model for Eksons Corp Bhd is presented in Table . CAR calculated under the market
model reveals that the firm recorded a positive CAR not only before acquisition but also after
acquisition. Under the market adjusted model, the CAR of the firm was positive before acquisition
except for day -20, also after the acquisition CAR it was positive except for day +1, +3 and +11. In total,
the acquisition created a positive impact on the share price of the company.
market adjusted model for Furqan Business Organization Bhd is presented in Table . The examination of
CAR under the market model indicates that CAR is negative for the study period. In contrast, with regard
to the market adjusted model, the firm gained positive return both before and after acquisition except
for day -6, -2 and -1. Thus, these models imply a mixed impact of acquisition.
market adjusted model for GSB Group Bhd is presented in Table . The analysis of CAR under market
model clearly shows that the CAR was negative before and after acquisition. In addition, based on the
market adjusted model, the firm recorded positive CAR before acquisition except for -7, -6 and -1. After
acquisition, the firm gained negative return until day +20. The analysis represents the fact that the
acquisition created negative return for shareholders.
market adjusted model for Integrated Logistics Bhd is presented in Table . It is to be noted that under
the market model, the firm earned negative value before and after acquisition. Similarly, the firm
774

recorded negative CAR under the market adjusted model for the study period except for day -19. In
conclusion, this study confirms that the acquirer firm didnt earn a positive return for shareholders.
market adjusted model for Mahajaya Bhd is presented in Table . It is significant that under both the
models, the firm earned negative return before and after acquisition, so acquirer firm didnt receive any
positive return after acquisition.
market adjusted model for Mulpha international Bhd is presented in Table . The analysis of CAR in the
market model shows that the firm earned a positive return before and after acquisition. On the other
hand, based on the market adjusted model, the firm earned a negative CAR before acquisition except
for day -20, -19 and from -14 to -11. After the acquisition, the acquisition brought a positive return for
shareholders of the firm except day +1, +4, +5, +11 and +12. Thus, the above results clearly indicate that
the acquisition created a positive impact on the share price of the firm after acquisition.
market adjusted model for PMB Technology Bhd is presented in Table . The calculation of CAR under the
market model shows a positive return for the firm not only before acquisition but also after acquisition.
Based on the market adjusted model, the firm recorded negative CAR during -20 to -7 and switched to
the positive zone from -6 to +5. After +5, the firm gained positive CAR on +8, +9, +15, +16, +18 and +19
and negative return for other days. In the conclusion, the acquisition brought positive value for
shareholders of the company.
market adjusted model for QL Resources Bhd is presented in Table . Based on both the models, the firm
earned positive CAR before and after acquisition. On the whole, the acquisition created a positive
impact on the share price of the company.
market adjusted model for Ranhill Bhd is presented in Table . The results of CAR under market model
show that the firm gained positive return not only before acquisition but also after acquisition. The
results based on the market adjusted model, similarly confirms that the firm earned positive CAR value
during the study period except for day -20. It is concluded that the acquisition created positive returns
for shareholders of company.
market adjusted model for PMB Rex Industry Bhd is presented in Table . With reference to market
model, the firm earned positive CAR value during the study period. On the other hand, based on the
market adjusted model, the CAR for the firm was positive both before and after acquisition except for
day -20, -10, -8, -7, -1, +9 and +10. It is significant that the acquisition made a good impact on the share
price of the company.
775

market adjusted model for SPK Sentosa corp Bhd is presented in Table . Under the market model, the
firm recorded negative CAR before and after acquisition. In addition, based on the market adjusted
model, the firm entered the positive zone from -19 to -4 except for day -8 and switched to the negative
zone until day -20. The above results clearly indicate that the acquisition had a negative impact on the
share price of the firm.
market adjusted model for Sumatec Resources Bhd is presented in Table . Regarding the market model,
the firm recorded negative CAR for all days of the study period. On the other hand, CAR under the
market adjusted model, commenced its journey from the negative zone since day -20 to -12 and
dropped to the positive zone during -11 to +7 except -8 and -7 and again it crashed down to the negative
zone from day +8 onwards. The analysis represents the fact that the acquisition had a negative impact
on the share price of the firm.
market adjusted model for Tiger synergy Bhd is presented in Table . In respect to the market model, the
CAR of the firm was positive before and after acquisition. In addition, CAR under the market adjusted
model commenced its journey from the negative zone since day -20 to -17 and switched to the positive
zone from -16 to +1 and again it dipped to the negative zone until day +20 except day +10 and +12.
Thus, these models imply a mixed impact of the merger.
market adjusted model for AirAsia Bhd is presented in Table . Based on the market model, the firm
experienced only negative value during the study period; also under the market adjusted model, the
firm gained positive CAR during day -20 to +8 except for day -19, -13 and -10 and switched to the
negative zone from +9 onwards until day +20. Thus, based on the above results, its clear that the
acquisition had a negative impact on the share price of the company.
market adjusted model for Amtel Holdings Bhd is presented in Table . The examination of CAR under the
market model clearly shows that the acquisition brought a negative impact for the share price of the
company before and after acquisition. Based on the market adjusted model, before acquisition the firm
experienced negative returns except for day -20, -17 during -15 to -12 and -10 and it continued its
negative trend after acquisition until day +20; after acquisition it experienced positive return only for
day +19. As a whole, it is found that the acquisition didnt bring any positive return for shareholders of
the company.
market adjusted model for Emas Kiara Industries Bhd is presented in Table . Under the market model,
the firm didnt experience any positive CAR during the study period. Based on the market adjusted
model, the firm gained positive CAR from -20 to +7 except day -20 and -8 and after +8, it dipped to the
776

negative zone until day +20. In conclusion, the acquisition didnt lead to enhancement of the return of
the share price of the company.
market adjusted model for Evergreen Fibreboard Bhd is presented in Table . The examination of CAR
under the market model clearly shows that the firm earned negative CAR before and after acquisition.
Based on the market adjusted model, before acquisition the firm recorded negative CAR except -16;
after acquisition the firm recorded positive value during day +6 to +8 , day +11 to +15 and day +17. Thus,
these models imply mixed results of acquisition.
market adjusted model for Emas Fima corp Bhd is presented in Table . The firm recorded negative CAR
during the study period not only based on market model but also based on the market adjusted model.
It is clearly evident that the acquisition didnt bring any positive return for investors.
market adjusted model for Jaycorp Bhd is presented in Table . The analysis of CAR under the market
model shows that the firm recorded negative CAR before and after acquisition. Based on the market
adjusted model, the firm recorded positive CAR during -20 to -18, after day -17, it earned positive value
only for day -14, -8, +2, +3 and +12. In conclusion, the acquisition failed to create a positive return for
shareholders.
market adjusted model for Kuala Lumpur Kepong Bhd is presented in Table . Regarding the market
model, the firm experienced positive return before and after acquisition. Based on the market adjusted
model, the firm recorded positive CAR during day -20 to -17 and it dipped to the negative zone from -16
to+14 except for day +9. Day +15 onwards, it moved to the positive zone until day +19. Thus, it is found
that the acquisition had a positive impact on the share price of the firm.
market adjusted model for Pelikan International Corp Bhd is presented in Table . The analysis of CAR
under the market model clearly shows that the firm experienced negative value for CAR before and after
acquisition. Regarding the market adjusted model, before acquisition the firm earned positive return
only on day -8, -7 and -1 but after acquisition it experienced positive return until the end of the study
period. Thus, these models imply a mixed impact of acquisition.
market adjusted model for Success Tranformer Corp Bhd is presented in Table . Under the market
model, the firm recorded negative CAR before and after acquisition. Based on the market adjusted
model, it experienced negative CAR for the whole study period except for day +1. Thus, the above
results imply that the acquisition failed to create any positive return for the investors.
777

market adjusted model for Top Glove Corp Bhd is presented in Table . The results based on the market
model and the market adjusted model manifest that the firm gained positive CAR before and after
acquisition. In conclusion, the acquisition made a good impact on the share price of the company.
market adjusted model for UMW Holdings Bhd is presented in Table . Under the market model, the firm
gained positive CAR before and after acquisition. On the other hand, based on the market adjusted
model, the firm recorded negative CAR during -19 to +9 except for day -18 and it switched to the
positive zone from +10 to +20. In conclusion, it is clear that the acquisition had a good impact on the
share price of the company.
market adjusted model for YTL Corp Bhd is presented in Table . The analysis of CAR under the market
model shows that the firm experienced negative CAR before and after acquisition. On the other hand,
based on the market adjusted model, the firm experienced negative CAR only during -20 to -18 and +18
to +20. Thus, these models imply the mixed impact of acquisition.
5. Conclusion
Regarding the impact of acquisition announcement on the share price of a company, referring to
Table , there are 21 companies which experienced a positive impact and similarly 21 companies which
experienced a negative impact. Thus, the number of companies in which acquisition announcement had
a negative impact on the share price is the same as the number of companies in which acquisition
announcement had a positive impact on the share price. In other words, the acquisition announcement
didnt have any significant impact on the share price of a company and investors failed to gain a
significant positive return after the acquisition announcement. The results might be justified and
explained based on two key issues: first the efficiency of KLSE is questionable. Second, it might be the
leakage of information to investors.
As a whole, based on the results and analysis it was found that the acquisition didnt bring any positive
return for the shareholders of the firm. The acquisition didnt have any positive impact on the share
price of acquiring companies during 2005 2008 in Malaysia.
References
Al-Sharkas, A. and M. Hassan (2010). New evidence on shareholder wealth effects in bank mergers
during 1980-2000. Journal of Economics & Finance, Springer Science & Business Media B.V. 34: 326-348.
778

Campa, J. M. and I. Hernando (2004). Shareholder Value Creation in European M&As. European
Financial Management, Wiley-Blackwell. 10: 47-81.
Gunasekaran, I. and M. Selvam (2011). "Impact of Mergers on Stock Return in Indian Stock Exchange
with Reference to BSE." SSRN eLibrary.
Mangold, N. R. and K. Lippok (2008). The Effect of Cross-Border Mergers and Acquisition on Shareholder
Wealth: Evidence from Germany. Journal of International Business & Economics, International Academy
of Business & Economics (IABE). 8: 29-54.
Manoj, A. and S. Jagandeep (2008). Impact of Merger Announcements on Shareholders' Wealth:
Evidence from Indian Private Sector Banks. Vikalpa: The Journal for Decision Makers, Vikalpa, Indian
Institute of Management, Ahmedabad (IIMA). 33: 35-54.
Mishra, A. K. and R. Goel (2005). "Returns to Shareholders from Mergers: The Case of RIL and RPL
Merger." IIMB Management Review (Indian Institute of Management Bangalore) 17(3): 69-79.
Samitas, A. G.1, et al. (2007). "Impact of mergers and acquisitions on stock returns of tramp shipping
firms." International Journal of Financial Services Management 2: 327-343.
Shukla, A. and M. G. Gekara (2010). Effects of Multinational Mergers and Acquisitions on Shareholders'
Wealth and Corporate Performance. IUP Journal of Accounting Research & Audit Practices, IUP
Publications. 9: 44-62.
779

APPENDIX
Table 1: The list of all acquirer company
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
Date of acquisition
3/18/2005
3/15/2005
3/1/2005
2/7/2005
3/17/2005
1/10/2005
1/12/2005
3/25/2005
1/12/2005
12/13/2005
3/8/2005
11/18/2005
2/15/2005
11/25/2005
1/19/2005
2/3/2005
2/22/2005
1/17/2005
3/29/2005
12/1/2005
11/28/2006
2/10/2006
2/16/2006
2/8/2006
12/22/2006
3/3/2006
3/3/2006
12/18/2006
1/31/2006
11/7/2006
12/1/2006
2/28/2006
2/16/2006
12/31/2006
12/31/2006
12/31/2006
12/31/2006
1/9/2007
3/13/2007
1/15/2007
2/13/2007
3/13/2007
2/6/2007
3/19/2007
Acquirer
Berjaya Assets BHD
Degem Bhd
Dolomite Corp Bhd
Eden Inc Bhd
Genting Bhd
Khind Holdings Bhd
Kulim Malaysia BHD
MBM Resources BHD
Pharmaniaga Bhd
Scomi Marine Bhd
Supermax Corp Bhd
Symphony House Bhd
Tradewinds Corp Bhd
Wah Seong Corp Bhd
Atlan Holdings Bhd
Cymao Holdings Bhd
DXN Holdings Bhd
Eksons Corp BHD
GSB Group Bhd
Mahajaya Bhd
PMB Technology Bhd
QL Resources BHD
Ranhill Bhd
Rex Industry Bhd
TIGER SYNERGY BHD
AirAsia BHD
Amtel Holdings Bhd
Fima Corp BHD
Jaycorp Bhd
780

45
46
47
48
49
1/31/2007
3/2/2007
3/16/2007
1/17/2007
1/26/2007

Top Glove Corp Bhd
UMW Holdings Bhd
YTL Corp Bhd
Table 2: Abnormal Returns of Acquirers on the announcement day based on the market model & market
adjusted model
No
Date
Acquirer
Market
model
Market Adjusted
Model
2004/03/19
-0.2953
-0.0033
2003/11/21
Berjaya Assets BHD
-0.3101
-0.0167
2004/07/19
Degem Bhd
-0.6652
-0.0006
2005/02/07
Dolomite Corp Bhd
0.0621
-0.0368
2005/03/17
-0.1058
-0.0019
2003/06/12
Eden Inc Bhd
2.1736
-0.0025
2004/09/23
Genting Bhd
0.0488
0.0099
2005/03/25
0.0031
-0.0064
2005/01/12
Khind Holdings Bhd
0.4474
0.0096
10
2005/10/07
Kulim Malaysia BHD
-0.1058
-0.0023
11
2005/03/08
-2.8570
-0.0212
12
2005/09/29
MBM Resources BHD
0.0437
0.0003
13
2004/09/28
Pharmaniaga Bhd
-0.0454
-0.0155
14
2005/08/16
Scomi Marine Bhd
-1.7350
-0.0670
15
2005/01/19
-0.1202
0.0110
16
2005/02/03
Supermax Corp Bhd
0.1632
0.0049
17
2005/02/18
Symphony House Bhd
-0.0764
0.0053
18
2005/01/17
0.2499
-0.0027
19
2003/05/13
Tradewinds Corp Bhd
0.0174
0.0116
20
2005/10/28
Wah Seong Corp Bhd
0.0225
0.0090
21
2006/11/28
Atlan Holdings Bhd
0.0674
0.0104
22
2005/06/06
Cymao Holdings Bhd
-0.1148
0.0298
23
2006/02/16
1.0308
-0.0010
24
2006/02/08
DXN Holdings Bhd
0.0140
-0.0103
25
2006/05/23
Eksons Corp BHD
0.2633
0.0208
26
2006/03/03
-0.0882
0.0656
27
2006/03/03
GSB Group Bhd
-0.5787
0.0031
781

No
Date
Acquirer
Market
model
Market Adjusted
Model
28
2006/12/18
-0.0912
-0.0125
29
2005/10/19
Mahajaya Bhd
-0.4148
0.0092
30
2006/08/18
0.0009
0.0086
31
2006/12/01
PMB Technology Bhd
0.2766
0.0582
32
2005/09/07
QL Resources BHD
0.0076
-0.0082
33
2006/02/16
Ranhill Bhd
0.6645
-0.0142
34
2005/02/16
Rex Industry Bhd
0.0085
0.0174
35
2006/11/22
-0.4616
-0.0074
36
2004/07/01
-0.2731
0.0185
37
2006/12/19
TIGER SYNERGY BHD
0.0308
0.0021
38
2007/01/09
AirAsia BHD
-0.1483
-0.0117
39
2007/03/13
Amtel Holdings Bhd
-0.1742
-0.0173
40
2007/01/15
-0.4445
-0.0072
41
2007/02/13
-0.1906
0.0419
42
2006/09/20
Fima Corp BHD
-0.1219
0.0033
43
2006/11/06
Jaycorp Bhd
-0.0758
0.0182
44
2006/12/18
0.2754
-0.0005
45
2006/11/06
-0.7344
0.0228
46
2006/05/10
-0.2711
0.0546
47
2006/11/27
Top Glove Corp Bhd
0.5645
0.0005
48
2007/01/17
UMW Holdings Bhd
0.0095
0.0015
49
2007/01/26
YTL Corp Bhd
-0.1579
-0.0055
Table 3: CAR of Asian pac holdings bhd before & after acquisition announcement Market model &
Market Adjusted Model
Day
Market Model
Day
Market Model
-6.2053
0.1188
-1
-5.9099
0.1221
20
-12.1347
-0.0447
-2
-5.6164
0.0872
19
-11.8388
-0.0439
-3
-5.3214
0.0922
18
-11.5417
-0.0498
-4
-5.0244
0.1325
17
-11.2425
-0.0658
-5
-4.7297
0.0914
16
-10.9466
-0.0651
-6
-4.4348
0.0971
15
-10.6499
-0.0689
-7
-4.1396
0.1013
14
-10.3536
-0.0705
-8
-3.8420
0.0432
13
-10.0581
-0.0125
782

-9
-3.5465
0.0933
12
-9.7617
-0.0734
-10
-3.2493
0.0373
11
-9.4645
-0.0795
-11
-2.9542
0.0416
10
-9.1690
-0.0769
-12
-2.6593
0.0474
-8.8730
-0.0211
-13
-2.3595
0.1191
-8.5738
-0.0375
-14
-2.0663
0.1766
-8.2779
-0.0959
-15
-1.7709
0.1343
-7.9823
-0.0382
-16
-1.4736
0.1275
-7.6873
0.0194
-17
-1.1806
0.0951
-7.3924
0.0250
-18
-0.8840
0.1374
-7.0952
0.0192
-19
-0.5910
0.1526
-6.7987
0.0164
-20
-0.2957
-0.0018
-6.5003
-0.1135
Table 4: CAR of Berjaya assets before & after acquistion announcement Market model & Market
Adjusted Model bhd
Day
Market Model
Day
Market Model
-0.3101
-0.0167
-1
-0.3107
-0.0570
20
-0.3090
0.0087
-2
-0.3066
0.1130
19
-0.3093
-0.0113
-3
-0.3090
-0.0003
18
-0.3098
0.0273
-4
-0.3075
-0.0169
17
-0.3095
-0.0127
-5
-0.3091
-0.0369
16
-0.3077
-0.0220
-6
-0.3092
0.0436
15
-0.3080
0.0172
-7
-0.3083
0.0138
14
-0.3081
0.0159
-8
-0.3082
-0.0078
13
-0.3084
0.0050
-9
-0.3082
-0.0075
12
-0.3088
-0.0144
-10
-0.3087
0.0178
11
-0.3089
-0.0071
-11
-0.3084
-0.0236
10
-0.3099
0.0006
-12
-0.3086
0.0031
-0.3097
-0.0139
-13
-0.3094
-0.0036
-0.3086
-0.0124
-14
-0.3084
0.0196
-0.3085
0.0040
-15
-0.3097
-0.0207
-0.3082
-0.0012
-16
-0.3093
0.0121
-0.3087
0.0028
-17
-0.3096
-0.0054
-0.3101
-0.0476
-18
-0.3093
0.0199
-0.3107
0.0012
-19
-0.3089
-0.0137
-0.3091
-0.0166
-20
-0.3089
0.0159
-0.3081
-0.0293
783

Table 5: CAR of Degem bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
-13.9525
-0.0320
-1
-13.2873
-0.0314
20
-27.3256
-0.5309
-2
-12.6275
-0.0266
19
-26.6493
-0.5252
-3
-11.9517
-0.0275
18
-25.9766
-0.5169
-4
-11.2753
-0.0289
17
-25.3081
-0.5188
-5
-10.6104
-0.0281
16
-24.6431
-0.5180
-6
-9.9400
-0.0250
15
-23.9834
-0.4804
-7
-9.2774
-0.0289
14
-23.3122
0.0155
-8
-8.6064
-0.0394
13
-22.6395
0.0104
-9
-7.9454
-0.0161
12
-21.9727
0.0097
-10
-7.2920
-0.0195
11
-21.3057
0.0090
-11
-6.6461
-0.0173
10
-20.6366
0.0066
-12
-5.9841
-0.0175
-19.9606
-0.0012
-13
-5.3311
-0.0041
-19.2953
-0.0006
-14
-4.6598
-0.0017
-18.6214
-0.0067
-15
-3.9954
-0.0004
-17.9592
-0.0038
-16
-3.3263
-0.0028
-17.2896
-0.0066
-17
-2.6563
-0.0059
-16.6241
-0.0062
-18
-1.9977
-0.0069
-15.9563
-0.0076
-19
-1.3374
-0.0025
-15.2880
-0.0094
-20
-0.6603
-0.0110
-14.6254
-0.0133
784

Table 6: CAR of Dolomite corp bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
1.2420
0.0329
-1
1.1799
0.0697
20
2.4140
0.0374
-2
1.1272
0.0426
19
2.3576
0.0326
-3
1.0686
0.0419
18
2.2948
0.0055
-4
1.0082
0.0898
17
2.2319
-0.0046
-5
0.9498
0.1459
16
2.1692
-0.0155
-6
0.8924
0.0139
15
2.1128
0.0298
-7
0.8355
0.0102
14
2.0553
-0.0074
-8
0.7743
0.0603
13
2.0004
-0.0147
-9
0.7175
0.0080
12
1.9469
0.0088
-10
0.6623
0.0170
11
1.8855
0.0295
-11
0.6067
0.0264
10
1.8266
0.0455
-12
0.5489
0.0396
1.7651
0.0335
-13
0.4868
0.1033
1.7092
0.0279
-14
0.4263
-0.0069
1.6502
0.0440
-15
0.3699
-0.0116
1.5931
0.0566
-16
0.3104
-0.0107
1.5370
0.0184
-17
0.2498
-0.0078
1.4822
0.0428
-18
0.1838
-0.0285
1.4246
0.0403
-19
0.1231
-0.0091
1.3647
0.0575
-20
0.0605
-0.0027
1.3024
0.0787
Table 7: CAR of Ecofirst consolidated bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
-2.2279
0.0736
-1
-2.1221
0.0756
20
-4.3501
0.0646
-2
-2.0160
0.0348
19
-4.2444
0.0681
-3
-1.9097
0.0695
18
-4.1392
0.0356
-4
-1.8037
0.0697
17
-4.0328
0.0314
-5
-1.6979
0.0721
16
-3.9274
0.0382
-6
-1.5915
0.0673
15
-3.8217
0.0811
-7
-1.4861
0.0741
14
-3.7157
0.0392
-8
-1.3807
0.0812
13
-3.6088
0.0699
-9
-1.2753
0.0878
12
-3.5031
0.0729
785

-10
-1.1689
0.1202
11
-3.3962
0.0630
-11
-1.0627
0.1175
10
-3.2907
0.0682
-12
-0.9560
0.0717
-3.1840
0.0193
-13
-0.8492
-0.0686
-3.0776
0.0546
-14
-0.7435
-0.0226
-2.9713
0.0506
-15
-0.6375
0.0173
-2.8655
0.0529
-16
-0.5319
0.0217
-2.7596
0.0540
-17
-0.4254
0.0160
-2.6537
0.0553
-18
-0.3194
0.0161
-2.5480
0.0583
-19
-0.2131
0.0127
-2.4413
0.0504
-20
-0.1067
0.0074
-2.3344
0.0795
Table 8: CAR of Eden inc bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
45.6523
0.1992
-1
43.4787
0.2017
20
89.1231
0.0959
-2
41.3036
0.1631
19
86.9507
0.0934
-3
39.1313
0.1597
18
84.7781
0.1036
-4
36.9574
0.1263
17
82.6061
0.1338
-5
34.7847
0.1374
16
80.4315
0.1293
-6
32.6085
0.1392
15
78.2575
0.1337
-7
30.4361
0.1366
14
76.0785
0.1719
-8
28.2621
0.1407
13
73.9024
0.1859
-9
26.0890
0.1412
12
71.7289
0.1997
-10
23.9162
0.1404
11
69.5557
0.2004
-11
21.7405
0.1648
10
67.3798
0.1897
-12
19.5634
0.2072
65.2067
0.2019
-13
17.3916
0.1769
63.0325
0.2072
-14
15.2170
0.1844
60.8615
0.1982
-15
13.0409
0.1853
58.6877
0.2245
-16
10.8673
0.1756
56.5145
0.2256
-17
8.6931
0.1935
54.3422
0.1994
-18
6.5200
0.1128
52.1696
0.2312
-19
4.3468
0.0998
49.9960
0.2664
-20
2.1736
0.0426
47.8252
0.2457
786

Table 9: CAR of Genting bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
1.2100
0.0763
-1
1.1612
0.0664
20
2.2847
0.0466
-2
1.1205
0.0679
19
2.2298
0.0411
-3
1.0668
0.0617
18
2.1805
0.0730
-4
1.0042
0.0684
17
2.1265
0.0730
-5
0.9474
0.0586
16
2.0719
0.0735
-6
0.8865
0.0640
15
2.0192
0.0784
-7
0.8377
0.0599
14
1.9669
0.0711
-8
0.7845
0.0710
13
1.9122
0.0776
-9
0.7199
0.0966
12
1.8617
0.0749
-10
0.6608
0.0768
11
1.8167
0.0679
-11
0.6116
0.0963
10
1.7673
0.0702
-12
0.5455
0.0758
1.7094
0.0554
-13
0.4860
0.0740
1.6554
0.0613
-14
0.4369
0.0581
1.6067
0.0860
-15
0.3831
0.0457
1.5357
0.0874
-16
0.3076
0.0370
1.4756
0.0743
-17
0.2530
0.0375
1.4167
0.0539
-18
0.1887
0.0262
1.3607
0.0614
-19
0.1300
-0.0102
1.3110
0.0759
-20
0.0583
-0.0033
1.2678
0.0793
787

Table 10: CAR of Genting Malaysia bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
-0.0195
-0.0665
-1
-0.0225
-0.0601
20
-0.0224
-0.0413
-2
-0.0259
-0.0432
19
-0.0114
-0.0427
-3
-0.0323
-0.0350
18
-0.0246
-0.0412
-4
-0.0190
-0.0429
17
-0.0343
-0.0364
-5
-0.0030
-0.0420
16
-0.0376
-0.0196
-6
0.0066
-0.0428
15
-0.0229
-0.0283
-7
0.0020
-0.0208
14
-0.0177
-0.0317
-8
0.0024
-0.0368
13
-0.0249
-0.0231
-9
0.0083
-0.0306
12
-0.0426
-0.0243
-10
0.0069
-0.0059
11
-0.0359
-0.0285
-11
0.0017
-0.0035
10
-0.0493
-0.0376
-12
0.0093
-0.0181
-0.0556
-0.0294
-13
-0.0041
-0.0213
-0.0561
-0.0567
-14
-0.0179
-0.0043
-0.0403
-0.0396
-15
-0.0309
0.0121
-0.0467
-0.0160
-16
-0.0235
-0.0024
-0.0298
-0.0579
-17
-0.0195
-0.0306
-0.0402
-0.0580
-18
-0.0072
-0.0229
-0.0280
-0.0653
-19
0.0095
-0.0228
-0.0206
-0.0700
-20
0.0007
0.0196
-0.0143
-0.0848
Table 11: CAR of Khind holdings before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
9.4072
0.0147
-1
8.9598
0.0051
20
18.3953
0.0561
-2
8.5177
0.0421
19
17.9450
0.0289
-3
8.0703
0.0072
18
17.4968
0.0179
-4
7.6248
0.0136
17
17.0510
0.0238
-5
7.1773
0.0288
16
16.6034
0.0264
-6
6.7316
0.0222
15
16.1574
0.0320
-7
6.2818
0.0207
14
15.7023
0.0451
-8
5.8307
0.0168
13
15.2529
0.0444
-9
5.3800
0.0138
12
14.8052
0.0468
788

-10
4.9326
0.0038
11
14.3557
0.0078
-11
4.4842
0.0049
10
13.9051
0.0048
-12
4.0350
0.0045
13.4540
0.0136
-13
3.5858
0.0169
13.0072
0.0176
-14
3.1355
-0.0114
12.5561
0.0010
-15
2.6902
0.0205
12.1033
-0.0058
-16
2.2392
0.0042
11.6509
-0.0249
-17
1.7884
0.0258
11.2008
-0.0270
-18
1.3434
0.0454
10.7549
0.0037
-19
0.8936
-0.0079
10.3073
0.0187
-20
0.4443
0.0044
9.8558
0.0016
Table 12: CAR of Kulim Malaysia bhd before & after acquisition announcement Market model &
Day
Market Model
Market Adjusted
Model
Day
Market Model
-2.1696
0.0130
-1
-2.0639
0.0153
20
-4.2813
-0.0530
-2
-1.9578
0.0002
19
-4.1729
-0.0521
-3
-1.8584
-0.0436
18
-4.0648
-0.0331
-4
-1.7534
-0.0335
17
-3.9567
-0.0393
-5
-1.6457
-0.0359
16
-3.8581
-0.0775
-6
-1.5473
-0.0288
15
-3.7627
-0.0683
-7
-1.4429
-0.0291
14
-3.6610
-0.0668
-8
-1.3334
-0.0325
13
-3.5557
-0.0791
-9
-1.2338
-0.0262
12
-3.4525
-0.0863
-10
-1.1353
-0.0227
11
-3.3486
-0.0862
-11
-1.0293
-0.0347
10
-3.2362
-0.0839
-12
-0.9261
-0.0235
-3.1285
-0.0602
-13
-0.8231
-0.0373
-3.0203
-0.0592
-14
-0.7170
-0.0315
-2.9020
-0.0538
-15
-0.6151
-0.0231
-2.7952
-0.0447
-16
-0.5151
-0.0205
-2.6890
-0.0284
-17
-0.4195
-0.0152
-2.5824
-0.0196
-18
-0.3138
-0.0057
-2.4761
-0.0175
-19
-0.2041
-0.0129
-2.3722
-0.0037
-20
-0.1021
-0.0012
-2.2674
0.0227
789

790

Table 13: CAR of Lii hen industries bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
-60.6509
-0.1610
-1
-57.7939
-0.1398
20
-118.4492
-0.5089
-2
-54.9351
-0.1851
19
-115.5766
-0.4753
-3
-52.0335
-0.1824
18
-112.6548
-0.4555
-4
-49.1390
-0.1706
17
-109.7907
-0.4603
-5
-46.2270
-0.2002
16
-106.8790
-0.4676
-6
-43.3057
-0.1812
15
-103.9772
-0.4338
-7
-40.4380
-0.1098
14
-101.0778
-0.4098
-8
-37.5535
-0.0838
13
-98.2026
-0.3802
-9
-34.6862
-0.0860
12
-95.3230
-0.3525
-10
-31.7809
-0.0536
11
-92.4439
-0.3254
-11
-28.8970
-0.0349
10
-89.5713
-0.3399
-12
-26.0003
-0.0200
-86.6572
-0.2746
-13
-23.0960
-0.0193
-83.7375
-0.2680
-14
-20.1838
-0.0088
-80.8312
-0.2354
-15
-17.2904
-0.0113
-77.9547
-0.2036
-16
-14.4122
0.0078
-75.0677
-0.2195
-17
-11.5506
0.0530
-72.1692
-0.1939
-18
-8.6764
-0.1078
-69.2860
-0.1864
-19
-5.8136
-0.0706
-66.4110
-0.1914
-20
-2.8867
-0.0632
-63.5089
-0.1607
791

Table 14: CAR of MBM Resources bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
0.9345
-0.0036
-1
0.8908
-0.0039
20
1.7952
0.0146
-2
0.8499
-0.0036
19
1.7519
0.0212
-3
0.8034
-0.0046
18
1.7075
0.0218
-4
0.7562
-0.0010
17
1.6634
0.0256
-5
0.7133
-0.0023
16
1.6242
0.0164
-6
0.6689
-0.0056
15
1.5823
0.0179
-7
0.6243
0.0136
14
1.5407
0.0189
-8
0.5816
0.0123
13
1.5050
0.0134
-9
0.5363
0.0137
12
1.4626
0.0154
-10
0.4900
0.0011
11
1.4198
0.0139
-11
0.4412
0.0065
10
1.3773
0.0086
-12
0.3982
0.0166
1.3346
0.0071
-13
0.3574
0.0204
1.2906
0.0109
-14
0.3123
0.0104
1.2470
0.0104
-15
0.2672
0.0078
1.1995
-0.0045
-16
0.2254
0.0054
1.1565
0.0018
-17
0.1741
0.0097
1.1137
-0.0071
-18
0.1282
0.0118
1.0670
-0.0003
-19
0.0837
0.0010
1.0236
-0.0047
-20
0.0402
0.0005
0.9817
0.0004
Table 15: CAR of Pharmaniaga bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
-0.8821
-0.0274
-1
-0.8368
-0.0118
20
-1.7369
-0.0241
-2
-0.7879
-0.0107
19
-1.6944
-0.0331
-3
-0.7469
-0.0269
18
-1.6489
-0.0270
-4
-0.7011
-0.0122
17
-1.6099
-0.0120
-5
-0.6508
-0.0224
16
-1.5673
-0.0306
-6
-0.6076
-0.0227
15
-1.5217
-0.0247
-7
-0.5693
-0.0161
14
-1.4788
-0.0343
-8
-0.5279
-0.0233
13
-1.4361
-0.0149
-9
-0.4887
0.0005
12
-1.3924
-0.0159
792

-10
-0.4428
-0.0224
11
-1.3484
-0.0173
-11
-0.3993
-0.0137
10
-1.3058
-0.0167
-12
-0.3622
0.0038
-1.2609
-0.0194
-13
-0.3220
0.0077
-1.2130
-0.0263
-14
-0.2764
-0.0149
-1.1674
-0.0299
-15
-0.2400
-0.0248
-1.1266
-0.0269
-16
-0.2000
-0.0206
-1.0836
-0.0269
-17
-0.1543
-0.0243
-1.0377
-0.0124
-18
-0.1112
-0.0245
-1.0040
-0.0182
-19
-0.0800
-0.0276
-0.9643
-0.0231
-20
-0.0374
-0.0079
-0.9241
-0.0193
Table 16: CAR of Scomi Marine bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
-36.3178
-0.1601
-1
-34.5828
-0.0930
20
-70.9705
-0.7377
-2
-32.8266
-0.0238
19
-69.2367
-0.7451
-3
-31.0983
-0.0334
18
-67.4963
-0.7364
-4
-29.3578
-0.0112
17
-65.7685
-0.7540
-5
-27.6119
0.0083
16
-64.0407
-0.6772
-6
-25.8725
0.0392
15
-62.3033
-0.5994
-7
-24.1541
-0.0348
14
-60.5934
-0.5755
-8
-22.4181
-0.0421
13
-58.8678
-0.5094
-9
-20.6671
-0.0393
12
-57.1384
-0.7855
-10
-18.9671
-0.0433
11
-55.4060
-0.7736
-11
-17.2447
-0.0295
10
-53.6640
-0.7305
-12
-15.5160
-0.0029
-51.9379
-0.7169
-13
-13.7933
-0.0315
-50.1884
-0.5383
-14
-12.0690
-0.0236
-48.4533
-0.5399
-15
-10.3276
-0.0276
-46.7049
-0.5326
-16
-8.5853
-0.0373
-44.9803
-0.5492
-17
-6.8547
-0.0478
-43.2488
-0.5306
-18
-5.1736
-0.0233
-41.5134
-0.5094
-19
-3.4368
-0.0255
-39.7877
-0.4677
-20
-1.7262
-0.0071
-38.0491
-0.1845
793

Table 17: CAR of Silver bird group bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
-2.4820
-0.0386
-1
-2.3618
-0.0496
20
-4.8828
-0.0435
-2
-2.2459
-0.0097
19
-4.7608
-0.0223
-3
-2.1283
-0.0333
18
-4.6418
-0.0222
-4
-2.0068
-0.0124
17
-4.5210
-0.0080
-5
-1.8883
-0.0031
16
-4.3992
-0.0134
-6
-1.7708
0.0165
15
-4.2762
-0.0296
-7
-1.6586
0.0122
14
-4.1559
-0.0321
-8
-1.5412
0.0152
13
-4.0377
-0.0395
-9
-1.4256
0.0216
12
-3.9219
-0.0336
-10
-1.3081
0.0243
11
-3.8042
-0.0310
-11
-1.1924
0.0304
10
-3.6882
-0.0345
-12
-1.0725
0.0289
-3.5632
-0.0368
-13
-0.9514
0.0077
-3.4438
-0.0465
-14
-0.8308
-0.0040
-3.3261
-0.0264
-15
-0.7133
-0.0011
-3.2065
-0.0187
-16
-0.5950
0.0000
-3.0860
-0.0216
-17
-0.4758
-0.0004
-2.9650
-0.0081
-18
-0.3566
-0.0095
-2.8481
-0.0128
-19
-0.2363
-0.0118
-2.7270
-0.0167
-20
-0.1209
0.0035
-2.6043
-0.0324
Table 18: CAR of Supermax corp bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
3.4616
0.0376
-1
3.2984
0.0327
20
6.7167
0.0572
-2
3.1316
0.0393
19
6.5447
0.0643
-3
2.9688
0.0466
18
6.3733
0.0709
-4
2.8082
0.0310
17
6.2145
0.0747
-5
2.6483
0.0144
16
6.0536
0.0677
-6
2.4799
0.0226
15
5.8978
0.0769
-7
2.3203
0.0314
14
5.7449
0.0834
-8
2.1640
0.0328
13
5.5761
0.0917
-9
2.0070
0.0266
12
5.4122
0.0875
794

-10
1.8454
0.0327
11
5.2433
0.0754
-11
-12
1.6750
0.0130
10
5.0856
0.0900
1.5080
-0.0104
4.9215
0.1021
-13
1.3492
-0.0151
4.7613
0.0987
-14
1.1843
-0.0142
4.6033
0.0934
-15
1.0170
-0.0027
4.4476
0.1056
-16
0.8388
-0.0032
4.2864
0.1031
-17
0.6714
-0.0180
4.1207
0.0947
-18
0.5002
-0.0251
3.9501
0.0700
-19
0.3331
-0.0134
3.7832
0.0475
-20
0.1623
-0.0074
3.6129
0.0530
Table 19: CAR of Symphony house bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
-1.5356
0.0618
-1
-1.4591
0.0565
20
-2.9881
-0.0134
-2
-1.3810
0.0616
19
-2.9112
0.0078
-3
-1.3069
0.0464
18
-2.8408
0.0097
-4
-1.2362
0.0604
17
-2.7682
0.0089
-5
-1.1691
0.0787
16
-2.6930
-0.0086
-6
-1.0992
0.0687
15
-2.6212
0.0051
-7
-1.0318
0.0743
14
-2.5511
0.0075
-8
-0.9505
0.0631
13
-2.4752
0.0161
-9
-0.8779
0.0623
12
-2.4089
0.0229
-10
-0.8079
0.0771
11
-2.3428
0.0432
-11
-0.7351
0.0883
10
-2.2762
0.0364
-12
-0.6606
0.1091
-2.2004
0.0318
-13
-0.5855
0.1509
-2.1261
0.0291
-14
-0.5168
0.1433
-2.0480
0.0349
-15
-0.4416
0.1278
-1.9679
0.0381
-16
-0.3639
0.1092
-1.8994
0.0157
-17
-0.2867
0.1371
-1.8273
0.0155
-18
-0.2129
0.0349
-1.7590
0.0064
-19
-0.1456
0.0406
-1.6823
0.0008
-20
-0.0759
0.0177
-1.6103
0.0398
795

796

Table 20: CAR of chong motor holdings bhd before & after acquisition announcement Market model &
Market Adjusted Model Tan
Day
Market Model
Day
Market Model
5.2301
0.0812
-1
4.9802
0.0839
20
10.1696
0.1007
-2
4.7354
0.0793
19
9.9239
0.0859
-3
4.4868
0.0856
18
9.6796
0.0863
-4
4.2368
0.0830
17
9.4367
0.0731
-5
3.9802
0.0669
16
9.1904
0.0763
-6
3.7301
0.0582
15
8.9413
0.0779
-7
3.4777
0.0529
14
8.6893
0.1060
-8
3.2278
0.0497
13
8.4395
0.0916
-9
2.9757
0.0377
12
8.1877
0.0972
-10
2.7287
0.0362
11
7.9474
0.0915
-11
2.4834
0.0322
10
7.6999
0.0908
-12
2.2374
0.0293
7.4502
0.1044
-13
1.9875
0.0137
7.2030
0.0806
-14
1.7387
0.0269
6.9570
0.0776
-15
1.4910
0.0204
6.7115
0.0682
-16
1.2432
0.0078
6.4608
0.0722
-17
0.9968
-0.0008
6.2155
0.0683
-18
0.7443
0.0059
5.9722
0.0671
-19
0.4987
0.0023
5.7285
0.0609
-20
0.2530
-0.0073
5.4820
0.0699
. Table 21: CAR of Tradewinds corp bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
0.2528
-0.0759
-1
0.2355
-0.0875
20
0.6552
0.1741
-2
0.2112
-0.0814th
19
0.6388
0.0604
-3
0.2026
-0.0825
18
0.6067
0.0082
-4
0.1966
-0.0848
17
0.6032
0.0289
-5
0.1841
-0.0698
16
0.5830
0.0084
-6
0.1716
-0.0837
15
0.5748
-0.0054
-7
0.1460
-0.0770
14
0.5324
-0.0438
-8
0.1459
-0.0677
13
0.5271
-0.0207
-9
0.1267
-0.0640
12
0.5071
-0.0430
797

-10
0.1021
-0.0872
11
0.4949
-0.0167
-11
0.1036
-0.0784
10
0.4858
-0.0306
-12
0.0818
-0.0882
0.4481
0.0068
-13
0.0881
-0.0675
0.3970
-0.0283
-14
0.0888
-0.0728
0.3982
0.0047
-15
0.0824
-0.0608
0.3708
-0.0279
-16
0.0759
-0.0354
0.3302
-0.0708
-17
0.0501
-0.0287
0.3127
-0.0540
-18
0.0475
-0.0058
0.2899
-0.0216
-19
0.0274
-0.0017
0.2780
-0.0348
-20
-0.0082
-0.0180
0.2655
-0.0481
Table 22: CAR of Wah seong corp bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
0.4199
-0.0150
-1
0.3974
-0.0240
20
0.8288
0.0076
-2
0.3772
-0.0196
19
0.8107
0.0099
-3
0.3557
-0.0244
18
0.7915
0.0031
-4
0.3346
-0.0243
17
0.7753
0.0236
-5
0.3193
-0.0193
16
0.7536
0.0243
-6
0.3007
-0.0165
15
0.7317
0.0099
-7
0.2826
-0.0090
14
0.7103
0.0103
-8
0.2712
-0.0131
13
0.6936
0.0212
-9
0.2521
-0.0149
12
0.6673
0.0005
-10
0.2326
-0.0163
11
0.6376
0.0088
-11
0.2133
-0.0079
10
0.6195
0.0009
-12
0.1939
-0.0044
0.5956
0.0088
-13
0.1728
-0.0093
0.5768
-0.0089
-14
0.1523
-0.0048
0.5583
0.0041
-15
0.1271
0.0188
0.5405
0.0260
-16
0.1073
0.0127
0.5258
0.0200
-17
0.0877
0.0114
0.5078
-0.0032
-18
0.0636
0.0094
0.4896
-0.0059
-19
0.0433
0.0038
0.4713
-0.0136
-20
0.0248
0.0014
0.4467
-0.0101
798

Table 23: CAR of Atlan holdings bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
1.6543
-0.0742
-1
1.5869
-0.0845
20
3.1952
-0.0004
-2
1.5048
-0.1013
19
3.1152
-0.0177
-3
1.4177
-0.0644
18
3.0405
0.0024
-4
1.3396
-0.0618
17
2.9621
0.0052
-5
1.2574
-0.0497
16
2.8858
-0.0031
-6
1.1793
-0.0519
15
2.7973
-0.0103
-7
1.1091
-0.0542
14
2.7376
0.0126
-8
1.0306
-0.0558
13
2.6675
0.0055
-9
0.9471
-0.0422
12
2.5808
0.0055
-10
0.8725
-0.0485
11
2.5080
0.0017
-11
0.7881
-0.0432
10
2.4387
0.0269
-12
0.7141
-0.0409
2.3728
0.0148
-13
0.6362
-0.0386
2.2944
-0.0986
-14
0.5498
-0.0260
2.2182
-0.1125
-15
0.4704
-0.0268
2.1422
-0.1078
-16
0.3861
-0.0073
2.0591
-0.0992
-17
0.3140
-0.0121
1.9742
-0.0885
-18
0.2357
-0.0093
1.9002
-0.0910
-19
0.1548
-0.0033
1.8247
-0.0915
-20
0.0779
-0.0023
1.7361
-0.0764
Table 24: CAR of Cymao Holdings bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
-2.6508
-0.0391
-1
-2.5360
-0.0689
20
-5.0910
-0.0408
-2
-2.4173
-0.0711
19
-4.9738
-0.0356
-3
-2.2939
-0.0644
18
-4.8582
-0.0121
-4
-2.1718
-0.0509
17
-4.7318
-0.0255
-5
-2.0339
-0.0436
16
-4.6009
0.0026
-6
-1.9112
-0.0486
15
-4.4820
0.0065
-7
-1.7902
-0.0116
14
-4.3480
-0.0124
-8
-1.6617
-0.0151
13
-4.2179
-0.0227
-9
-1.5167
0.0077
12
-4.0924
-0.0182
799

-10
-1.3944
-0.0314
11
-3.9787
-0.0160
-11
-1.2641
0.0132
10
-3.8540
0.0109
-12
-1.1417
0.0199
-3.7296
0.0161
-13
-1.0104
0.0088
-3.6041
-0.0131
-14
-0.8895
0.0166
-3.4769
-0.0156
-15
-0.7624
0.0197
-3.3641
-0.0242
-16
-0.6354
0.0119
-3.2371
0.0276
-17
-0.5037
0.0115
-3.1199
-0.0243
-18
-0.3738
-0.0041
-3.0117
-0.0122
-19
-0.2520
0.0031
-2.8876
-0.0239
-20
-0.1281
0.0086
-2.7674
-0.0507
. Table 25: CAR of Denko industrial corp bhd before & after acquisition announcement Market model
& Market Adjusted Model
Day
Market Model
Day
Market Model
21.6418
0.1762
-1
20.6110
0.1772
20
42.2126
0.4563
-2
19.5789
0.2742
19
41.1856
0.4552
-3
18.5447
0.2772
18
40.1569
0.4096
-4
17.5110
0.2299
17
39.1234
0.4121
-5
16.4826
0.1769
16
38.0943
0.4122
-6
15.4503
0.2740
15
37.0633
0.4568
-7
14.4307
0.3141
14
36.0201
0.4649
-8
13.4122
0.0140
13
34.9943
0.5430
-9
12.3802
0.0157
12
33.9648
0.4070
-10
11.3246
-0.1025
11
32.9396
0.4881
-11
10.2940
-0.0390
10
31.9161
0.5250
-12
9.2584
-0.0353
30.8905
0.2073
-13
8.2240
-0.0323
29.8754
0.2494
-14
7.1863
-0.0940
28.8459
0.2497
-15
6.1630
-0.0972
27.8098
0.2537
-16
5.1287
-0.0317
26.7857
0.3418
-17
4.0970
-0.1730
25.7508
0.2452
-18
3.0800
-0.0548
24.7242
0.1912
-19
2.0491
-0.0537
23.6943
0.0741
-20
1.0304
-0.0596
22.6677
0.1780
800

Table 26: CAR of DXN holdings bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
0.4530
0.1082
-1
0.4390
0.1185
20
0.8464
0.0744
-2
0.4258
0.1279
19
0.8285
0.0726
-3
0.4039
0.1737
18
0.8081
0.1052
-4
0.3668
0.1739
17
0.7906
0.1030
-5
0.3457
0.0942
16
0.7741
0.0999
-6
0.3215
0.1441
15
0.7563
0.0979
-7
0.2980
0.0988
14
0.7453
0.1212
-8
0.2724
0.1196
13
0.7250
0.0893
-9
0.2560
0.0836
12
0.7004
0.0933
-10
0.2326
0.0866
11
0.6836
0.1218
-11
0.2109
0.0881
10
0.6598
0.0929
-12
0.1986
0.1428
0.6413
0.1521
-13
0.1774
0.1880
0.6207
0.0881
-14
0.1641
0.1360
0.6023
0.0868
-15
0.1431
0.0884
0.5843
0.0850
-16
0.1212
0.1363
0.5631
0.1019
-17
0.1064
0.0833
0.5411
0.1193
-18
0.0837
0.1169
0.5177
0.1223
-19
0.0575
0.0902
0.4947
0.1403
-20
0.0254
0.0131
0.4751
0.1698
. Table 27: CAR of Eksons corp bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
5.4783
0.0066
-1
5.2150
-0.0142
20
10.6732
0.0904
-2
4.9755
-0.0127
19
10.4106
0.0804
-3
4.7176
0.0150
18
10.1536
0.1260
-4
4.4681
0.0342
17
9.8827
0.1339
-5
4.2079
0.0426
16
9.6292
0.1162
-6
3.9513
0.0477
15
9.3802
0.1147
-7
3.6910
0.0843
14
9.1343
0.1005
-8
3.4297
0.0931
13
8.8707
0.0266
-9
3.1680
0.0536
12
8.6110
0.0137
801

-10
2.9048
0.0832
11
8.3567
-0.0153
-11
2.6375
0.0379
10
8.0970
0.0826
-12
2.3670
0.0354
7.8428
0.0757
-13
2.1003
0.0784
7.5794
0.0770
-14
1.8395
0.0473
7.3170
0.0773
-15
1.5751
0.0494
7.0518
0.0701
-16
1.3112
0.0511
6.7923
0.0678
-17
1.0512
0.0077
6.5285
0.0162
-18
0.7830
0.0027
6.2694
-0.0193
-19
0.5201
0.0034
5.9991
-0.0231
-20
0.2639
-0.0017
5.7417
-0.0161
Table 28: CAR of Furqan business organization bhd before & after acquisition announcement Market
model & Market Adjusted Model
Day
Market Model
Day
Market Model
-1.6931
0.0313
-1
-1.6049
-0.0343
20
-3.2884
0.0207
-2
-1.5194
-0.0362
19
-3.2066
0.0203
-3
-1.4199
0.0147
18
-3.1106
0.0139
-4
-1.3396
0.0150
17
-3.0300
0.0141
-5
-1.2680
0.0190
16
-2.9599
0.0187
-6
-1.1805
-0.0463
15
-2.8849
0.0213
-7
-1.1073
0.0159
14
-2.8063
0.0224
-8
-1.0232
0.0145
13
-2.7333
0.0258
-9
-0.9434
0.0151
12
-2.6493
0.0245
-10
-0.8591
0.0692
11
-2.5686
0.0247
-11
-0.7741
0.1201
10
-2.4886
0.0251
-12
-0.6954
0.1211
-2.4063
0.0245
-13
-0.6186
0.1729
-2.3225
0.0233
-14
-0.5445
0.2668
-2.2412
0.0232
-15
-0.4697
0.2695
-2.1661
0.0257
-16
-0.3879
0.2691
-2.0853
0.0258
-17
-0.3112
0.2710
-2.0069
0.0270
-18
-0.2178
0.1656
-1.9447
0.0350
-19
-0.1229
0.1597
-1.8594
0.0332
-20
-0.0458
0.1613
-1.7792
0.0335
802

Table 29: CAR of GSB Group bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
-12.0489
-0.0481
-1
-11.4702
-0.0512
20
-23.5128
-0.2274
-2
-10.8932
0.0302
19
-22.9383
-0.2277
-3
-10.3072
0.0223
18
-22.3545
-0.2342
-4
-9.7337
0.0226
17
-21.7808
-0.2340
-5
-9.1658
0.0266
16
-21.2139
-0.2293
-6
-8.5876
-0.0671
15
-20.6438
-0.2268
-7
-8.0187
-0.0637
14
-20.0714
-0.2257
-8
-7.4426
0.0183
13
-19.5026
-0.1223
-9
-6.8694
0.0188
12
-18.9266
-0.1235
-10
-6.2933
0.1602
11
-18.3528
-0.1234
-11
-5.7166
0.1585
10
-17.7794
-0.2341
-12
-5.1442
0.2262
-17.2046
-0.2347
-13
-4.5729
0.2280
-16.6288
-0.1359
-14
-4.0034
0.2934
-16.0546
-0.2471
-15
-3.4334
0.1532
-15.4844
-0.2446
-16
-2.8589
0.1529
-14.9105
-0.1445
-17
-2.2877
0.1548
-14.3383
-0.1434
-18
-1.7056
0.0725
-13.7765
-0.1353
-19
-1.1226
0.0665
-13.1997
-0.1371
-20
-0.5511
0.0682
-12.6262
-0.1368
Table 30: CAR of Integrated Logistics bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
-1.8567
-0.0846
-1
-1.7655
-0.0721
20
-3.6180
-0.1386
-2
-1.6806
-0.0741
19
-3.5311
-0.1316
-3
-1.5904
-0.0633
18
-3.4441
-0.1058
-4
-1.4988
-0.0474
17
-3.3565
-0.1161
-5
-1.4061
-0.0993
16
-3.2698
-0.1239
-6
-1.3179
-0.0722
15
-3.1846
-0.1020
-7
-1.2290
-0.0623
14
-3.0936
-0.1185
803

-8
-1.1400
-0.0435
13
-3.0029
-0.1186
-9
-1.0537
-0.0349
12
-2.9156
-0.1133
-10
-0.9681
-0.0242
11
-2.8245
-0.1149
-11
-0.8783
-0.0127
10
-2.7362
-0.1179
-12
-0.7891
-0.0370
-2.6475
-0.1219
-13
-0.7048
-0.0219
-2.5644
-0.0979
-14
-0.6180
-0.0344
-2.4776
-0.0911
-15
-0.5258
-0.0645
-2.3902
-0.0910
-16
-0.4391
-0.0522
-2.3026
-0.0813
-17
-0.3543
-0.0389
-2.2132
-0.0679
-18
-0.2661
-0.0266
-2.1251
-0.0904
-19
-0.1794
0.0046
-2.0362
-0.0800
-20
-0.0912
-0.0073
-1.9519
-0.0650
Table 31: CAR of Mahajaya bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
-8.3735
-0.1366
-1
-7.9587
-0.1458
20
-16.3493
-0.1905
-2
-7.5575
-0.0928
19
-15.9605
-0.1854
-3
-7.1569
-0.0675
18
-15.5777
-0.2094
-4
-6.7558
-0.0692
17
-15.1746
-0.2122
-5
-6.3551
-0.0706
16
-14.7816
-0.1782
-6
-5.9572
-0.0706
15
-14.3798
-0.1649
-7
-5.5584
-0.0711
14
-13.9774
-0.1673
-8
-5.1676
-0.0671
13
-13.5738
-0.1405
-9
-4.7676
-0.0551
12
-13.1648
-0.1934
-10
-4.3671
-0.0434
11
-12.7616
-0.1962
-11
-3.9745
-0.0405
10
-12.3588
-0.1131
-12
-3.5754
-0.0283
-11.9560
-0.1302
-13
-3.1730
-0.0306
-11.5643
-0.1566
-14
-2.7816
-0.0400
-11.1764
-0.1980
-15
-2.3831
-0.0535
-10.7811
-0.2124
-16
-1.9787
-0.0440
-10.3816
-0.2460
-17
-1.5858
-0.0159
-9.9845
-0.1840
-18
-1.1943
-0.0123
-9.5866
-0.1995
-19
-0.7940
-0.0136
-9.1788
-0.1461
-20
-0.3969
-0.0006
-8.7765
-0.1339
804

.
Table 32: CAR of Mulpha international bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
0.0491
-0.0072
-1
0.0481
-0.0158
20
0.0944
0.0023
-2
0.0427
-0.0199
19
0.0864
0.0009
-3
0.0481
-0.0178
18
0.0834
0.0111
-4
0.0494
-0.0460
17
0.0794
0.0140
-5
0.0443
-0.0421
16
0.0778
0.0146
-6
0.0441
-0.0258
15
0.0789
0.0125
-7
0.0412
-0.0071
14
0.0790
0.0033
-8
0.0378
-0.0133
13
0.0771
0.0042
-9
0.0362
-0.0387
12
0.0767
-0.0047
-10
0.0347
-0.0046
11
0.0836
-0.0124
-11
0.0307
0.0148
10
0.0872
0.0073
-12
0.0284
0.0324
0.0782
0.0070
-13
0.0295
0.0303
0.0744
0.0015
-14
0.0283
0.0305
0.0682
0.0227
-15
0.0261
-0.0019
0.0647
0.0003
-16
0.0273
-0.0041
0.0633
-0.0075
-17
0.0237
-0.0100
0.0597
-0.0134
-18
0.0157
-0.0204
0.0588
0.0030
-19
0.0084
0.0027
0.0543
0.0064
-20
0.0100
0.0168
0.0507
-0.0079
Table 33: CAR of PMB Technology bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
5.8761
0.1188
-1
5.5995
0.0606
20
11.4409
-0.0543
-2
5.3117
0.0946
19
11.1502
0.0431
-3
5.0297
0.1201
18
10.8684
0.0091
-4
4.7601
0.0712
17
10.5876
-0.0509
-5
4.4778
0.0387
16
10.3073
0.0150
-6
4.1912
0.1086
15
10.0313
0.0135
805

-7
3.9124
-0.0666
14
9.7523
-0.0262
-8
3.6301
-0.0820
13
9.4750
-0.0258
-9
3.3513
-0.0794
12
9.1872
-0.0553
-10
3.0793
-0.1097
11
8.9243
-0.0124
-11
2.8001
-0.0839
10
8.6524
-0.0195
-12
2.5166
-0.0527
8.3662
0.0522
-13
2.2408
-0.0771
8.0919
0.0284
-14
1.9566
-0.0902
7.8207
-0.0214
-15
1.6813
-0.0699
7.5524
-0.0130
-16
1.4027
-0.0676
7.2733
0.0290
-17
1.1167
-0.0551
6.9961
0.0293
-18
0.8368
-0.0289
6.7192
0.0292
-19
0.5526
-0.0415
6.4360
0.0379
-20
0.2790
-0.0463
6.1513
0.0486
Table 34: CAR of QL Resources bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
0.1201
0.0633
-1
0.1125
0.0715
20
0.2418
0.0287
-2
0.1061
0.0799
19
0.2353
0.0251
-3
0.1000
0.0805
18
0.2294
0.0245
-4
0.0941
0.0799
17
0.2238
0.0286
-5
0.0889
0.0757
16
0.2171
0.0322
-6
0.0825
0.0776
15
0.2112
0.0319
-7
0.0779
0.0704
14
0.2059
0.0285
-8
0.0722
0.0625
13
0.1993
0.0247
-9
0.0675
0.0621
12
0.1926
0.0282
-10
0.0610
0.0646
11
0.1869
0.0335
-11
0.0551
0.0706
10
0.1808
0.0340
-12
0.0494
0.0563
0.1747
0.0346
-13
0.0430
0.0646
0.1689
0.0332
-14
0.0376
0.0616
0.1627
0.0346
-15
0.0316
0.0552
0.1562
0.0436
-16
0.0259
0.0473
0.1491
0.0490
-17
0.0218
0.0311
0.1433
0.0606
-18
0.0156
0.0257
0.1381
0.0570
-19
0.0103
0.0221
0.1318
0.0646
-20
0.0054
0.0032
0.1256
0.0658
806

807

Table 35: CAR of Ranhill bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
13.9511
0.3377
-1
13.2866
0.3519
20
27.2032
0.2819
-2
12.6209
0.3537
19
26.5420
0.2807
-3
11.9534
0.3433
18
25.8792
0.2877
-4
11.2864
0.3325
17
25.2124
0.2831
-5
10.6239
0.3184
16
24.5493
0.2831
-6
9.9581
0.3534
15
23.8845
0.2624
-7
9.3031
0.3138
14
23.2094
0.2166
-8
8.6491
0.3147
13
22.5491
0.2659
-9
7.9836
0.3095
12
21.8857
0.2734
-10
7.2978
0.3036
11
21.2260
0.2855
-11
6.6334
0.2608
10
20.5676
0.2752
-12
5.9648
0.2717
19.9075
0.3013
-13
5.2972
0.2675
19.2565
0.3071
-14
4.6267
0.2869
18.5931
0.3005
-15
3.9685
0.2306
17.9239
0.3182
-16
3.3010
0.2024
17.2652
0.3222
-17
2.6357
0.0296
16.5971
0.2904
-18
1.9830
0.0318
15.9362
0.2747
-19
1.3183
0.0144
15.2724
0.2681
-20
0.6642
-0.0008
14.6115
0.3461
Table 36: CAR of Rex Industry bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
0.1865
0.0048
-1
0.1780
-0.0126
20
0.3616
0.0460
-2
0.1687
0.0108
19
0.3527
0.0595
-3
0.1585
0.0311
18
0.3445
0.0187
-4
0.1490
0.0116
17
0.3355
0.0189
-5
0.1388
0.0098
16
0.3260
0.0213
-6
0.1321
0.0203
15
0.3180
0.0091
-7
0.1233
-0.0103
14
0.3076
0.0233
-8
0.1138
-0.0078
13
0.2971
0.0304
-9
0.1050
0.0058
12
0.2867
0.0370
808

-10
0.0966
-0.0046
11
0.2787
0.0249
-11
0.0884
0.0063
10
0.2702
-0.0008
-12
0.0786
0.0247
0.2628
-0.0005
-13
0.0704
0.0062
0.2558
0.0046
-14
0.0628
0.0066
0.2459
0.0236
-15
0.0551
0.0216
0.2369
0.0520
-16
0.0466
0.0335
0.2270
0.0194
-17
0.0364
0.0597
0.2192
0.0138
-18
0.0268
0.1081
0.2102
0.0356
-19
0.0188
0.0627
0.2019
0.0249
-20
0.0096
-0.0174
0.1940
0.0196
. Table 37: CAR of SPK Sentosa corp bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
-9.8086
-0.0281
-1
-9.3470
-0.0207
20
-19.1884
-0.1842
-2
-8.8793
-0.0182
19
-18.7366
-0.1692
-3
-8.3994
-0.0013
18
-18.2406
-0.1119
-4
-7.9323
0.0472
17
-17.7605
-0.0940
-5
-7.4727
0.0561
16
-17.3059
-0.0811
-6
-6.9996
0.0312
15
-16.8301
-0.0850
-7
-6.5414
0.0413
14
-16.3487
-0.0931
-8
-6.0673
-0.0099
13
-15.8624
-0.1051
-9
-5.5993
0.0389
12
-15.3950
-0.0779
-10
-5.1443
0.0027
11
-14.9244
-0.0776
-11
-4.6784
0.0305
10
-14.4533
-0.0777
-12
-4.2201
0.0406
-13.9933
-0.0452
-13
-3.7431
0.0358
-13.5359
-0.0346
-14
-3.2757
0.0841
-13.0617
-0.0370
-15
-2.8123
0.0668
-12.5901
-0.0375
-16
-2.3426
0.0678
-12.1383
-0.0468
-17
-1.8745
0.0701
-11.6761
-0.0649
-18
-1.3986
0.0662
-11.1920
-0.0508
-19
-0.9370
0.0736
-10.7304
-0.0196
-20
-0.4705
-0.0254
-10.2763
-0.0307
809

Table 38: CAR of Sumatec Resources Bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
-6.0810
0.0392
-1
-5.8079
0.0207
20
-11.9081
-0.0747
-2
-5.5081
0.0443
19
-11.6046
-0.0508
-3
-5.2185
0.0456
18
-11.3182
-0.0631
-4
-4.9219
0.0219
17
-11.0210
-0.0735
-5
-4.6241
0.0530
16
-10.7296
-0.0506
-6
-4.3429
0.0008
15
-10.4350
-0.0520
-7
-4.0592
-0.0246
14
-10.1396
-0.0464
-8
-3.7510
-0.0185
13
-9.8526
-0.0745
-9
-3.4673
0.0145
12
-9.5506
-0.0647
-10
-3.1768
0.0497
11
-9.2597
-0.0347
-11
-2.8920
0.0104
10
-8.9768
-0.0298
-12
-2.6189
-0.0741
-8.6705
-0.0301
-13
-2.3094
-0.1329
-8.3634
-0.0097
-14
-2.0021
-0.0647
-8.0730
0.0051
-15
-1.7111
-0.0567
-7.7745
0.0222
-16
-1.4317
-0.0424
-7.4876
0.0384
-17
-1.1421
-0.0264
-7.1883
0.0345
-18
-0.8539
-0.0318
-6.9035
0.0384
-19
-0.5922
-0.0083
-6.6298
0.0413
-20
-0.3102
-0.0414
-6.3671
0.0430
Table 39: CAR of Tiger synergy bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
0.9419
0.0502
-1
0.9111
0.0481
20
1.8756
-0.0335
-2
0.8719
0.0582
19
1.8316
-0.0519
-3
0.8192
0.0711
18
1.7829
-0.0638
-4
0.7778
0.0316
17
1.7346
-0.0390
-5
0.7392
0.0410
16
1.6875
-0.0162
-6
0.7034
0.0290
15
1.6387
-0.0667
-7
0.6574
0.0818
14
1.5866
-0.0177
-8
0.6132
0.0652
13
1.5469
-0.0429
-9
0.5693
0.0478
12
1.5064
0.0221
810

-10
0.5195
0.1502
11
1.4588
-0.0281
-11
0.4683
0.1763
10
1.4192
0.0342
-12
0.4259
0.0721
1.3739
-0.0183
-13
0.3823
0.0716
1.3292
-0.0359
-14
0.3281
0.0516
1.2724
-0.0168
-15
0.2794
0.1086
1.2238
-0.0289
-16
0.2424
0.0982
1.1763
-0.0629
-17
0.1934
-0.0055
1.1292
-0.0390
-18
0.1404
-0.0110
1.0861
-0.0405
-19
0.0947
-0.0477
1.0402
-0.0188
-20
0.0457
-0.0403
0.9960
0.0352
Table 40: CAR of AirAsia bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
-3.2134
0.0439
-1
-3.0651
0.0556
20
-6.1804
-0.0510
-2
-2.9041
0.0490
19
-6.0324
-0.0852
-3
-2.7522
0.0698
18
-5.8878
-0.0829
-4
-2.5992
0.0831
17
-5.7481
-0.1258
-5
-2.4654
0.0293
16
-5.6121
-0.0950
-6
-2.3186
0.0226
15
-5.4652
-0.0814
-7
-2.1702
0.0211
14
-5.3147
-0.0781
-8
-2.0212
0.0121
13
-5.1677
-0.0447
-9
-1.8656
0.0174
12
-5.0049
-0.0398
-10
-1.7146
-0.0006
11
-4.8478
-0.0296
-11
-1.5610
0.0067
10
-4.7065
-0.0242
-12
-1.4230
0.0006
-4.5628
-0.0080
-13
-1.2481
-0.0121
-4.4182
0.0201
-14
-1.0866
0.0014
-4.2643
0.0390
-15
-0.9463
0.0143
-4.1177
0.0522
-16
-0.7882
0.0172
-3.9703
0.0647
-17
-0.6256
0.0023
-3.8212
0.0876
-18
-0.4588
0.0038
-3.6749
0.0634
-19
-0.3078
-0.0002
-3.5337
0.0562
-20
-0.1541
0.0001
-3.3729
0.0234
811

Table 41: CAR of Amtel Holdings bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
-3.6267
-0.1306
-1
-3.4525
-0.1133
20
-6.8932
-0.0284
-2
-3.3014
-0.1216
19
-6.7327
0.0032
-3
-3.1337
-0.1100
18
-6.5864
-0.2237
-4
-3.0047
-0.1149
17
-6.4181
-0.2441
-5
-2.8699
-0.0922
16
-6.2557
-0.2286
-6
-2.7282
-0.1175
15
-6.1036
-0.2278
-7
-2.4862
-0.0400
14
-5.9467
-0.2303
-8
-2.2949
-0.0171
13
-5.7760
-0.2095
-9
-2.1047
-0.0120
12
-5.6198
-0.1900
-10
-1.8836
0.0144
11
-5.4506
-0.2002
-11
-1.6699
-0.0137
10
-5.2657
-0.1992
-12
-1.4871
0.0029
-5.0993
-0.1763
-13
-1.3256
0.0403
-4.9402
-0.1591
-14
-1.1535
0.0469
-4.7879
-0.1580
-15
-1.0034
0.0269
-4.6338
-0.1688
-16
-0.8376
-0.0221
-4.4691
-0.1654
-17
-0.6838
0.0297
-4.3161
-0.1651
-18
-0.5281
-0.0225
-4.1593
-0.1566
-19
-0.3612
-0.0033
-3.9917
-0.1241
-20
-0.1799
0.0064
-3.8403
-0.1332
. Table 42: CAR of Emas Kiara Industries bhd before & after acquisition announcement Market model
& Market Adjusted Model
Day
Market Model
Day
Market Model
-9.4703
0.0860
-1
-9.0259
0.0933
20
-18.4223
-0.0904
-2
-8.5871
0.0085
19
-17.9716
-0.1599
-3
-8.1265
0.0021
18
-17.5101
-0.1004
-4
-7.6674
0.1112
17
-17.0495
-0.0746
-5
-7.2207
0.0871
16
-16.6015
-0.1775
-6
-6.7599
0.0181
15
-16.1552
-0.0751
-7
-6.3092
0.1552
14
-15.7127
-0.1733
-8
-5.8574
-0.0001
13
-15.2756
-0.0631
-9
-5.4269
0.0189
12
-14.8426
-0.0462
812

-10
-4.9820
0.1608
11
-14.3976
-0.0728
-11
-4.5351
0.0098
10
-13.9485
-0.0070
-12
-4.0877
0.0145
-13.5032
-0.1039
-13
-3.6330
0.0130
-13.0404
-0.0477
-14
-3.1833
0.0159
-12.5840
0.0377
-15
-2.7307
0.0162
-12.1451
0.0496
-16
-2.2955
0.0901
-11.7037
0.0593
-17
-1.8193
0.0990
-11.2611
0.0681
-18
-1.3579
0.0313
-10.8082
0.0682
-19
-0.9201
0.0129
-10.3634
0.0752
-20
-0.4626
-0.0231
-9.9179
0.0814
Table 43: CAR of Evergreen Fibreboard bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
-3.9315
-0.1427
-1
-3.7410
-0.1845
20
-7.8420
-0.0590
-2
-3.5390
-0.1831
19
-7.6638
-0.0554
-3
-3.3381
-0.1641
18
-7.4362
-0.0209
-4
-3.1504
-0.1598
17
-7.2398
0.0139
-5
-2.9643
-0.1542
16
-7.0619
-0.0130
-6
-2.7823
-0.1369
15
-6.8707
0.0039
-7
-2.6058
-0.1235
14
-6.7102
0.0066
-8
-2.4337
-0.1324
13
-6.5452
0.0293
-9
-2.2490
-0.0844
12
-6.3747
0.0315
-10
-2.0601
-0.0811
11
-6.1245
0.0661
-11
-1.8751
-0.0745
10
-5.9145
-0.0019
-12
-1.6719
-0.0828
-5.7055
-0.0072
-13
-1.4754
-0.0857
-5.4720
0.0110
-14
-1.2971
-0.0265
-5.2443
0.0816
-15
-1.1161
-0.0090
-5.0411
0.0532
-16
-0.9339
0.0076
-4.8548
-0.0369
-17
-0.7411
-0.0411
-4.6602
-0.0457
-18
-0.5567
-0.0342
-4.4829
-0.0112
-19
-0.3714
-0.0279
-4.2933
-0.0539
-20
-0.1841
-0.0152
-4.1132
-0.1434
813

Table 44: CAR of Fima corp bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
-2.5627
-0.0810
-1
-2.4408
-0.0843
20
-5.0034
-0.1061
-2
-2.3189
-0.0914
19
-4.8814
-0.1032
-3
-2.1967
-0.0846
18
-4.7597
-0.1056
-4
-2.0746
-0.0784
17
-4.6377
-0.1096
-5
-1.9525
-0.0754
16
-4.5154
-0.0972
-6
-1.8305
-0.0791
15
-4.3931
-0.1004
-7
-1.7085
-0.0769
14
-4.2711
-0.0997
-8
-1.5866
-0.0822
13
-4.1491
-0.0909
-9
-1.4645
-0.0771
12
-4.0272
-0.0925
-10
-1.3426
-0.0777
11
-3.9051
-0.0904
-11
-1.2209
-0.0854
10
-3.7829
-0.0854
-12
-1.0990
-0.0815
-3.6610
-0.0847
-13
-0.9767
-0.0293
-3.5391
-0.0785
-14
-0.8546
-0.0774
-3.4170
-0.0805
-15
-0.7324
-0.0639
-3.2951
-0.0861
-16
-0.6103
-0.0532
-3.1730
-0.0709
-17
-0.4883
-0.0363
-3.0509
-0.0873
-18
-0.3662
-0.0217
-2.9289
-0.0913
-19
-0.2442
-0.0300
-2.8069
-0.0869
-20
-0.1221
-0.0225
-2.6850
-0.0920
814

Table 45: CAR of Jaycorp bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Market Adjusted
Model
Day
Market Model
-1.5173
0.0017
-1
-1.4415
-0.0165
20
-2.9288
-0.0881
-2
-1.3702
-0.0137
19
-2.8543
-0.0772
-3
-1.3007
-0.0078
18
-2.7810
-0.0777
-4
-1.2283
-0.0204
17
-2.7169
-0.0900
-5
-1.1567
-0.0046
16
-2.6481
-0.0695
-6
-1.0814
-0.0085
15
-2.5689
-0.0799
-7
-1.0128
-0.0011
14
-2.5003
-0.0725
-8
-0.9419
0.0024
13
-2.4352
-0.0729
-9
-0.8691
-0.0109
12
-2.3637
0.0057
-10
-0.7979
-0.0079
11
-2.2951
-0.0264
-11
-0.7240
-0.0093
10
-2.2236
-0.0239
-12
-0.6471
-0.0160
-2.1465
-0.0442
-13
-0.5742
-0.0022
-2.0753
-0.0411
-14
-0.5061
0.0059
-2.0076
-0.0062
-15
-0.4363
-0.0024
-1.9336
-0.0078
-16
-0.3637
-0.0017
-1.8666
-0.0109
-17
-0.2909
-0.0152
-1.7922
-0.0267
-18
-0.2169
0.0101
-1.7206
0.0016
-19
-0.1452
0.0123
-1.6550
0.0010
-20
-0.0751
0.0173
-1.5844
-0.0083
815

Table 46: CAR of Kuala Lumpur Kepong bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
5.9586
-0.0756
-1
5.6832
-0.0751
20
11.6546
-0.0080
-2
5.3892
-0.0547
19
11.3661
0.0057
-3
5.1107
-0.0437
18
11.0783
0.0052
-4
4.8363
-0.0300
17
10.7920
0.0030
-5
4.5656
-0.0421
16
10.5032
0.0237
-6
4.2809
-0.0393
15
10.2100
0.0151
-7
3.9986
-0.0390
14
9.9340
-0.0123
-8
3.7167
-0.0391
13
9.6568
-0.0316
-9
3.4267
-0.0232
12
9.3698
-0.0406
-10
3.1347
-0.0271
11
9.0940
-0.0401
-11
2.8550
-0.0224
10
8.8101
-0.0103
-12
2.5735
-0.0376
8.5272
0.0043
-13
2.2774
-0.0225
8.2275
-0.0581
-14
1.9889
-0.0082
7.9391
-0.0664
-15
1.7165
-0.0113
7.6523
-0.0612
-16
1.4276
-0.0186
7.3659
-0.0490
-17
1.1332
0.0092
7.0852
-0.0892
-18
0.8488
0.0189
6.8006
-0.0864
-19
0.5599
0.0191
6.5183
-0.0860
-20
0.2755
0.0143
6.2222
-0.0788
Table 47: CAR of Pelikan International Corp bhd before & after acquisition announcement Market
Day
Market Model
Day
Market Model
-15.3052
0.0304
-1
-14.5707
0.0075
20
-29.8283
0.0644
-2
-13.8434
-0.0273
19
-29.0959
0.1161
-3
-13.1190
-0.0102
18
-28.3655
0.1275
-4
-12.3900
-0.0166
17
-27.6496
0.1182
-5
-11.6621
-0.0219
16
-26.9262
0.1190
-6
-10.9284
-0.0146
15
-26.1865
0.1087
-7
-10.2054
0.0147
14
-25.4634
0.0974
-8
-9.4787
0.0109
13
-24.7459
0.0850
-9
-8.7491
-0.0151
12
-24.0183
0.0811
816

-10
-8.0219
-0.0275
11
-23.2953
0.0885
-11
-7.2906
-0.0250
10
-22.5677
0.0331
-12
-6.5543
-0.0394
-21.8311
0.0261
-13
-5.8246
-0.0391
-21.1040
0.0223
-14
-5.1022
-0.0272
-20.3824
0.0347
-15
-4.3773
-0.0218
-19.6509
0.0330
-16
-3.6479
-0.0135
-18.9303
0.0397
-17
-2.9182
-0.0208
-18.1980
0.0440
-18
-2.1867
-0.0111
-17.4702
0.0429
-19
-1.4587
-0.0089
-16.7520
0.0416
-20
-0.7334
-0.0001
-16.0257
0.0559
Table 48: CAR of Success Tranformer Corp bhd before & after acquisition announcement Market
Day
Market Model
Day
Market Model
-5.6863
0.0033
-1
-5.4152
-0.0513
20
-11.1262
-0.1260
-2
-5.1444
-0.0503
19
-10.8442
-0.1205
-3
-4.8743
-0.0456
18
-10.5727
-0.1104
-4
-4.6048
-0.0380
17
-10.3004
-0.1052
-5
-4.3346
-0.0339
16
-10.0296
-0.1040
-6
-4.0634
-0.0572
15
-9.7587
-0.0918
-7
-3.7928
-0.1265
14
-9.4883
-0.0889
-8
-3.5222
-0.1130
13
-9.2168
-0.0679
-9
-3.2508
-0.1031
12
-8.9461
-0.0436
-10
-2.9809
-0.0749
11
-8.6746
-0.0239
-11
-2.7101
-0.0519
10
-8.4051
-0.0510
-12
-2.4381
-0.0247
-8.1333
-0.0551
-13
-2.1674
-0.0340
-7.8625
-0.0538
-14
-1.8965
-0.0225
-7.5918
-0.0643
-15
-1.6267
-0.0168
-7.3168
-0.0616
-16
-1.3558
-0.0268
-7.0451
-0.0652
-17
-1.0851
-0.0475
-6.7719
-0.0540
-18
-0.8146
-0.0565
-6.5006
-0.0556
-19
-0.5424
-0.0299
-6.2287
-0.0282
-20
-0.2713
-0.0092
-5.9574
0.0761
817

Table 49: CAR of Top Glove Corp bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
11.8065
0.1262
-1
11.2420
0.1256
20
23.0125
0.1786
-2
10.6739
0.1228
19
22.4534
0.1772
-3
10.1123
0.1173
18
21.8917
0.1725
-4
9.5479
0.1164
17
21.3315
0.1654
-5
8.9863
0.1107
16
20.7624
0.1728
-6
8.4306
0.1038
15
20.2143
0.1532
-7
7.8687
0.1150
14
19.6586
0.1461
-8
7.3033
0.1240
13
19.0908
0.1590
-9
6.7443
0.1223
12
18.5331
0.1701
-10
6.1782
0.1324
11
17.9780
0.1767
-11
5.6196
0.1300
10
17.4253
0.1572
-12
5.0582
0.1240
16.8636
0.1818
-13
4.4906
0.1198
16.3034
0.1893
-14
3.9282
0.0613
15.7435
0.1671
-15
3.3621
0.0438
15.1782
0.1532
-16
2.8050
0.0298
14.6117
0.1486
-17
2.2433
0.0326
14.0532
0.1462
-18
1.6797
0.0292
13.4936
0.1301
-19
1.1190
0.0208
12.9244
0.1452
-20
0.5577
0.0231
12.3602
0.1444
Table 50: CAR of UMW Holdings bhd before & after acquisition announcement Market model &
Day
Market Model
Day
Market Model
0.1473
-0.0451
-1
0.1378
-0.0467
20
0.3190
0.1153
-2
0.1295
-0.0473
19
0.3065
0.1053
-3
0.1193
-0.0272
18
0.2950
0.0979
-4
0.1057
-0.0282
17
0.2885
0.1122
-5
0.1053
-0.0294
16
0.2887
0.1049
-6
0.1040
-0.0269
15
0.2883
0.1026
-7
0.0951
-0.0215
14
0.2803
0.1130
-8
0.0949
-0.0281
13
0.2712
0.1125
-9
0.0884
-0.0210
12
0.2599
0.1005
818

-10
0.0827
-0.0252
11
0.2452
0.1139
-11
0.0641
-0.0140
10
0.2281
0.0570
-12
0.0542
-0.0124
0.2182
-0.0056
-13
0.0455
-0.0020
0.2109
-0.0218
-14
0.0371
-0.0025
0.2012
-0.0227
-15
0.0331
-0.0040
0.2021
-0.0236
-16
0.0261
-0.0090
0.1992
-0.0216
-17
0.0209
-0.0009
0.1856
-0.0146
-18
0.0051
0.0063
0.1736
-0.0122
-19
0.0142
-0.0134
0.1623
-0.0035
-20
0.0142
0.0002
0.1573
-0.0083
Table 51: CAR of YTL Corp bhd before & after acquisition announcement Market model & Market
Adjusted Model
Day
Market Model
Day
Market Model
-3.0096
0.0248
-1
-2.8517
0.0303
20
-5.9409
-0.0368
-2
-2.7003
0.0543
19
-5.7537
-0.0344
-3
-2.5666
0.0595
18
-5.5721
-0.0029
-4
-2.4302
0.0891
17
-5.4142
0.0391
-5
-2.2927
0.0912
16
-5.2727
0.0508
-6
-2.1448
0.0778
15
-5.1231
0.0557
-7
-2.0051
0.0641
14
-4.9904
0.0559
-8
-1.8646
0.0272
13
-4.8457
0.0328
-9
-1.7221
0.0245
12
-4.7101
0.0368
-10
-1.5828
0.0095
11
-4.5731
0.0328
-11
-1.4491
0.0065
10
-4.4275
0.0413
-12
-1.2934
0.0076
-4.2708
0.0405
-13
-1.1393
0.0098
-4.1152
0.0210
-14
-0.9977
0.0151
-3.9723
0.0252
-15
-0.8418
0.0232
-3.8310
0.0438
-16
-0.6962
0.0028
-3.6936
0.0261
-17
-0.5493
0.0111
-3.5616
0.0395
-18
-0.4241
-0.0004
-3.4339
0.0429
-19
-0.2842
-0.0333
-3.2939
0.0428
-20
-0.1424
-0.0125
-3.1498
0.0253
819

Table 52: The list of firms which acquisition announcement has positive/negative impact on the share
price of them
No
Positive impact
Negative impact
Dolomite Corp Bhd
Eden Inc Bhd
Berjaya Assets BHD
Genting Bhd
Degem Bhd
Khind Holdings Bhd
MBM Resources BHD
Kulim Malaysia BHD
Supermax Corp Bhd
Pharmaniaga Bhd
Tradewinds Corp Bhd
Scomi Marine Bhd
Wah Seong Corp Bhd
10
Atlan Holdings Bhd
Cymao Holdings Bhd
11
GSB Group Bhd
12
DXN Holdings Bhd
13
Eksons Corp BHD
Mahajaya Bhd
14
15
PMB Technology Bhd
16
QL Resources BHD
AirAsia BHD
17
Ranhill Bhd
Amtel Holdings Bhd
18
Rex Industry Bhd
19
Fima Corp BHD
20
Top Glove Corp Bhd
Jaycorp Bhd
21
UMW Holdings Bhd

Impact of Acquistion Announcemants On Stock Return of Malaysian Company

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Impact of Acquistion Announcemants On Stock Return of Malaysian Company

Uploaded by

Copyright:

Available Formats

762

3rd INTERNATIONAL CONFERENCE ON BUSINESS AND ECONOMIC