KUALA LUMPUR: A large block of 31.4 million shares in Harvest Court Industries Bhd, equivalent to 17.23%, has crossed via off-market trade for a total of RM7.85 million or 25 sen a share.
The shares changed hands at 4pm yesterday. An hour later some 7.85 million warrants were also traded off-market.
There was no filing with Bursa Malaysia relating to the off-market transaction at press time.
The share vendor could possibly be Affin Bank Bhd and the buyer is likely to be the company’s managing director Ng Swee Kiat.
According to Bloomberg data, Affin Bank is the single largest shareholder in Harvest Court, which has been declared a designated counter on Bursa. The banking group holds 17.23% or 31.4 million shares in Harvest Court.
Other substantial shareholders are Raymond Chan Boon Siew holding 15.64%, Paramountvest Sdn Bhd 8.58% and Ng 8.33%.
To recap, on Oct 25, Ng had accepted Affin’s offer to sell the 31.41 million shares at 25 sen per share together with 7,852,666 attached warrants for a consideration of RM7,852,666.
If Ng was the buyer of the block of shares, his equity in Harvest Court would increase to 25.65%, making him the largest shareholder once again.
Affin acquired its stake in Harvest Court on Nov 26, 2009 as part of a debt-restructuring exercise undertaken by the then PN17-listed Harvest Court.
Harvest Court closed one sen lower at RM1.29 with 528,600 shares traded yesterday.
This article appeared in The Edge Financial Daily, December 16, 2011.
The shares changed hands at 4pm yesterday. An hour later some 7.85 million warrants were also traded off-market.
There was no filing with Bursa Malaysia relating to the off-market transaction at press time.
The share vendor could possibly be Affin Bank Bhd and the buyer is likely to be the company’s managing director Ng Swee Kiat.
According to Bloomberg data, Affin Bank is the single largest shareholder in Harvest Court, which has been declared a designated counter on Bursa. The banking group holds 17.23% or 31.4 million shares in Harvest Court.
Other substantial shareholders are Raymond Chan Boon Siew holding 15.64%, Paramountvest Sdn Bhd 8.58% and Ng 8.33%.
To recap, on Oct 25, Ng had accepted Affin’s offer to sell the 31.41 million shares at 25 sen per share together with 7,852,666 attached warrants for a consideration of RM7,852,666.
If Ng was the buyer of the block of shares, his equity in Harvest Court would increase to 25.65%, making him the largest shareholder once again.
Affin acquired its stake in Harvest Court on Nov 26, 2009 as part of a debt-restructuring exercise undertaken by the then PN17-listed Harvest Court.
Harvest Court closed one sen lower at RM1.29 with 528,600 shares traded yesterday.
This article appeared in The Edge Financial Daily, December 16, 2011.
