KUALA LUMPUR: Lafarge Malayan Cement Bhd saw 42.5% of its shares cross traded in an off-market deal as part of its internal restructuring.
Stock market data showed that 361.62 million shares were transacted at RM6.885 each at midday yesterday. A check with the company’s annual report indicated that its single largest shareholder Lafarge Cement UK plc owns that entire block of shares.
According to a source familiar with the company, the shares were moved to Associated International Cement Ltd (AIC), which is 100%-owned by Lafarge SA in France.
“It is an internal restructuring. It is to streamline the investments held by the UK companies. There is no point in having two companies holding the shares,” said the source.
According to Lafarge’s annual report, AIC holds 8.4% or 71.72 million shares. With the transfer, AIC will now hold about 50.9% stake, making it the single largest shareholder replacing Lafarge Cement UK.
Lafarge recently saw some changes in its boardroom where it appointed Bradley Peter Mulroney CEO and president, replacing Bi Yong So Chungunco, who had resigned.
According to an announcement to Bursa Malaysia on Jan 20, the company also appointed chief financial officer Chen Theng Aik to the position of executive director.
Lafarge shed one sen in thin trading to close at RM6.84 yesterday.
Stock market data showed that 361.62 million shares were transacted at RM6.885 each at midday yesterday. A check with the company’s annual report indicated that its single largest shareholder Lafarge Cement UK plc owns that entire block of shares.
According to a source familiar with the company, the shares were moved to Associated International Cement Ltd (AIC), which is 100%-owned by Lafarge SA in France.
“It is an internal restructuring. It is to streamline the investments held by the UK companies. There is no point in having two companies holding the shares,” said the source.
According to Lafarge’s annual report, AIC holds 8.4% or 71.72 million shares. With the transfer, AIC will now hold about 50.9% stake, making it the single largest shareholder replacing Lafarge Cement UK.
Lafarge recently saw some changes in its boardroom where it appointed Bradley Peter Mulroney CEO and president, replacing Bi Yong So Chungunco, who had resigned.
According to an announcement to Bursa Malaysia on Jan 20, the company also appointed chief financial officer Chen Theng Aik to the position of executive director.
Lafarge shed one sen in thin trading to close at RM6.84 yesterday.
