Affin sells entire 15.89% Konsortium Transnasional stake, ceases to be substantial shareholder

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KUALA LUMPUR (Sept 09): Affin Investment Bank ceased to be a substantial shareholder in Konsortium Transnasional Bhd, after disposing of its entire shareholding of 64 million shares or 15.89% in the latter.

Public bus operator Konsortium Transnasional said in separate announcements to Bursa Malaysia today, that Affin Investment had disposed of the stake to Nadicorp Holdings Sdn Bhd in an off-market deal yesterday.

Nadicorp, which was already a substantial shareholder in Konsortium Transnasional with a 9.14% stake prior to the transaction, saw its equity interest increased to 100.8 million shares or 25.03%, after acquiring the 64 million shares from Affin Investment.
 
Bloomberg data showed that Affin Investment had disposed of its 15.89% stake in Konsortium Transnasional at 62.5 sen a share, for RM40 million. The disposal price was more than double Konsortium Transnasional's closing share price of 30.5 sen yesterday.

Today, Konsortium Transnasional shares, the second most-active stock across the local bourse, soared as much as 10.5 sen or 34% to 41 sen, before reducing gains to 38 sen at 2.59pm.

Some 66 million shares changed hands.