KUALA LUMPUR (March 15): Aviation academy operator APFT Bhd saw some 33 million shares representing a 6.01% stake traded off-market today.

Bloomberg data showed that the transactions were done across four blocks at five sen per share for RM1.65 million. The counter saw 8.61 million shares exchange hands in the open market.

At press time, it is unknown who the parties involved in the transactions were.

In December last year, APFT’s major subsidiary Asia Pacific Flight Training Sdn Bhd defaulted on RM1.3 million worth of loans from Public Bank due to insufficient funds following “a significant decline in business”.

Immediately after the default,  two long-serving independent non-executive directors — Azmi Abdullah, 65, and Nik Din Nik Sulaiman, 68 — resigned, followed by the appointment of Lee Eng Thong as non-executive director and Kioh Ser Sein and Tan Win Sen as executive directors.

The three directors were among the six names proposed by shareholder Tiong Ching Wen on the same day for election at the company’s annual general meeting on Dec 19, 2016.

On March 10, loss-making APFT announced plans to raise up to RM13.67 million via private placement of up to 333.34 million placement shares at 4.1 sen apiece, representing up to 30% of the group’s enlarged share capital.

APFT said it would utilise the proceeds to repay trade creditors, working requirement and the balance for estimated expenses in the proposed corporate exercise. Note that the company had in fact undertaken shareholder loans, private placements and par value reduction through FY15.

For its first quarter ended Oct 31, 2016, APFT posted a net loss of RM3.32 million on the back of RM15.16 million in revenue. It also registered a RM16.38 million net loss for the one-month period ended July 31, 2016.

Shares of APFT gained one sen to close at five sen today, giving it a market capitalisation of RM27.44 million.