Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on August 10, 2018

KUALA LUMPUR: Handal Resources Bhd group managing director (MD) Sunildeep Singh Dhaliwal has upped his stake in the offshore crane services company to 11.12%, after acquiring an additional six million shares or a 3.76% stake via an off-market deal yesterday.

Bloomberg data showed that the shares were crossed in one single block, valued at RM2.64 million.

The transaction was done at 44 sen apiece, representing a discount of one sen or 2.2% to its closing price of 45 sen on the open market yesterday.

According to filings with the stock exchange yesterday, Sunildeep acquired the six million shares from Handal chief operating officer Zahari Hamzah, whose equity interest has been reduced to 5.92%, or 9.45 million shares.

On Tuesday, Sunildeep gave notice to Handal of his intention to deal with the company’s shares during the closed period pending the announcement of its second-quarter results for the period ended June 30, 2018.

Handal shares closed down one sen or 2.17% at 45 sen yesterday, with 508,000 shares done, bringing a market capitalisation of RM72 million.

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