KUALA LUMPUR (Sept 26): Leweko Resources Bhd saw some 12.1 million shares, representing 3.76% stake in the company, traded off market today.

Bloomberg data showed that the shares were traded in two blocks at 28 sen apiece or RM3.39 million in total. This is a 1.79% discount to the counter's last traded price of 27.5 sen on the open market.

It is not immediately known who were involved in the transaction.

Leweko Resources' current core businesses comprise precast concrete manufacturing and property development. Its logs trading and timber harvesting business has been non-operational for the past two years following the company's decision to cease its timber division.

For the year ended June 30, 2017, Leweko Resources saw its net losses nearly doubling to RM14.56 million, from RM7.87 million a year earlier. Revenue was up 24.9% at RM35.12 million from RM28.12 million.

On June 23, the struggling company said it planned to sell a plot of land in Ipoh together with a supermarket-cum-car park for RM13 million — a discount of RM2.93 million to its audited net book value of RM15.93 million — to mainly repay its loans.

Leweko said at the time that it intends to use RM10.7 million from the proceeds to reduce its borrowings to RM22.4 million, while the remaining RM2.3 million will be used as working capital.

At its last traded share price of 27.5 sen, the company's market capitalisation is RM88.52 million. Year to date, the counter has gained 150% in price.