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SOME 404.53 million shares valued at about RM577.75 million were traded off market from March 4 to 10 in blocks of at least 500,000 shares.

Among the more notable transactions were those at Mulpha Land Bhd,  which saw 85.96 million shares, or a 37.65% stake, move off market on March 4 and 9.

The shares were transacted in a series of direct deals at 45 sen and 47 sen per share, for a total value of RM40.32 million.

Filings with Bursa Malaysia show that on March 4, two directors dealt in the property developer’s shares.

Datuk Low Keng Siong, who purchased 9.33 million shares, now has an 8.22% direct and 8.6% indirect interest in the company. Executive director Ghazie Yeoh acquired 1.625 million shares, bringing his stake to 0.71% direct and 8.6% indirect.  The transaction prices were not disclosed.

On March 6, Mulpha Land’s parent — Mulpha International Bhd — disclosed that Teladan Kuasa Sdn Bhd had exercised a call option to buy 75 million Mulpha Land shares from it for RM35.25 million or 47 sen apiece.

The 75 million shares effectively give Teladan Kuasa a 32.85% stake in Mulpha Land.

Forthwith, Mulpha Land is no longer a subsidiary of Mulpha International, while Teladan Kuasa has launched a takeover offer for the former.

Off-MarketTrades_1058_theedgemarket

Elsewhere, 43.3 million shares in Kanger International Bhd, or an 8.39% stake, were transacted off market on March 10.

The shares were traded in a direct deal at 38 sen apiece, for a total of RM16.45 million. At press time, it was unclear who the transacting parties were.

Over at Imaspro Corp Bhd, some 5.08 million shares, or a 6.34% stake, were transacted in a series of direct deals at between RM1.30 and RM1.50 per share, for a total value of RM7.18 million.

Announcements to Bursa reveal that on March 4, director Mohd Shafek Isa disposed of 765,000 shares at RM1.30 apiece in the agricultural chemical manufacturer. The next day, he sold 770,000 shares at the same price.

Both transactions were executed via a private vehicle, Sunbina Dunia Sdn Bhd.

Following the disposals, Shafek is left with a direct stake of 0.19% and an indirect stake of 16.08% in Imaspro.

Oil palm plantations counter Tanah Makmur Bhd saw 9.4 million shares, or a 2.36% stake, traded off market on March 6 and 9. The shares were traded in a series of direct and cross trades, at RM1.28, RM1.30 and RM1.50 respectively, amounting to a total of RM12.6 million.

At the time of writing, there was no news of who the transacting parties were.

This follows the sale of 1.75 million shares by director Tengku Datuk Sri Ahmad Faisal in late February at RM1.40 apiece. He presently holds a direct 0.03% and an indirect 3.92% stake in the company.

At Ingenuity Consolidated Bhd, 20 million shares or a 2.1% stake were traded off market on March 6 in two direct deals at 10 sen apiece, for a total value of  RM2 million. At press time, the company had yet to disclose the identity of the transacting parties.

Meanwhile, five million shares or 1.81% equity interest in Country Heights Holdings Bhd changed hands on March 6 in a series of direct deals at RM1.20 a share, for a total value of RM6 million.

Fillings with Bursa show that on March 6, substantial shareholder Lim Wee Hang acquired five million shares at an undisclosed price, raising his holding in the property developer to a 5.36% direct stake.

 

This article first appeared in The Edge Malaysia Weekly, on March 16, 2015.

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