Pelaburan MARA buys a 5.2% stake in Ni Hsin

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KUALA LUMPUR (Nov 3): Pelaburan MARA Bhd has emerged as a substantial shareholder in Ni Hsin Resources Bhd, with a 5.2% stake in the cookware manufacturer.

In a filing with Bursa Malaysia today, Ni Hsin said Pelaburan MARA had on Oct 31 (last Friday), purchased 12 million of its shares, representing a direct interest of 5.2% in the company.

Pelaburan MARA, a strategic investment and asset management company wholly owned by Majlis Amanah Rakyat (MARA), has of late emerged as a substantial shareholder in several companies, including PDZ Holdings Bhd, Sanichi Technology Bhd and Asia Bioenergy Technologies Bhd.

Ni Hsin also stated in a separate annoucement today that Hsiao Chih Che, who is an executive director and substantial shareholder in the company, had disposed off 11.83 million Ni Hsin shares for a disposal price of 36 sen per share, bringing the total disposal consideration to RM4.26 million.

After the disposal, Hsiao holds a remainder of 12.47 million shares, or a 5.4% stake in the company.