Some 4.45% Priceworth International shares traded off market at 26% discount

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KUALA LUMPUR (Sept 22): A total of 17 million shares of Priceworth International Bhd, making up 4.45% of the Sabah-based timber company, were traded off market at 3:03 pm today, Bloomberg data showed. The transacted price for the shares was 20 sen per unit, for a total transacted value of RM3.4 million.

At 20 sen apiece, the Priceworth shares traded off market were valued at a 25.93% discount to last Friday’s closing of 27 sen.

As at 3:55 pm, Priceworth’s counter was up by half a sen or 1.85% to 27.5 sen on a trade volume of 44.86 million. The shares were traded in the range of 26.5 sen and 28 sen on the open market today.

It is unknown who the buyer and seller on the off market trade were. However, Priceworth’s latest annual report for the financial year ended Jun 30, 2013 (FY13) showed the company has a highly fragmented shareholding structure, with only managing director Lim Nyuk Foh being Priceworth’s substantial shareholder, with a 21.21% stake as at Nov 11 of last year.