Spring Gallery sees 9.92% stake traded off-market

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KUALA LUMPUR (Jan 11): Loss-making ceramics and pottery products manufacturer Spring Gallery Bhd saw some 19.7 million of its shares, representing a 9.92% stake, traded off-market at a discount today.

Bloomberg data showed the shares crossing in two almost equal blocks around noon today, at 65 sen apiece, for a total of RM12.8 million. The transaction price represents a 17.7% discount compared with its last traded price of 79 sen in the open market.

The transaction could be linked to Wan Khalik Wan Muhammad, who emerged as a shareholder in Spring Gallery with a 10% stake after acquiring 19.86 million of the company's shares via a private vehicle Total Sejati Sdn Bhd, an exchange filing today showed.

Wan Khalik was former principal private secretary to Sarawak chief minister Datuk Patinggi Abang Abdul Rahman Zohari Abang Openg, and the latter's late predecessor Tan Sri Adenan Satem.

Last week, Spring Gallery Bhd announced the resignation of its chief executive officer Datuk Lim Chaing Cheah. Lim’s successor has not been named so far.