This article first appeared in The Edge Financial Daily on December 12, 2017

KUALA LUMPUR: Ceramic tiles maker Johan Holdings Bhd, controlled by its chairman and chief executive officer Tan Sri Tan Kay Hock — who also controls George Kent (M) Bhd — saw 144.51 million shares crossed off-market yesterday, representing a 23.2% stake of its overall outstanding shares of 622.95 million shares.

According to Bloomberg data, the shares were crossed in three off-market trades, all done at 29 sen per share, worth RM41.9 million. At that time, the parties involved in the transactions were not known.

In the open market, Johan’s share price closed unchanged at 29 sen as well, after 995,000 shares were traded, with a market capitalisation of RM180.66 million.

On Nov 22, Johan announced that Mustika Manis Sdn Bhd, the private investment vehicle that Tan owns with his wife, who is the Johan group managing director Datin Tan Swee Bee, received about 0.26% of Johan’s voting shares at the close of Mustika Manis’ takeover offer for Johan at 26 sen per share.

This raised the shareholding of Mustika Manis and persons acting in concert (PACs) with it to only 50.84%.

Mustika launched the takeover offer on Oct 11 to buy all the remaining Johan shares not owned by it and the PACs at 25 sen each, but later revised the offer to 26 sen a share after buying more shares that gave it a collective stake of 50.58%.