16.89% stake in Subur Tiasa traded off-market

16.89% stake in Subur Tiasa traded off-market
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KUALA LUMPUR (Feb 20): Some 31.77 million shares in Subur Tiasa Holdings Bhd, representing a 16.89% stake in the timber company, were traded off-market today.

Bloomberg data showed that the shares were transacted in four blocks at 48 sen apiece for a total value of RM15.25 million.

This represents a discount of 13 sen or 21.31% to Subur Tiasa’s last closing price of 61 sen.

In two separate bourse filings on Feb 18, Subur Tiasa announced that its chairman Tiong Kiong King and managing director Datuk Tiong Ing had given notice of their intention to deal in the securities of the company during the closed period.

This was in reference to the expected release of the company’s unaudited financial results for the second quarter ended Jan 31, 2020.

Tiong Ing and Tiong Kiong King each holds a 0.98% and 0.24% stake respectively in the Sarawak-based company. The group’s two largest shareholders are Tiong Hiew King with 72.42 million shares or a 38.5% stake and Tiong Toh Siong Holdings Sdn Bhd with 62.95 million shares representing a 32.93% equity interest.

Subur Tiasa, which has been under the radar of investors over the last couple of years, is involved in the manufacturing of high quality plywood, particleboard and sawn timber.

The industrial stock has been on a downward trend since early this year having lost 29 sen or 32% from its Jan 2 share price of 90 sen.

Subur Tiasa has a market capitalisation of RM188 million.