KUALA LUMPUR (Jan 15): Some 6.51 million shares, representing a 3.31% stake in ceramic manufacturer Spring Gallery Bhd were traded off-market today.

Bloomberg data showed that the shares were traded in two tranches for a total of RM3.94 million or 60.5 sen per share — a discount of 15 sen or 19.87% to its last traded price of 75.5 sen on the open market.

As at Oct 4, 2017, Spring Gallery was 24.92%-owned by Greenfield Hills Sdn Bhd. In November 2017, it welcomed Spring Gallery directors Lim Mun Shung and Tan Ooi Jin onboard as shareholders.

Loss-making Spring Gallery was in the spotlight in July 2017 following the cancellation of a contract worth RM176 million to provide professional project management facilities for a development project in Johor.

That same month, its proposed joint venture to undertake a residential development worth RM161.2 million in gross development value (GDV) in Perak was scrapped.

In end-July 2017, it inked a deal to gain the rights to carry out a concept development masterplan on a plot of 216,427 sq m land in Melaka.

It also underwent a number of acquisition sprees in the fourth quarter of last year, diversifying into a number of businesses including affordable housing via Klasik Ikhtiar Sdn Bhd, as well as marine construction via KTG Marine (M) Sdn Bhd.

Shares of Spring Gallery have gained 16 sen since Jan 10. The counter closed 4 sen or 5.59% higher at 75.5 sen today, giving it a market capitalisation of RM148.69 million.