Friday 29 Mar 2024
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KUALA LUMPUR (Oct 23): Amtel Holdings Bhd saw 1.55 million of its shares, or a total of 3.11% of the group’s total 49.78 million shares traded off-market today.

Bloomberg data showed the transactions crossing in two tranches in the final trading hour today, both at a premium to its last traded price of 63 sen in the open market.

The first block of 800,000 shares was traded at 65 sen apiece or a consideration of RM520,000, followed by another block of 746,800 shares at 68 sen each or RM507,824.

The parties involved in the transaction are not immediately known.

According to the group’s annual report, as at Feb 21 this year, Amtel’s single largest shareholder is its group managing director Datuk Koid Hun Kian, who holds a direct 16.41% stake and another stake 11.29% indirectly through his spouse and child.

The Main Market-listed information and communications technology (ICT) company distributes and trades telematics products, electronic and telecommunications related products and accessories.

It also develops geographical information systems, or GPS navigation products under the house brand of LOKATOO, and had ventured into property development in 2014.

Last year, Amtel was loss-making with a net loss of RM2.97 million, against revenue of RM33.43 million.

As at its second quarter for the financial year ending Nov 30, 2018 (FY18), the group has an accumulated narrower net loss of RM738,000 over the first half of FY18, while revenue rose 32% y-o-y to RM22.78 million.

It attributed the losses to impairment on trade receivables reported by its property development segment and the increase in amortisation of its intangible assets by its ICT segment.

Shares in Amtel are thinly traded. The stock was last traded at 63 sen on Oct 18 for a market capitalisation of RM31.36 million.

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