Another 12 mil shares in Sunzen Biotech traded off-market today

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KUALA LUMPUR (Dec 1): Sunzen Biotech Bhd - which manufactures and sells animal health care products - saw some 12 million shares or 7.27% stake traded off-market for RM3 million at 3:33pm today, data from Bloomberg revealed.
 
The block of shares was transacted at 25 sen apiece or 30.56% below its market value today.
 
Last Friday, The Edge Financial Daily reported that some 12.05 million shares, or 7.31% equity stake in Sunzen Biotech, changed hands through off-market transaction at 37.5 sen, which is 4.2% above its market price of 36 sen on Friday.
 
It is worth noting that four of its board members and founders had resigned in July, in which all of them cited "personal reasons" in their announcement to Bursa Malaysia.
 
Sunzen Biotech executive director Dr Teo Kim Lai was the first to resign on July 17, followed by executive director Dr Fong Chan Seng on July 18, independent and non-executive director S Gunaseharan A/L P Subramaniam on July 21, chairman and managing director Dr Tan Kim Sing on July 21 and independent and non-executive director Emeritus Professor Dato' Dr Omar @ S Omar Abdul Rahman on July 22.
 
Following the spate of resignations, Teo, Fong, Tan and another executive director Dr Kok Poe Chu had steadily disposed of their stakes and ceased to be substantial shareholders since July.
 
Kok now still has a 1.59% stake in Sunzen Biotech, down from 12.70% in April. Fong has a 2.68% stake from 11.01% previously, while Teo is left with a 0.79% stake from 6.86% previously. Tan is left with not more than 0.001% after paring off his 27.50% stake.
 
Sunzen Biotech is now headed by Lim Eng Chai, who was appointed on July 1, and chaired by former inspector-general Tan Sri Musa Hassan, who was appointed on July 21.
 
On Nov 26, the poultry feed manufacturer had announced that its research collaboration on a new organic acid blend had been completed and that management is in the process of capitalising on its positive findings.
 
Sunzen's share price has appreciated 56.52% from 23 sen on June 16 to close unchanged at 36 sen today, giving it a market capitalisation of RM59.37 million.