KUALA LUMPUR (Feb 18): Asia Poly Holdings Bhd, a manufacturer of cast acrylic sheet, has acquired another 51.1 million shares, or a 1.5% stake, in Ta Win Holdings Bhd between June 10, 2021 and Feb 16, 2022 for RM7.52 million in the open market. This brings Asia Poly's total shareholding in the copper wire producer to 191 million shares or a 5.59% stake.

"The acquisition was carried out for the purpose of investment," said Asia Poly in a bourse filing on Friday (Feb 18).

It noted that the stake in Ta Win will subject Asia Poly to risks inherent in Ta Win's businesses such as competition, price as well as fluctuations in its share price.

The purchase amount represented 5.2% of Asia Poly's audited net assets as at Dec 31, 2020. Asia Poly said the acquisition was funded by internal funds.

Currently, Asia Poly executive chairman Datuk Yeo Boon Leong is a non-independent non-executive chairman of Ta Win and owns an indirect 8.13% stake in the latter. Datin Seri Azreen Abu Noh is an independent non-executive director of both Asia Poly and Ta Win, but does not hold any shares in Ta Win.

At 3.37pm, Ta Win shares were up one sen or 6.45% to 16.5 sen, valuing it at RM563.32 million. Asia Poly shares, meanwhile, were down one sen or 5.88% to 16 sen, giving it a market capitalisation of RM135.87 million.