Asia Poly major shareholder sells 11.4% stake

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KUALA LUMPUR (May 7): Asia Poly Holdings Bhd’s substantial shareholder Teoh Cheng Chuan has disposed an 11.4% stake or 10 million shares in the company.

According to a filing with Bursa Malaysia today, Teoh sold the block of shares at 43 sen through off market deal yesterday, halving his remaining interest to an 11.4% stake or 10 million shares in Asia Poly.

Asia Poly (fundamental: 0.55; valuation: 0.5) is a manufacturer of A-Cast branded cast acrylic sheets. These sheets can be used for back-lit lighting applications such as signboards and lighting displays.

The company’s share price has doubled since early April from 24.5 sen to a high of 53 sen yesterday. The stock closed at 51.5 sen, down 1.5 sen or 2.8% from previous day’s closing, giving it a market capitalisation of RM46.16 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)