Asia Poly sees 6.83% cross off-market

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KUALA LUMPUR (Apr 29): Asia Poly Holdings Bhd saw 6 million of its shares, representing 6.83% of its shareholdings, crossed off-market today for RM2.58 million.

According to Bloomberg data, the shares were moved in two blocks: a block of 4 million shares and another of 2 million shares. All the shares were moved at 43 sen each, which is 8.5 sen or 16.5% lower than Asia Poly’s current trading price of 51.5 sen.

Asia Poly’s largest shareholder is businessman Datuk Yeo Boon Leong, who emerged as a substantial shareholder in the company on April 13. He currently holds a 28.32% stake in the company.

The company’s second largest shareholder is its chief executive officer Teoh Cheng Chuan who holds a 22.75% stake, followed by Michael Foong Ka-Meng who holds a 12.8% stake.

Foong, who emerged as a substantial shareholder in Asia Poly last year, is also a director in A.T.E.S Sdn Bhd — one of the operators of the Automated Enforcement System.

A.T.E.S is a wholly-owned subsidiary of Irat Properties Sdn Bhd, which in turn is 50% owned by Boustead Holdings Bhd (fundamental:0.65; valuation:2).

Asia Poly, which manufactures cast acrylic sheets, saw its share price surge to a one year high of 51.5 sen today, from around 17.5 sen a year ago. It was also the highest price that the stock had reached in 5 years.

Asia Poly (fundamental:0.55; valuation:0.8) shares closed up 3.5 sen or 7.29% from yesterday’s close at 51.5 sen today, with a market capitalisation of RM42.2 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.)