Boon Koon sees 14% stake traded off-market

Boon Koon sees 14% stake traded off-market
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KUALA LUMPUR (April 17): Boon Koon Group Bhd saw a total of 40 million shares traded off-market for a total value of RM18 million.

According to Bloomberg data, the shares crossed in two blocks of 35 million shares and 5 million shares, representing a total equity stake of 14.45% in the company. At the time of writing, it was unclear who the parties involved in the transaction were.

The shares were traded at 45 sen apiece, representing a 2 sen or 4.26% discount to the company's closing price of 47 sen on Friday.

In December, Boon Koon had proposed to dispose of the remaining 25% equity in hire-purchase financing firm Hitachi Capital Malaysia Sdn Bhd for RM22 million as the latter did not fit into its long-term strategy.

The company said it would use a portion of the proceeds to assemble new light commercial vehicles and motorcycles, under the Boon Koon Motors (BKM) brand.

The recent news flow has created some excitement in Boon Koon shares, driving the counter to touch a nine-year high of 50 sen on April 3. Year to date, the stock has gained 300%.

Boon Koon shares gained 1 sen or 2.13% to close at 48 sen today, giving the group a market capitalisation of RM132.84 million.