Chin Hin sees 4.13% stake traded off-market

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KUALA LUMPUR (June 1): A total of 23 million shares representing a 4.13% stake in buildings material manufacturer Chin Hin Group Bhd were traded off-market today for RM19.09 million.

The shares were crossed at 83 sen apiece, representing a 10.67% premium to its closing price of 75 sen, according to Bloomberg data. Two blocks comprising 20 million shares and 3 million shares each had crossed this afternoon.

It is not known at the time of writing who the parties involved in the transaction were.

Shares in Chin Hin had declined 8.5 sen or 10.18% to close at a one-year low today after the company reported yesterday that its first quarter net profit more than halved to RM3.78 million from RM8.05 million a year ago.

Intense competition in building materials and an oversupply of cement products in the local market had dragged down earnings despite revenue growing year-on-year to RM265.32 million from RM261.56 million in the previous year's corresponding quarter.

The group had announced a single-tier second interim dividend of 1.5 sen per ordinary share in respect of its financial year ending Dec 31, 2018.