Controlling shareholder Wong raises stakes in Bright Packaging

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KUALA LUMPUR (Dec 26): Bright Packaging Industry Bhd controlling shareholder Datuk Wong Shee Kai has acquired an additional 1.54% equity interest in the company, bringing his total shareholding to 31.37%.  

In a filing with Bursa Malaysia today, the aluminium foil packaging materials manufacturer said that Wong had acquired the 2.2 million or 1.54% shares on the open market on Dec 19. 

The price transacted was not disclosed in the announcement. Notably, the closing price of its counter on Dec 19 was at 40 sen. 

The transaction was made through Wong’s private vehicle Wong SK Holdings Sdn Bhd. 

As at Dec 31 last year, Wong owned 23.56% equity interest in the company, according to the company’s annual report 2013. 

Bright Packaging share price has slipped 55.35% to 35.5 sen on Dec 17 from 79.5 sen on April 17 this year. It has been unchanged at 39 sen today, giving it a market capitalisation of RM55.7 million.

According to theedgemarkets.com, Bright Packaging’s valuation score is at 0.9 out of 3, with 3 suggesting a company gives higher than market average returns and is trading at a lower than average valuation.

Its fundamental score is at 1.3 on a scale of 0-3, with 3 suggesting that it is profitable and has strong balance sheet.
The volatility of the stock is rated at 4 on a scale of 1 to 5, 1 being the least volatile.