DBE Gurney saw 3.8% stake traded off-market

-A +A

KUALA LUMPUR (Apr 24): DBE Gurney Resources Bhd saw 102.4 million shares worth RM3.1 million traded off-market today.

While there was no announcement on who the buyer is as of the time of writing, it is worth noting that the group’s largest shareholder, Doh Properties Holdings Sdn Bhd, had on April 20 acquired an additional 1.8% stake or 48.5 million shares to bring its total shareholding to 323.2 million or 12.1% stake in the company.

This was after it emerged as a substantial shareholder, with an 8.76% stake via the conversion of redeemable convertible notes last December.

Doh Properties is the private investment vehicle of the Doh brothers, namely Datuk Doh Jee Chai, Datuk Doh Tee Leong and Datuk Doh Jee Ming.

The off-market transaction today was done via a single tranche at 3 sen, which is a 14.3% discount of the Group’s market price of 3.5 sen.

DBE Gurney, which is a poultry company, announced in February that the group is diversifying into the property development industry via the joint development of a mixed affordable project in Bota Kanan, Seri Iskandar, Perak with an estimated gross development value of RM24.5 million.

DBE Gurney shares closed unchanged at 3.5 sen today, with 330,100 shares done, giving it a market capitalisation of RM93.7 million.