Eastern Courtyard ceases to be Emas Kiara subtantial shareholder

Eastern Courtyard ceases to be Emas Kiara subtantial shareholder
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KUALA LUMPUR (Aug 18): Emas Kiara Industries Bhd  founder and managing director Wong Kong Foo has trimmed his shareholding in the company by selling a 5.58% stake through off-market. 

A filing with Bursa Malaysia revealed that Wong, via his private vehicle Eastern Courtyard Sdn Bhd, today sold 5.13 million shares and thus, the company ceased to be a subtantial shareholder in Emas Kiara. 

The shares were moved in two blocks ranging from 920,000 to 4.21 million, valued at RM736,000 to RM3.37 million per block.

The transaction price was at 80 sen apiece, for a total value of RM4.1 million.

Following the disposal, Eastern Courtyard has no shareholding in the company. 

However, Wong remained as the single largest shareholder in Emas Kiara, the company's filings revealed. 

He has a collective shareholding of 30.91 million shares or 33.65% as at today. These comprise a direct stakeholding of 21.35 million shares or 23.24%, as well as 9.56 million shares or a 10.41% indirect stake. 

Meanwhile, the shareholding of Emas Kiara' executive director Lim Yew Hoe also declined to 5.64 million or 6.14% following Eastern Courtyard's disposal. 

Intan Kuala Lumpur Sdn Bhd is the third largest shareholder in the company, with 7.35 million shares or an 8.9% stake in Emas Kiara as at June 23 last year. 

Emas Kiara is an engineering solutions services provider, which specialises in the use of geosynthetics to conserve environments and facilitate infrastructural development. 

Emas Kiara (fundamental:0.95; valuation:0.3) shares closed unchanged at 79 sen today, with some 51,000 shares changing hands. The current price gives it some RM72.57 million in market capitalisation. 

(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.)