Fintec buys another 2.99% in Seacera

Fintec buys another 2.99% in Seacera
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KUALA LUMPUR (Oct 15): Fintec Global Bhd has acquired another 18 million shares in Practice Note 17 (PN17) company Seacera Group Bhd or a 2.99% stake in the open market for RM3.62 million.

Seacera’s average share price in the acquisition was 20.1 sen per share. The counter settled up half a sen or 2.56% to 20 sen today, valuing the building materials and construction company at RM120.43 million.

Fintec acquired the stake through its subsidiary Fintec Global Ltd (FGL). With the latest purchase, Fintec now controls 25.47% in Seacera via FGL (10.15% or 61.09 million shares) and Asiabio Capital Sdn Bhd (15.32% or 92.27 million shares).

Fintec pointed out that Seacera has 501.5 acres of landbank in Semenyih, with its net asset per share of RM1.19 as at end-June 2020.

Seacera fell into PN17 status in April 2019, after it defaulted on a payment of principal and profits to AmBank Islamic Bhd. The group’s total facilities outstanding with AmBank was RM22.15 million at the time.

The company is scheduled for its next meeting with scheme creditors on Nov 9, 2021.

For the full-year ended June 30, 2021 (FY21), Seacera's net profit fell to RM7.17 million from RM11.69 million, despite revenue rising to RM4.45 million from RM2.26 million in FY20.

Shares of Fintec fell half a sen or 25% to 1.5 sen, valuing the group at RM78.46 million.

Lam Jian Wyn