Furniweb ED Lua Choon Hann buys 42,900 shares in company

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KUALA LUMPUR (Sept 22): Furniweb Industrial Products Bhd’s Executive Director Datuk Lua Choon Hann has bought 42,900 shares in the furniture webbing manufacturer-turned-property developer.

Filings with Bursa Malaysia showed that Lua bought those shares at 83.1 sen apiece on the open market on Sept 18. The counter’s trading range that day was between 83 sen and 83.5 sen, before closing at its intraday low of 83 sen.

With the purchase, Lua now directly owns 10.45 million shares, or 7.21% in Furniweb.

Furniweb generated interest recently when property developer veteran and former managing director of Encorp Bhd Yeoh Soo Ann emerged with a controlling stake in the company on Sept 2.

He is now an executive director of Furniweb.

As at today’s close of 87 sen, Furniweb has gained some 35.94% from its eight-month low of 64 sen on Jul 11. It has a market capitalisation of RM126.13 million.