KUALA LUMPUR (Nov 6): Handal Energy Bhd saw 11 million shares or a 5.03% stake in the company cross off-market today.

The shares were transacted in one block at 45 sen a share or a total of RM4.95 million, according to Bloomberg data tracking trade of 300,000 shares or more.

This price represents a premium of 13.92% over today’s closing  market price of 39.5 sen, which values the company at RM86.31 million.

The identities of the parties involved in the transaction were not immediately known.

However, its is noted that Handal Energy’s executive vice chairman Mallek Rizal Mohsin and founder and former non-executive chairman Datuk Mohsin Abdul Halim have been disposing of their interests in the company.

As at Oct 24, Mohsin had a direct stake of 4.38%  while Mallek has a direct interest of 4.89%.

In comparison, as at March 31, 2018, Mohsin held a 10.51% stake and Mallek had 9.94%.

On Oct 9, Handal Energy’s wholly-owned unit Handal Energy Solutions Sdn Bhd made its maiden foray into the renewable energy segment by signing a Memorandum of Agreement to jointly develop a hydrogen-paired electric race car in Malaysia.

On Sept 30, Handal Energy had bagged a contract to provide offshore crane operations and maintenance services for Sarawak Shell Bhd (SSB) and Sabah Shell Petroleum Co Ltd (SSPC).

The two-year contract — with an optional one-year extension — entails the provision of operations, maintenance, repair and manpower services for 29 offshore cranes under SSB and SSPC.