KUALA LUMPUR (April 25): K-Star Sports Ltd saw 17.1 million shares, representing a 4.5% stake in the group, traded off-market today.
The off-market trade was more than double the group’s trading volume of 8.4 million shares in the open market.
Based on Bloomberg data, the off-market trade was done in a single tranche at 9.8 sen per share, which is at a discount of about 14.8% compared with K-Star’s closing price of 11.5 sen today.
The parties involved in the transaction are not immediately known.
However, it is worth noting that K-Star’s placement exercise was just recently completed, which saw the listing of 87.9 million shares and 152.4 million warrants on March 22 and April 20 respectively.
Of the placement shares, 43.96 million shares were placed out to the group’s second largest shareholder, Datin Tan Siew Ching, who is also the chairperson and executive director of JAG Bhd.
The other 50% or 43.96 million shares were placed out to a third party investor that will only be identified at a later date.
Year-to-date, the group’s share price has seen a total return of 9.5% and at current level, it has a market capitalisation of RM43.8 million.