Lay Hong's major shareholder Innofarm now a substantial shareholder in Takaso

Lay Hong's major shareholder Innofarm now a substantial shareholder in Takaso
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KUALA LUMPUR (Aug 21): Innofarm Sdn Bhd, the majority shareholder of poultry company Lay Hong Bhd (fundamental:0.75; valuation: 1.4) with a 37.97% stake, has emerged as a substantial shareholder in baby products and condoms maker Takaso Resources Bhd, after acquiring a 6.8% stake in the latter.

In its filing with Bursa Malaysia today, Takaso said Innofarm had on Aug 14, acquired 13.997 million Takaso shares (6.8% stake) in the company.

It was reported that on the same date (Aug 14), Takaso's former executive chairman Tee Tze Chern had disposed of 24.1 million shares (11.73% stake) held through his interest in Nextplus Fortune Sdn Bhd, at 55 sen per share or RM13.26 million in total.

Lay Hong's group managing director, Yap Hoong Chai, emerged as a substantial shareholder in Takaso in December last year, via a private placement of 10 million shares, but had ceased to be a substantial shareholder in Takaso in January this year, with the disposal of his shareholdings in the company.

Takaso (fundamental: 1.65; valuation:0) has recently announced its diversification to include construction and property development activities.

Its shares closed down 1.5 sen or 2.8% today at 52 sen, giving it a market capitalisation of RM106.8 million.

(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.)