KUALA LUMPUR (Oct 24): Some 5.86% of Lotus KFM Bhd (previously known as Kuantan Flour Mills Bhd) was traded off-market today.

According to Bloomberg data, some 3.99 million shares of Lotus KFM — under Practice Note 17 status since December 2015 — changed hands at 12 sen apiece, 2.5 sen or 17% below its closing price of 14.5 sen today.

At press time, it remained unclear who the parties involved in the transaction were.

As at Oct 1, Wong Sak Kuan was the largest shareholder of Lotus KFM, holding a direct interest of 27.29 million shares or 28.57%, followed by CWL Ventures Sdn Bhd with 9.61 million shares or 14.079%.

In January, the exchange had approved the company’s proposed regularisation plan which involved a private placement of 27.29 million shares to Wong at 10 sen per share, as well as a debt restructuring exercise and a renounceable rights issue of 477.6 million new Lotus KFM shares.

The debt restructuring exercise included the conversion of RM15 million of advances and supplier’s credit extended by Lotus Essential Sdn Bhd — in which Wong is a director — to Lotus KFM into 300 million five-year redeemable convertible preference shares.

The rights issue exercise will be completed on Oct 30.

Meanwhile, the exchange had in June granted an extension of time for Lotus KFM to implement its regularisation plan up to Jan 11, 2020.