Milux sees 4.59% stake traded off-market

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KUALA LUMPUR (May 2): Milux Corp Bhd saw 2.5 million shares, representing a 4.59% stake of its total outstanding shares, cross off-market today.

According to Bloomberg data, the shares were transacted at around 4pm today in a single block at 80 sen apiece, worth a total of RM2 million. The price represented a 6.67% premium to its closing price of 75 sen on the open market today.

The parties involved in the transaction were not immediately known.

Electrical and kitchen appliance maker Milux has been loss-making for years since 2010, save for 2015. Its managing director Koh Pee Seng shared in an earlier interview that he expected FY17 to be the year the group returned to profitability, after five years of rationalisation.

For its financial year ended Dec 31, 2017 (FY17), Milux's net loss contracted to RM838,000, from RM2.67 million a year ago, due to lower losses incurred at its investment holding and dormant companies, while performance at its home appliances segment improved.

Revenue rose 10% to RM79.7 million from RM72.44 million in FY16, due to higher sales from the trading operation, which increased by 18.6% to RM41.63 million from RM35.1 million previously, as a result of wider product range.

At its closing price today, Milux has a market value of RM40.81 million. Year to date, the stock has seen a decline of about 8.5%.