MQ Tech sees 16.45% stake cross off market

MQ Tech sees 16.45% stake cross off market
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KUALA LUMPUR (Dec 12): MQ Technology Bhd, whose shares price fell to a multiple year low of 4.5 sen yesterday, saw a significant stake of 16.45% crossed off market today. 
 
According to Bloomberg data, a block of 21.69 million shares representing a 15.5% stake was crossed at 4.5 sen a share in multiple transactions, for a total value of RM975,825. 
 
Another 1.21 million shares or 0.95% stake were exchanged at five sen apiece through multiple transactions, for a total value of RM60,640. 
 
Parties involved in the transaction were not immediately known.
 
Earlier, the company's largest shareholder, Goh Boon Soo, disposed of 17.5 million shares or a 12.54% stake in the company via off market between Dec 20 and Dec 22, trimming his stake to 61.29 million shares.
 
Based on the latest closing price of 4.5 sen, MQ Tech has a market value of RM20.74 million.
 
MQ Technology is primarily involved in the manufacture of moulds, tools, dies, jigs and fixtures that are mainly used in the manufacture of hard disk drives.
 
On Dec 13, the company announced it is embarking on an integrated casino resort project — which includes a casino, serviced apartments and theme park — in Cambodia, which carries a gross development value of US$51.1 million (RM225.58 million) over the next six years.
 
The deal came after the appointment of Robbie Hari Krishnan Tatparanandam, the nephew of tycoon T Ananda Krishnan, as the company's executive director on Dec 8. 
 
For the first three quarters ended Sept 30, 2016 (9MFY16), MQ Tech reported a bigger net loss of RM2.55 million, compared with RM881,000 in 9MFY15, due to an increase in operating expenses and finance costs.
 
Revenue came in marginally lower at RM12.54 million, against RM12.62 million previously.