KUALA LUMPUR (Nov 24): A total of 65.27 million Eastern & Oriental Bhd's (E&O) shares, which made up 5.21% of the Penang-based property developer's share base, were traded off-market today at RM1.57 apiece. In total, the transaction was valued at RM102.47 million.
Bloomberg data showed the shares were moved in one block and transacted at 4.56pm. The price per share was not much different from yesterday close of RM1.55 and the same as today's closing price of RM1.57.
Additionally, 39.98 million of E&O's warrants (E&O-WB) were sold off-market at 21 sen each. This derivative has a strike price of RM2.60 and is set to expire on July 21, 2019. At the price transacted, the particular E&O-WB was valued at a 78.98% premium to its mother share.
E&O-WB was offered to E&O shareholders in January on the basis of one warrant per five E&O shares - not including the one-for-10 bonus shares that were given together with the warrants. There were 222.3 million E&O-WB issued, and so far no Bursa Malaysia filing indicated that any of the warrants have been converted to E&O mother shares.
It is unknown who the buyer(s) and seller(s) were in the off-market transaction. However, based on E&O's shareholding filings, CIMB Commerce Trustee Bhd had the same amount of shares as that transacted off-market as at Oct 7.
Based on E&O's annual report for the financial year ended Mar 31, 2015 (FY15), CIMB Commerce Trustee is an indirect shareholder for Libra Strategic Opportunity Fund.
Additionally, other substantial E&O shareholders who have a stake bigger than the block of shares traded off-market today are: Sime Darby Holdings Bhd (22.21% stake), Singaporean G K Goh (0.26% direct and 7.85% indirect), E&O's group managing director Datuk Terry Tham Ka Hon (3.78% direct and 7.27% indirect), Employees Provident Fund (5.45%), and Lembaga Tabung Haji (5.24%).
Also, E&O's FY15 annual report showed that CIMB Commerce Trustee held 40 million E&O-WB, making it the second-largest warrant-holder with a 17.99% holding. The biggest, with 21.95% of issued E&O-WB, is Sime Darby Nominees Sdn Bhd.
(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.)