Pimpinan Ehsan sees 22.08% stake traded off-market at discount

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KUALA LUMPUR (Aug 6): Pimpinan Ehsan Bhd saw 15.27 million of its shares, or a 22.08% stake, cross off-market today, at a discount of nearly 5%.

Bloomberg data showed the block of shares crossing in one single tranche at 77 sen apiece, for a sum of RM11.75 million. This represents a 4.94% discount to its last closing price of 81 sen on the open market.

To note, on June 1, Pimpinan Ehsan announced to the stock exchange that its largest shareholder, Pembinaan Era Dinamik Sdn Bhd, has doubled its voting shares from 20% to 40%, while Udzer Abdul Karim ceased to control any voting shares.

The group, which assumed the listing status of TRIPlc Bhd, is currently valued at a market capitalisation of RM56 million, after its share price soared 41% year-to-date to 81 sen from 57.4 sen on Dec 29, 2017.

The Practice Note 16 company however has yet to identify a core business, after completing the disposal of TRIplc to Puncak Niaga Holdings Bhd for RM210 million cash.

It said in a filing today that it is still in the midst of formulating a proposal to acquire a suitable core business, which will have to be submitted to Bursa Malaysia Securities in approximately nine months’ time for approval.