KUALA LUMPUR (Dec 18): Seasoned investor Pui Cheng Wui has emerged as a substantial shareholder of Chemical Company of Malaysia Bhd (CCM), after acquiring 27.03 million shares or a 16.12% stake in the company.

The move comes just a month after Batu Kawan Bhd announced the acquisition of a 56.32% stake in CCM from Permodalan Nasional Bhd.

On Dec 7, Batu Kawan Bhd made a formal offer to buy the remaining CCM shares at RM3.10 apiece, the same price Batu Kawan paid to acquire the 56.32% stake for RM292.97 million.

Pui’s purchase of the 16.12% stake was made in the open market on Dec 16, CCM’s bourse filing today showed. The identities of the sellers were not immediately known.

CCM did not disclose the transaction price for the shares purchased by Pui. The block of shares would have cost him RM83.26 million, based on the closing price of RM3.08 on Dec 16.

CCM is engaged in the manufacturing and marketing of chlor-alkali chemicals and polymers products and services. Caustic soda is the group’s core product.

CCM saw a steep climb in its share price since mid-October, on news PNB was mulling over divesting its stake in the company.

The stock closed unchanged at RM3.08 today, with 295,500 shares traded. At this price, the group’s market value is RM513.43 million.  
Year to date, the counter has gained 146%.