SMTrack CEO ceases to be substantial shareholder

SMTrack CEO ceases to be substantial shareholder
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KUALA LUMPUR (Oct 26): SMTrack Bhd managing director cum chief executive officer (CEO) Yow Lock Sen has ceased to be a substantial shareholder in the radio frequency ID tags specialist, which counts Sarawak businessman Datuk Amar Abdul Hamed Sepawi as its largest shareholder with a 12.07% stake.

In a filing with Bursa Malaysia today, it was revealed that Yow had disposed of 4 million SMTrack shares at 9.5 sen per share on Oct 22.

With this disposal, Yow is left with 6 million shares or a 2.12% direct interest, and 4.28 million shares representing a 1.51% indirect interest in the company.

The disposal price of 9.5 sen was at a 9.5% discount to SMTrack's closing market price of 10.5 sen per share on Oct 22.

Yow first emerged as a substantial shareholder in the company on May 8 last year, after acquiring 10 million shares that represented a 3.53% direct interest, together with 12.24 million indirect shares or a 4.32% indirect interest held through his son's substantial shareholdings in Online Entertainment Sdn Bhd. He was appointed as CEO of SMTrack a day after, on May 9, 2014.

He subsequently trimmed his indirect stake in the company to 4.28 million shares, or 1.51%.

SMTrack shares closed down 0.5 sen or 4.35% today at 11 sen, with a market capitalisation of RM31.16 million.

(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.)