Tabung Haji buys 8.33% stake in WZ Satu

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 KUALA LUMPUR (Oct 31): Lembaga Tabung Haji emerges as a substantial shareholder in WZ Satu Bhd, which is in the midst of venturing into the oil & gas industry, with an 8.33% equity stake.

According to the latest filing with Bursa Malaysia this evening,  the pilgrim fund board had on Tuesday  acquired 19 million shares through private placement at 84 sen apiece, or RM15.96 million in total.

The transacted price transacted was 67% lower than WZ Satu’s closing price of RM2.57 on that day.

Year-to-date, share price of WZ Satu rose more than RM1.60 or 210%, to settle at RM2.44 today, bringing its market capitalisation to RM556.3 million.

According to TheEdge, the likelihood of corporate exercise for WZ Satu is high. Its risk score stood at four, on a scale of one to five, with five being the most volatile.
WZ Satu’s currently core business is manufacturing cold drawn bright steel shafting bars, as well as trading of other steel products including cut-to-size steel products.