KUALA LUMPUR (Aug 18): Takaso Resources Bhd former executive chairman Tee Tze Chern has disposed of 29.54 million of his shares, representing a 14.44% stake in the company, for RM16.25 million.

In a filing with Bursa Malaysia today, it was revealed that Tee had disposed of 24.1 million shares that he had held in Takaso through his interest in Nextplus Fortune Sdn Bhd on Aug 14 at 55 sen per share.

On the same date (Aug 14), Takaso had also announced that Tee, 50, had been redesignated from his role of executive chairman to executive director in the company. Yang Amat Mulia Tunku Azudinshah Ibni Tunku Annuar, 45, was then appointed as the independent and non-executive chairman of Takaso.

Subsequently on Aug 17, Tee disposed of 5.44 million of his shares held through Nextplus at 55 sen per share.

Takaso, a company in the rubber and baby products industry which recently ventured into the construction sector, had also recently announced its acquisition of a 37,264.66 sq ft piece of leasehold land in Taman Melaka Raya, Melaka, for RM9.32 million cash.

The group planned to turn the land into a mixed development with a gross development value of RM134.15 million.

Takaso (fundamental: 1.65; valuation: 0) shares closed up 0.5 sen or 0.92% today to 55 sen each, giving it a market capitalisation of RM112.55 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.)