Tanjung Offshore sees 9.68% of its shares traded off market

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KUALA LUMPUR (Jan 30): Tanjung Offshore Bhd saw 36 million shares, representing a 9.68% stake in the company, crossed off market today.

According to Bloomberg data, the shares were moved in three blocks — consisting two blocks of 14 million shares each, and one block of 8 million shares. The shares were traded at 35 sen per share, for a total value of RM12.6 million.

The transacted price of 35 sen represents 18% discount to Tanjung’s closing price of 43 sen today.

It is not known who the parties involved in the trades are, at press time.

Tanjung announced last Wednesday (Jan 21) that it had suspended the services of two company directors and a group advisor, after an internal review by an independent committee established within the firm.

According to a filing with Bursa Malaysia, the company alleged there were “possibilities of conflict of interest and breaches of fiduciary duty involving two of its directors, i.e. an executive director and a non-independent non-executive director, acting both individually and together”.

Tanjung’s largest shareholder is Lembaga Tabung Haji — which controls some 8.26% in the company, followed by Tan Sri Tan Kean Soon, with a 4.81% stake.

Tanjung (fundamental: 1.95; valuation: 2.4) shares closed down 1 sen or 2.27% to 43 sen today, with a market capitalisation of RM159.98 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.)