This article first appeared in The Edge Financial Daily on March 19, 2019

KUALA LUMPUR: Tasek Corp Bhd saw 7.6 million shares — 6.28% of the group’s total 121.1 million outstanding shares — traded off-market at a discount yesterday.

Bloomberg data show the transactions were carried out in two tranches in the final minutes of trading yesterday at RM4.76 apiece, or for an aggregate value of RM36.19 million.

This represents a one-sen discount to Tasek’s open market closing price of RM4.77, with a mere 2,000 shares crossed. The parties involved in the off-market transactions were not known at the time of writing.

Tasek Corp principally manufactures and sells cement, cement-related products and ready-mixed concrete in Peninsular Malaysia. Based on the current price, Tasek Corp has a market capitalisation of RM577.85 million.

The group recently reported an annual net loss of RM21.8 million on revenue of RM554.78 million, hit by an intense pricing competition in the domestic market, a lower ready-mixed concrete sales volume, higher costs of production and a lower interest income.

Tasek Corp’s board is helmed by Kwek Leng Peck as  non-executive chairman. He has been the company’s  chairman since April 2009.

He  is also executive chairman of Hong Leong Asia Ltd. Hong Leong Asia’s unit, HL Cement (M) Sdn Bhd, is Tasek Corp’s largest shareholder with a 74.28% stake as at March 2018.