Two biggest shareholders trim stakes in QL Resources

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KUALA LUMPUR (Dec 1): CBG Holdings Sdn Bhd and Farsathy Holdings Sdn Bhd, the two biggest shareholders of QL Resources Bhd, had both disposed a total of 10.5 million shares in the company.

According to a filing with the bourse, CBG disposed 8.16 million shares, equivalent to a 0.65% stake in the company, at RM3.43 each on Nov 27, 2014.

Meanwhile, Farsathy Holdings Sdn Bhd disposed of 2.34 million shares or 0.19% equity interest in QL Resources, also for RM3.43 a piece on Nov 27, 2014.
CBG and Farsathy are both controlled by the Chia family.

In a separate statement, QL Resources said it had acquired an additional 163,800 shares in Lay Hong Bhd on Nov 28, 2014.

To recap, QL Resources made a conditional voluntary takeover of Lay Hong on Sept 24, for the shares it does not own in the poultry firm, for about RM128 million or RM3.50 per share.

Last month (November), the company extended its takeover bid for Lay Hong at RM3.50 per share to 5pm on Nov 26, from Nov 5.

As at Nov 25, QL Resources was the second largest shareholder of Lay Hong, with a 36.55% stake, according to Bloomberg data.

QL Resources closed 6 sen or 1.75% lower at RM3.37, bringing its market capitalisation to RM3.99 billion.