Willowglen sees 24 million shares traded off-market

Willowglen sees 24 million shares traded off-market
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KUALA LUMPUR (Sept 13): Willowglen MSC Bhd saw 24.39 million shares, equivalent to 10.02% of its share capital, traded off-market today, according to Bloomberg data.

The shares were traded in three separate blocks at 80 sen per share, valuing the sale at RM19.51 million.

At 80 sen per share, the off-market shares were sold at a 37% discount to its closing price of RM1.27 today.

The identity of the sellers and buyers were not disclosed.

Meanwhile, on the open market, Willowglen saw 3.03 million shares, equivalent to 1.22% of its share capital, change hands.

Willowglen's managing director Wong Ah Chiew via New Advent Sdn Bhd had yesterday launched a takeover for the remaining shares that the group does not hold, at 80 sen per share.

Wong triggered the takeover after increasing his holdings in industrial automation technology solutions provider to 55% from 32.08%, following a series of purchase of shares previously.

Willowglen's closing price of RM1.27 (down 12 sen or 8.63% from yesterday) gives the group a market capitalisation of RM314.96 million.