Wintoni’s largest shareholder ceases to be substantial shareholder

Wintoni’s largest shareholder ceases to be substantial shareholder
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KUALA LUMPUR (Dec 3): Wintoni Group Bhd’s largest shareholder, Yap Kok Weng, has disposed of 82.32 million shares in the company, representing a substantial 16.1% stake in the company.

According to a filing with Bursa Malaysia today, Yap had disposed the shares between Nov 26 and Dec 1, 2015. After the disposal, Yap’s shareholding in the company stood at 19.1 million shares or a 3.72% stake.

Wintoni, a business solution provider and designer of automation systems, had seen a 59% drop in its share price from 16 sen on Nov 25 to 6.5 sen yesterday (Dec 2), after the company said it was unable to submit its financial statement for the third quarter ended Sept 30 (3QFY15) due to loss of data, following a recent break in to its office.

As a result of its failure to submit its 3QFY15 results, the group’s shares will be suspended next Tuesday (Dec 8); and the company risks delisting, should it fail to issue the outstanding financial statements within six months from the expiry of the stipulated timeframe.

Wintoni shares closed down 1.5 sen or 23.08% today to 5 sen, with a market capitalisation of RM25.65 milllion.

(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.)