REDTONE (0032) - Vincent Tan’s BCorp ups stake in REDtone
March 17, 2015 : 7:15 PM MYT
KUALA LUMPUR (March 17): Tan Sri Vincent Tan’s Berjaya Corp Bhd (BCorp) has upped its stake in REDtone International Bhd (REDtone) to 28.29%, after its wholly-owned subsidiary Juara Sejati Sdn Bhd (JSBB) bought six million shares in the telecommunications group on March 12, 2015.
Correspondingly, Tan now has an increased 29.95% equity interest in REDtone (fundamental: 2.3; valuation: 0.3) by virtue of his interest in BCorp (fundamental: 0.35; valuation: 1.2).
In addition, filings with Bursa Malaysia also revealed that REDtone’s chairman, Datuk Seri Syed Ali bin Tan Sri Syed Abbas Al Habshee, has disposed of 74.6 million shares through a married deal to the Sultan Ibrahim of Johor yesterday (Monday, March 16).
The 74.6 million shares were disposed by Syed Ali’s vehicle Tema Juara Sdn Bhd. Syed Ali is now left with another 10.53% indirect interest in REDtone.
Meanwhile, Sultan Ibrahim holds a 20.13% equity stake in REDtone, following his purchase from Syed Ali from the market, as well as the conversion of his warrants and irredeemable convertible unsecured loan stocks (Iculs).
Prior to the conversion, he held a 4.8% stake in REDtone.
Today, REDtone shares rose as much as 5 sen to close at a five-year high of 88 sen. This gives the company a market capitalisation of RM552.23 million.
March 17, 2015 : 7:15 PM MYT
KUALA LUMPUR (March 17): Tan Sri Vincent Tan’s Berjaya Corp Bhd (BCorp) has upped its stake in REDtone International Bhd (REDtone) to 28.29%, after its wholly-owned subsidiary Juara Sejati Sdn Bhd (JSBB) bought six million shares in the telecommunications group on March 12, 2015.
Correspondingly, Tan now has an increased 29.95% equity interest in REDtone (fundamental: 2.3; valuation: 0.3) by virtue of his interest in BCorp (fundamental: 0.35; valuation: 1.2).
In addition, filings with Bursa Malaysia also revealed that REDtone’s chairman, Datuk Seri Syed Ali bin Tan Sri Syed Abbas Al Habshee, has disposed of 74.6 million shares through a married deal to the Sultan Ibrahim of Johor yesterday (Monday, March 16).
The 74.6 million shares were disposed by Syed Ali’s vehicle Tema Juara Sdn Bhd. Syed Ali is now left with another 10.53% indirect interest in REDtone.
Meanwhile, Sultan Ibrahim holds a 20.13% equity stake in REDtone, following his purchase from Syed Ali from the market, as well as the conversion of his warrants and irredeemable convertible unsecured loan stocks (Iculs).
Prior to the conversion, he held a 4.8% stake in REDtone.
Today, REDtone shares rose as much as 5 sen to close at a five-year high of 88 sen. This gives the company a market capitalisation of RM552.23 million.
