KANGER (0170) - Notable Trade - Kanger’s MD sells 20 mil shares or 3.88% stake
April 7, 2015 : 6:34 PM MYT
KUALA LUMPUR (April 7): China-based, Bursa Malaysia-listed Bamboo flooring manufacturer Kanger International Bhd, saw its managing director Leng Xingmin dispose of 20 million shares or a 3.88% stake to institutional fund at 45 sen apiece.
In Kanger’s filing with Bursa Malaysia today, the group said the transaction was done yesterday (Monday, April 6), but did not disclose the buyer of these shares.
When contacted, Kanger’s executive director Amita Chong said the shares were sold to an institutional fund. However, he was not certain about the name of the fund.
“What I know is that they are not interested to own more than 5% stake in Kanger, and they are not asking for more,” he told theedgemarkets.com over the telephone.
“Not that I know of, the fund is the only party that approached him (Leng) so far,” Chong responded, when asked if Leng is seeking to sell more shares moving forward.
According to Bloomberg data, the shares were moved in two blocks of 5 million shares each and one block of 10 million shares, all transacted at 45 sen per share, adding to a total transaction value of RM9 million. The transaction was done at 11% higher than Kanger’s closing price of 40.5 sen yesterday (April 6).
After the transaction, Leng’s shareholding reduced to 40.19% or equivalent to 207.35 million shares.
Kanger had called for an extraordinary general meeting today, which saw its shareholders approve the group’s proposed RM100 million fund raising programme and diversification into property investment and management.
The stock appreciated half a sen or 1.23% to 41 sen today, with 9.18 million shares traded in the open market. It had a market capitalisation of RM208.98 million.
http://www.theedgemarkets.com
April 7, 2015 : 6:34 PM MYT
KUALA LUMPUR (April 7): China-based, Bursa Malaysia-listed Bamboo flooring manufacturer Kanger International Bhd, saw its managing director Leng Xingmin dispose of 20 million shares or a 3.88% stake to institutional fund at 45 sen apiece.
In Kanger’s filing with Bursa Malaysia today, the group said the transaction was done yesterday (Monday, April 6), but did not disclose the buyer of these shares.
When contacted, Kanger’s executive director Amita Chong said the shares were sold to an institutional fund. However, he was not certain about the name of the fund.
“What I know is that they are not interested to own more than 5% stake in Kanger, and they are not asking for more,” he told theedgemarkets.com over the telephone.
“Not that I know of, the fund is the only party that approached him (Leng) so far,” Chong responded, when asked if Leng is seeking to sell more shares moving forward.
According to Bloomberg data, the shares were moved in two blocks of 5 million shares each and one block of 10 million shares, all transacted at 45 sen per share, adding to a total transaction value of RM9 million. The transaction was done at 11% higher than Kanger’s closing price of 40.5 sen yesterday (April 6).
After the transaction, Leng’s shareholding reduced to 40.19% or equivalent to 207.35 million shares.
Kanger had called for an extraordinary general meeting today, which saw its shareholders approve the group’s proposed RM100 million fund raising programme and diversification into property investment and management.
The stock appreciated half a sen or 1.23% to 41 sen today, with 9.18 million shares traded in the open market. It had a market capitalisation of RM208.98 million.
http://www.theedgemarkets.com
