FITTERS (9318) FITTERS DIVERSIFIED BHD major shareholder sells entire 30.8% stake
KUALA LUMPUR (Nov 25): Fitters Diversified Bhd’s major shareholder Datin Goh Hooi Yin, who is also the managing director, sold her entire stake in the company that was founded by her late husband Datuk Wong Swee Yee.
Goh had disposed of 98.73 million shares directly held under her name plus 45.42 million shares, which were held through AllianceGroup Nominees (Tempatan) Sdn Bhd — Pledged Securities Account, according to the filings with Bursa Malaysia.
The large block of 114.15 million shares, which is equivalent to a 30.82% stake, were transacted at 60 sen each, representing an 18% premium over the closing price of 51 sen, according to Bloomberg data. These shares are valued at RM86.49 million.
Following the share sales, Goh ceased to be a substantial shareholder of the group.
Prior to the latest share transaction, Goh was the largest shareholder with a 22.49% stake, followed by Wong (9.71%), director Datuk Ho Shu Keong (6.31%) and Salcon executive director Datuk Leong Kok Wah (4.23%).
The shares were traded via 23 blocks of shares, ranging between 800,000 shares to 23.75 million shares per block, Bloomberg data showed.
Year to date, the safety equipment manufacturer’s share price has doubled from 25.5 sen on Dec 31, 2020. The counter has been trending upwards since early May.
The company fell into the red in its financial year ended Dec 31, 2020 (FY20), with a net loss of RM13.11 million, its first loss in four years.
However, it returned to the black with a net profit of RM7.6 million in the second quarter ended June 30, 2021 (2QFY21), versus a net loss of RM4.16 million in the preceding quarter. Quarterly revenue grew 29% quarter-on-quarter to RM77.52 million.
The improvement was partly due to an exceptional gain of RM16.1 million from the disposal of investment in an associate company.
For the six months ended June 30, its net profit stood at RM3.45 million, compared to a net loss of RM7.12 million in the previous year’s corresponding quarter, while revenue grew 30% to RM137.6 million from RM106.03 million.
http://www.theedgemarkets.com/article/fitters-diversified-major-shareholder-sells-entire-308-stake
