Lee Kim Yew, Tan Choon Hwa & Justin Lim to buy more SMTRACK (0169) SMTRACK BHD shares?

Lee Kim Yew, Tan Choon Hwa & Justin Lim to buy more SMTRACK (0169)  SMTRACK BHD shares?

Tan Sri Lee Kim Yew emerged as as a substantial shareholder of SMTrack Bhd on Dec 29 2021, after acquiring 28.5 million shares or a 5.05 per cent stake in open market.

KUALA LUMPUR: Tan Sri Lee Kim Yew, Datuk Seri Tan Choon Hwa and Datuk Justin Lim Hwa Tat are expected to be buying more shares in SMTrack Bhd and reinstated as substantial shareholders again.

The buying are necessary after their shareholdings were diluted pursuant to an enlargement of SMTrack's share capital arising from the conversion of 75 million redeemable convertible notes.

Lee, who is the founder and executive chairman of Country Heights Holdings Bhd, had earlier surfaced as a substantial shareholder of SMTrack on Dec 29 2021, after acquiring 28.5 million shares or a 5.05 per cent stake in open market.

On Jan 6, Tan had emerged as the radio frequency identification solutions company's new substantial shareholder, after raising his stake to 5.4 per cent from 3.16 per cent previously.

The next day (Jan 7), Lim - who is managing director of Sersol Bhd - emerged as SMTrack's new substantial shareholder after acquiring 29 million shares or 5.14 per cent stake via an open market transaction.

On the same day, Tan and Lim were appointed as directors of SMTrack.

The shareholding changes and new appointments came amid news that a government-linked company (GLC) was eyeing a 10 per cent stake in SMTrack.

In confirming the news, SMTrack said on Jan 6 that it was in early negotiations with a GLC.

This week's edition of The Edge Malaysia weekly reported that something big could happen as a signing ceremony between SMTrack, Country Heights, Jiankun International Bhd, Sersol Bhd, AHB Holdings Bhd, Techna-X Bhd, MQ Technology Bhd and 5G Infratech Malaysia Sdn Bhd was scheduled to be held on today.

However, quoting sources, the weekly said it had been rescheduled to next Monday to accommodate the busy schedule of the guest of honour.

SMTrack, which was the most actively traded stock on Wednesday, saw 110.6 million shares traded.

It closed unchanged at 30 sen, valuing it at RM191.75 million.

The counter has risen from 16 sen since Dec 29, 2020, when Lee emerged as its shareholder.

SMTrack is traded on Bursa Malaysia's ACE Market, which is designed for companies with growth prospects.

https://www.nst.com.my/business/2022/01/762543/lee-kim-yew-tan-choon-hwa-justin-lim-buy-more-smtrack-shares