ASIAPLY (0105) ASIA POLY HOLDINGS BHD spends 5.2% of net assets to increase stake in Ta Win

ASIAPLY (0105) ASIA POLY HOLDINGS BHD spends 5.2% of net assets to increase stake in Ta Win

KUALA LUMPUR (Feb 17): Asia Poly Holdings Bhd said it had spent 5.2% or RM7.52 million of its net assets to acquire 51.1 million shares or a 1.5% equity interest in Ta Win Holdings Bhd, bringing the former’s stake to 191 million shares or 5.59% of the latter’s total issued shares.

In a filing on Thursday (Feb 17), Asia Poly said the 51.1 million Ta Win shares were purchased between June 10, 2021 and Feb 16, 2022, using internally-generated funds.

The company said that it had acquired Asia Poly shares for the purpose of investment.

Notably, Ta Win’s non-independent non-executive chairman, Datuk Yeo Boon Leong and its independent non-executive director, Datin Seri Azreen Abu Noh sit on Asia Poly’s board.

As at Feb 16, Yeo owns 277.64 million shares or an 8.13% equity interest in Ta Win while Azreen Abu Noh does not own any shares in Ta Win.

At market close on Thursday, Asia Poly and Ta Win were both trading half sen lower at 17 sen and 16 sen, giving them market capitalisations of RM144.36 million and RM529.18 million, respectively.

http://www.theedgemarkets.com/article/asia-poly-spends-52-net-assets-increase-stake-ta-win