9.5% Acme Holdings stake traded off-market

KUALA LUMPUR (March 1): Plastic parts manufacturing and property development company Acme Holdings Bhd saw 19.99 million shares, representing a 9.53% stake in the company, traded off-market today.

Bloomberg data shows the shares were traded in two blocks at 34 sen apiece, which is at a 13.3% premium to its last closing price of 30 sen on Feb 27. This amounted to RM6.79 million. The stock was untraded today.

It is unclear who were involved in the transactions at press time.

According to Acme's bourse filing, its substantial shareholder Supptech Holdings Sdn Bhd has reduced its stake to 51.54% as at Nov 17, 2017. Supptech's shareholders include executive chairman Datuk Seri Lee Kuang Shing, as well as Lee's wife and Acme executive director Datin Sri Tan Siew Hong.

Earlier on Oct 2, 2017, Ooi Soon Hong through Nada Wangi Sdn Bhd had emerged as a new substantial shareholder in Acme with a 20.47% stake.

On Jan 19, Acme had proposed a private placement of up to 21.85 million shares, representing 10% of its issued share capital, to raise just under RM7 million to add a new furniture production line on top of its existing plastic manufacturing lines.

The group turned into the black in the nine-month period ended Dec 31, 2017 (9MFY18) with a net profit of RM3.22 million compared with a net loss of RM4.44 million a year ago, mainly due a turnaround of its property development division.

However, revenue in 9MFY18 fell 26.1% to RM19.82 million from RM26.8 million in 9MFY17, mainly due to a drop in revenue by its property development division.

At 30 sen per share, the group has a market capitalisation of RM65.55 million. — theedgemarkets.com

For more stories, download EdgeProp.my pullout here for free.