MD continues with share trading as Tanco claims ‘business as usual’

KUALA LUMPUR (June 17): After telling the investing public that it was business as usual at Tanco Holdings Bhd (KL:TANCO) despite the collapse of its share price, group managing director Datuk Seri Andrew Tan Jun Suan also continued his trading as usual.

Jun Suan bought some 82.5 million shares and sold about 96.4 million shares over the past four trading days between June 11 and June 16.

The following is the details of his transactions:

June 11: Sold five million shares and 67.19 million shares (1.115%) via TJN Capital Sdn Bhd at 20 sen per share. These shares sold on the open market.

June 12: Bought 72.5 million shares (1.203%) at 35 sen per share in a direct business deal. Sold 21.25 million shares (0.353%) via TJN Capital at 20 sen per share on the open market.

June 15: Sold 1.77 million shares (0.029%) at 14.5 sen via a direct business transaction

June 16: Sold 1.19 million shares (0.02%) at 14 sen on the open market. Bought 10 million shares (0.166%) via TJN Capital at 28 sen via a direct business deal.

Over the past four trading days, Jun Suan spent RM25.38 million to buy Tanco shares while receiving RM1.42 million from sales. Meanwhile, his investment vehicle TJN Capital paid RM2.8 million to buy more Tanco shares and made RM17.69 million from share sales.

After the transactions, Jun Suan’s direct stake increased to 20.03% as at June 16, compared with 18.955% on June 10. TJN Capital’s shareholding fell marginally to 33.32% from 34.622%.

His younger brother Edwin Tan Kium Suan, who is a director at two of Tanco’s subsidiaries, sold 1.69 million shares or a 0.028% stake on Monday (June 15) for an estimated value of RM231,886.20.

Kium Suan was last seen dealing in Tanco’s shares a week ago, buying 7.64 million shares for an estimated RM6 million at 78.5 sen — the day’s intra-day low.

The property developer had on Monday assured shareholders that its business operations, property development and contractual obligations remain unaffected amid the share price volatility.

The company said the scale of the recent share price plunge appeared ‘odd’.

Tanco’s share price rebounded slightly on Tuesday, as it traded between 15.5 sen and 12 sen. The stock closed at 15 sen, up two sen, with about 260.5 million shares traded.

AskEdge data shows its price-to-earnings ratio at 86 times, the highest among peers but lowest compared to historical valuation in recent years. Meanwhile, its price-to-net asset value ratio was at 2.1 times, which is also higher than most peers but below the recent years’ average.

Tanco has lost about RM9.08 billion in market value since June 8. At its closing price, it has a market capitalisation of RM920.1 million, compared with its peak at RM10.8 billion when its share price hit RM1.76 about two weeks ago.

Before the stock fell off a cliff, it had rallied for more than two years, climbing from the 25-sen level in early 2024.

Jun Suan’s share dealings have long drawn market attention, with his daily trading patterns showing frequent buying and selling of shares but minimal changes in his shareholding.

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