Tanco MD buys shares from younger brother as shares slip yet again

KUALA LUMPUR (June 23): Tanco Holdings Bhd (KL:TANCO) group managing director Datuk Seri Andrew Tan Jun Suan bought shares from his younger brother Edwin Tan Kium Suan on Monday.

Jun Suan sold 28.5 million shares or a 0.473% stake on the open market at 15.6 sen apiece last Thursday, as well as another block of 44 million shares or a 0.73% stake via a direct business transaction at 14 sen per share. The total transactions were valued at an estimated RM10.61 million.

He then turned buyer on Monday (June 22), picking up 35.21 million direct shares or a 0.584% stake at 26.5 sen per share — more than double Tanco’s closing price of 13 sen — from Kium Suan in a direct business transaction valued at an estimated RM9.33 million.

Kium Suan is a director at two of Tanco’s subsidiaries and has been observed as following a similar buying and selling pattern like his brother, though not nearly as large of an amount as Jun Suan’s dealings, amid a drop in the property developer’s share price.

According to a separate filing, Kium Suan also acquired 10,000 shares at 13 sen apiece, or RM1,300 in total, on June 15.

After the latest dealings, Jun Suan’s direct stake in Tanco drops slightly to 19.41% from 20.03% previously, while TJN Capital Sdn Bhd’s indirect interest remains unchanged at 33.32%.

Tanco’s share price fell one sen or 7.1% to close at 13 sen on Monday, with 117.08 million shares changing hands.

On June 15, the property developer had assured shareholders that its business operations, property development and contractual obligations remain unaffected amid the share price volatility after its share price plummeted nearly 90%.

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

Tanco has lost about RM10 billion in market value since June 8. At its closing price, it has a market capitalisation of RM797.4 million, compared with its peak at RM10.8 billion when its share price hit RM1.76.

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

Read also:
MD continues with share trading as Tanco claims ‘business as usual’
Tanco hit by steepest decline on record, as losing streak wipes out nearly RM10 bil

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