Ajiya books RM14.3 mil gain from Tanco share disposal amid developer’s share-price slide

PETALING JAYA (June 26): Ajiya Bhd has booked a gain of about RM14.3 million from the disposal of its shares in Tanco Holdings Bhd, reducing its position during a decline in the property developer’s stock.

In a filing with Bursa Malaysia yesterday, the building materials group said it had disposed of 49.95 million Tanco shares via off‑market transactions between April 29 and June 24 at an average price of 88.7 sen per share, for total proceeds of RM44.31 million. The sales reduced Ajiya’s stake in Tanco to 0.76% from 1.59%.

Ajiya disclosed that the shares sold had an original investment cost of about RM29.99 million, implying a disposal gain of roughly RM14.32 million. It said the disposals formed part of its capital management strategy to realise value and reallocate funds, with proceeds earmarked for working capital, including payments to suppliers and service providers, financing costs and other operating expenses.

The disposals took place during a decline in Tanco shares. Tanco shares closed at RM1.59 on April 29, the first day of Ajiya’s disposal period, before declining from early June and ending at 13.5 sen on June 25.

Separately, Tanco group managing director Datuk Seri Andrew Tan Jun Suan has reported dealings in the company’s shares. On June 18, he acquired 44 million shares, representing a 0.73% stake, at 14 sen per share through a direct business transaction valued at RM6.16 million.

Regulatory disclosures show that following this purchase, his direct interest rose to 20.14%, while his indirect interest via TJN Capital Sdn Bhd and Millennium Land Sdn Bhd remained at about 33.3%.

Tanco has received two unusual market activity queries from Bursa Malaysia this year. In its responses, the company said it was not aware of any undisclosed corporate developments that could explain the trading volatility and stated that its operations remain unaffected by movements in its share price.

Ajiya’s own shares closed one sen higher at RM1.02 yesterday, giving the group a market value of about RM621.4 million.

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