PUCF and Magna Prima shares traded off-market

KUALA LUMPUR: PUC Founder (MSC) Bhd (PUCF) saw four blocks of shares totalling 51 million shares, or a 6% equity stake, traded off-market yesterday.

According to Bloomberg data, the big chunk of shares was transacted at 11.5 sen per share, at a sharp discount of nearly 83% to yesterday’s closing price of 21 sen.

It is not known who the vendor and buyer of the shares were as there was no filing on changes in shareholders at press time.

The shares were traded in four blocks of direct off-market transactions worth RM5.87 million. Resource Holding Management Ltd, an advertising and media brokerage firm listed on the Alternative Investment Market (a sub-market of the London Stock Exchange), is the single largest shareholder with a 62.5% stake in PUCF, which is a developer of fingerprinting security system and IT solutions.

PUCF’s share price has rebounded from a low of 14 sen in late May to a nearly six-month high of 21 sen yesterday.

In the first quarter ended March 31, 2014, its net profit increased almost eightfold to RM3.63 million from RM474,000 in the previous corresponding quarter. Revenue was three times higher at RM16.58 million from RM5.41 million. Earnings per share, however, came in lower at 0.43 sen versus 0.5 sen earlier.

The sharp jump in revenue was mainly due to the consolidation of the financial results of the enlarged PUCF group after the completion of its acquisition of Red Media Asia Ltd in January.

Over at Magna Prima Bhd, some 15.07 million shares, or 4.5% equity interest, were traded in a direct off-market deal, at RM1.06 per share, worth RM16 million. The off-market transaction price was 10.4% lower than yesterday’s closing of RM1.17. The property stock jumped 24.5% from 94 sen on June 23.


There was no filing of the share transaction with Bursa Malaysia yesterday.

The property firm is in the midst of seeking a buyer for its prime tract near Jalan Ampang, Kuala Lumpur, where the Lai Meng primary school was located.

The Edge weekly reported that Magna Prima hoped to get as much as RM3,500 per sq ft for the 2.62-acre (1.06ha) land it purchased five years ago. The land sale could probably fetch at least RM360 million for the company.

This article first appeared in The Edge Financial Daily, on July 8, 2014.


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