SHL public shareholding spread down to 23.53% after director’s buy

KUALA LUMPUR (April 1): Builder cum property developer SHL Consolidated Bhd’s public shareholding spread is now at 23.53%, short 1.47% from the minimum requirement of 25%.

“As at to-date, the company has not formulated any rectification plan to address the shortfall in the required public shareholding spread, but will endeavour to formulate such a plan as soon as possible,” SHL (fundamental: 1.95; valuation: 2.4) told Bursa Malaysia in a filing this afternoon.

The group also said it will apply to the local exchange for an extension of six months to comply with the Main Market Listing Requirement.

The non-compliance came about after the acquisition of 3.6 million shares on March 24, by Datuk Yap Chong Lee via Yap Chong Lee Holdings Sdn Bhd.

Yap is an executive director of SHL. He now holds an indirect interest of 39.16% in the group.

As at 2:32pm, SHL was trading at RM3.15, up 1 sen or 0.32%, which gives it a market capitalisation of RM760.27 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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