Hot Stock Yen Global jumps 10% after changes in substantial shareholdings
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Hot Stock Yen Global jumps 10% after changes in substantial shareholdings
- Hot Stock
[size=28]Yen Global jumps 10% after changes in substantial shareholdings
By Yimie Yong / theedgemarkets.com | July 15, 2016 : 1:59 PM MYTKUALA LUMPUR (July 15): Shares of Yen Global Bhd jumped 7 sen or 10.77% to 72 sen, its multi-year high, after some 20% stake in the company was traded off market yesterday.
At 12.18 p.m., Yen Global was traded at 72 sen, its highest price since 2004, with 1.18 million shares done, for a market capitalisation of RM99 million. Year to date, the counter has risen more than 67%.
“Following the off market trade yesterday, there might be changes in the boardroom and management of the loss-making company. Probably, there may be restructuring measures,” Malacca Securities Sdn Bhd analyst Kenneth Leong told theedgemarkets.com via telephone.
Furthermore, he said it was previously reported that Yen Global’s high technology subsidiary, Atilze Digital Sdn Bhd, is partnering with Malaysia Digital Economy Corporation (MDEC) to build city-wide Internet of Things (IoT) sensor networks using LoRa technology.
“This could be a new catalyst for the loss-making apparel company to turnaround,” he said.
Yen Global has been making losses since financial year ended July 31, 2014 (FY14).
Yesterday, the apparel maker saw 28.34 million shares, representing a 20.65% stake in the company, traded off market for RM14.17 million.
According to Bloomberg data, Yen Global shares were moved in eight direct business transaction blocks today for RM14.15 million or 50 sen per share, which was 15 sen or 23% lower than the 65 sen closing price of its shares yesterday.
However, it was not immediately known as to whom the parties involved in the transactions were.
According to Yen Global’s latest annual report, its executive chairman Goh Kok Beng and former managing director Goh Kok Heng, the largest shareholders, have a deemed interest of 24% in the company via their shareholdings in Extreme Lifestyle (M) Sdn Bhd.
Last month, Yen Global said it was selling its entire stake in Twin Access Sdn Bhd to two individuals for RM3.41 million, to improve liquidity and cash flow, while raising additional working capital.
Meanwhile, a filing with Bursa Malaysia dated June 17 showed that Taiwan-based Gemtek Investments Co Ltd had emerged as a substantial shareholder of the group, after acquiring 12.5 million shares or a 9.09% stake in Yen Global, via private placement at 52 sen per share.
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