16 million Kamdar shares traded off-market

PETALING JAYA: Textile retailer Kamdar Group (M) Bhd,
which was recently in the news over a shareholder dispute, saw 16
million of the company’s shares representing an 8.8% stake, transacted
in an off-market deal.
A filing by the company with Bursa
Malaysia showed that Kamal Kumar Kishorchandra Kamdar, the company’s
managing director, who holds a 12.49% stake or 24.73 million shares,
bought the stake via a private arrangement.
Stock market data
showed the block of shares transacted at 55 sen each, which was seven
sen or 14.6% above Monday’s closing price of 48 sen. The stock added 3.5
sen to close at 51.5 sen yesterday.
Two major shareholders,
Bipinchandra Balvantrai and Gautam Kamdar Bipinchandra, had called off
their proposed EGM on April 12 to remove three directors. The EGM was
originally slated for tomorrow.
To recap, they had proposed in a
circular to shareholders to remove Kamal, Rajesh Kumar Gejinder Nath and
Liang Ah Wah @ Frank Liang from the company’s board with immediate
effect.
Bipinchandra, the company’s executive chairman, holds a
28.91% stake or 56.27 million shares in the company while Gautam has
7.88 million shares.