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HLCap’s free float rises to 10.2%
by Cals Tue 30 Jul 2013, 10:14
HLCap’s free float rises to 10.2%
Business & Markets 2013
Written by Zatil Husna Wan Fauzi of theedgemalaysia.com
Tuesday, 30 July 2013 10:05
KUALA LUMPUR: Trading in Hong Leong Capital Bhd (HLCap) will not be suspended come Aug 12 after a substantial shareholder sold enough shares to lift its public shareholding spread above the 10% threshold.
According to a filing with Bursa Malaysia yesterday, HLCap will no longer be suspended on Aug 12 as its public shareholding spread was at 10.2% as at July 26.
This confirms a report by The Edge Financial Daily last Friday, which said HLCap’s second largest shareholder Datuk Dr Yu Kuan Chon was willing to sell some of his shares to elevate HLCap’s free float above the required 10% to retain an active trading status.
To recap, HLCap’s free float stood at 9.63% on June 26, prompting Bursa Malaysia to order the suspension of the stock within 30 market days, or on Aug 12, due to the lack of free float.
Yu’s stake fell to 8.3% or over 20.49 million shares on July 23 following several open market disposals, stock market filings showed at the time of the writing. Earlier in March, Yu had an 8.65% stake in HLCap.
This is not the first time Yu has tried to raise HLCap’s public shareholding spread. In March, Yu helped HLCap maintain listing and trading by paring his stake to 8.65% to raise the company’s free float to 10.02% at the time.
Yu, chairman of Sitiawan-based developer YNH PROPERTY BHD [], started accumulating HLCap shares three to four years ago as he believed the financial group was under-researched and under-appreciated by the investment community.
His name rocketed to prominence overnight on the Malaysian corporate scene when news got out that his hand was strong enough to thwart Tan Sri Quek Leng Chan’s plans to take HLCap private.
HLCap rose 10 sen at closing to RM6.15 from RM6.05 (+1.65%), with some 319,000 shares changing hands yesterday. — by Zatil Husna Wan Fauzi
This article first appeared in The Edge Financial Daily, on July 30, 2013.
Business & Markets 2013
Written by Zatil Husna Wan Fauzi of theedgemalaysia.com
Tuesday, 30 July 2013 10:05
KUALA LUMPUR: Trading in Hong Leong Capital Bhd (HLCap) will not be suspended come Aug 12 after a substantial shareholder sold enough shares to lift its public shareholding spread above the 10% threshold.
According to a filing with Bursa Malaysia yesterday, HLCap will no longer be suspended on Aug 12 as its public shareholding spread was at 10.2% as at July 26.
This confirms a report by The Edge Financial Daily last Friday, which said HLCap’s second largest shareholder Datuk Dr Yu Kuan Chon was willing to sell some of his shares to elevate HLCap’s free float above the required 10% to retain an active trading status.
To recap, HLCap’s free float stood at 9.63% on June 26, prompting Bursa Malaysia to order the suspension of the stock within 30 market days, or on Aug 12, due to the lack of free float.
Yu’s stake fell to 8.3% or over 20.49 million shares on July 23 following several open market disposals, stock market filings showed at the time of the writing. Earlier in March, Yu had an 8.65% stake in HLCap.
This is not the first time Yu has tried to raise HLCap’s public shareholding spread. In March, Yu helped HLCap maintain listing and trading by paring his stake to 8.65% to raise the company’s free float to 10.02% at the time.
Yu, chairman of Sitiawan-based developer YNH PROPERTY BHD [], started accumulating HLCap shares three to four years ago as he believed the financial group was under-researched and under-appreciated by the investment community.
His name rocketed to prominence overnight on the Malaysian corporate scene when news got out that his hand was strong enough to thwart Tan Sri Quek Leng Chan’s plans to take HLCap private.
HLCap rose 10 sen at closing to RM6.15 from RM6.05 (+1.65%), with some 319,000 shares changing hands yesterday. — by Zatil Husna Wan Fauzi
This article first appeared in The Edge Financial Daily, on July 30, 2013.
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