Five million WZ Satu shares traded off-market

by **Cals** Fri 15 Aug 2014, 23:08

Business & Markets 2014

Written by Shalini Kumar of theedgemalaysia.com

Friday, 15 August 2014 09:19

KUALA LUMPUR: Five million WZ Satu Bhd shares changed hands in three separate off-market transactions yesterday, representing 2.65% of the group’s issued and paid-up capital of 190 million shares.

Bloomberg data showed that the steel manufacturer’s shares were sold at RM1.84 each, a 22% discount to the stock’s closing price of RM2.25 yesterday, for a total of RM9.2 million.

It is not immediately known who the buyers and the sellers of the shares were.

However, in a filing with Bursa Malaysia yesterday, WZ Satu said its independent non-executive director Datuk Siow Kim Lun had disposed of some of his shares outside the closed period.

The group said Siow had made the disposals on Aug 12 and 13, selling 75,000 shares for RM1.98 and 40,000 shares for RM2.19 respectively, leaving him with only a 0.058% stake in the company.

WZ Satu’s stock has been gaining steadily since early May this year, going from 72 sen on May 8 to hit an all-time high of RM2.35 yesterday. Closing at RM2.25, the company’s market capitalisation stood at RM427.5 million.

Its major shareholders are Tengku Uzir Tengku Ubaidillah (27.61%), Tan Ching Kee (24.36%) and Datuk William Tan Chee Keon (6.16%).

Ching Kee is the managing director of the company. Chee Keon first emerged as a substantial shareholder in the company on May 12 this year, with 11.6 million shares or a 6.12% stake, after WZ Satu bought over KenKeong Sdn Bhd.

On Aug 5, WZ Satu secured a RM30.02 million contract from Laksana Amanbina Sdn Bhd for the construction of an interchange at the existing Federal Route 3 in Kuantan, Pahang.

This article first appeared in The Edge Financial Daily, on August 15, 2014.