Hot Stock Talam Transform actively traded as Chan Ah Chye seeks to buy 20% stake

by **Cals** Mon 25 Aug 2014, 03:28

Hot Stock Talam Transform actively traded as Chan Ah Chye seeks to buy 20% stake

Business & Markets 2014

Written by Liew Jia Teng of theedgemalaysia.com

Friday, 22 August 2014 15:41

KUALA LUMPUR (Aug22): Shares of Talam Transform Bhd were heavily traded among the most-active stocks today, after its director and major shareholder Tan Sri Chan Ah Chye announced plan to raise his stake by another 19.9% stake.

At 3.20pm, some 124 million shares of Talam Transform were traded, making the property counter the fifth most-active counter on Bursa Malaysia. Its share price gained 3.9% to 13.5 sen.

Yesterday, Talam Transform said Chan has signed a memorandum of understanding (MoU) with Kumpulan Europlus Bhd (KEuro) to acquire 840 million shares from the latter at 11 sen apiece, which works out to RM92.4 million.

The MoU is valid for four weeks from the date of MoU or the execution of a sales and purchase agreement.

Chan, who is also the founder of Talam Transform, now holds some 366.47 million shares or 8.68% stake in the property development outfit.

Currently, some 107.71 million shares or 2.55% stake is directly held by Ah Chye, while the remaining 258.76 million shares or 6.13% stake is deemed interest.

Chan is a non-independent and non-executive director in the property firm.

To recap, Chan used to be the single largest shareholder of KEuro, until he divested 25% stake to IJM Corp Bhd in 2005. He exited KEuro completely in July last year and hence, no longer has substantial shareholding in Talam Tranform.

However, Chan has reemerged as a substantial shareholder of Talam Transform since July 24, 2014, after Jejak Progresif Sdn Bhd, an investment vehicle of Chan, had acquired a 230 million-share block, representing 5.44% stake in Talam Transform from KEuro at 9.4 sen apiece.