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Notable trade Rapid Synergy buys shares in Shangri-La Hotels (M) Bhd

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Notable trade Rapid Synergy buys shares in Shangri-La Hotels (M) Bhd Empty Notable trade Rapid Synergy buys shares in Shangri-La Hotels (M) Bhd

Post by Cals Tue 26 Aug 2014, 23:33

Notable trade Rapid Synergy buys shares in Shangri-La Hotels (M) Bhd
Business & Markets 2014
Written by Shalini Kumar of theedgemalaysia.com   
Tuesday, 26 August 2014 20:25

KUALA LUMPUR (Aug 26): Precision toolmaker Rapid Synergy Bhd is buying 2.04 million shares in hotel chain Shangri-La Hotels (M) Bhd for RM14.7 million cash. 

In a filing with Bursa Malaysia today, Rapid Synergy said the investment represented a 0.46% stake in Shangri-La, based on the group's total share capital of 440 million shares. 

"The investment is made in the ordinary course of business... and is consistent with Rapid Synergy's long term intention of deploying capital into suitable quoted investment opportunities that could enhance shareholder value in the long term," it said. 

According to the filing, Rapid Synergy has been accumulating blocks of shares in Shangri-La since July this year. 

The investment will be funded via internally-generated funds. 

Interestingly, Rapid Synergy's major shareholder and non independent, non executive director, Datuk Dr Yu Kuan Chon, also holds a 2.84% interest in Shangri-La.
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