Update Some 10.22% of Ni Hsin Resources traded off market at 37% discount to open market price

by **Cals** Thu 18 Sep 2014, 21:54

Update Some 10.22% of Ni Hsin Resources traded off market at 37% discount to open market price

Business & Markets 2014

Written by Kamarul Anwar of theedgemalaysia.com

Thursday, 18 September 2014 14:11

KUALA LUMPUR (Sept 18): A total of 23.6 million or 10.22% of Ni Hsin Resources Bhd’s shares were traded off market this morning at 30 sen apiece, Bloomberg data showed.

Shares of the cooking utensil manufacturer traded off market were lumped into seven blocks and were transacted between 11:32 am and 11:41 am. Compared with Ni Hsin’s open market price of 47.5 sen as at midday break, the off-market price was at a 36.84% discount.

Ni Hsin’s latest open market value is also just half a sen shy of its all-time intraday high of 48 sen, hit today. The counter began to jump two weeks ago and has made gains of 131.71% from its Jul 17’s close of 20.5 sen.

It is unknown who the buyer and seller are. However, looking at its latest annual report for the financial year ended Dec 31, 2013 (FY13), only the Hsiao family – who sat on the board of Ni Hsin – had stakes that were higher than the 10.22% traded off-market.

As at Mar 31 this year, Chairman Hsiao Chih Jen held a 10% direct stake and a 2.14% indirect stake. Managing Director Hsiao Chih Chien held a 10.65% direct stake and a 1.08% indirect stake. Executive Director Hsiao Chih Che, meanwhile, held 11.73% of Ni Hsin’s shares directly under his name.

Additionally, the list of shareholdings showed Hsiao Liu Lee and Hsiao Tsai Sheng each held an 11.73% stake in Ni Hsin.

Financial-wise, Ni Hsin slipped into the red for the financial year ended Jun 30, 2014 (1HFY14), registering a net loss of RM251,000 on revenue of RM19.89 million. This compared with the previous corresponding period’s net profit of RM672,000.