Hot Stock Century Logistics shares jump 7.2% on major shareholders exiting news

by **Cals** Tue 06 Jan 2015, 02:05

Hot Stock
Century Logistics shares jump 7.2% on major shareholders exiting news

KUALA LUMPUR (Jan 5): Shares of Century Logistics Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) today surged 7.2% to 67 sen in the morning session after a news report by The Edge Financial Daily, citing unnamed sources, said its major shareholders who collectively hold about 44% were looking to sell their equity interest in the logistics group.
As at 3pm, Century Logistics' share price eased to 64.5 sen, up two sen or 3.2% from Friday's closing price. A total of 1.02 million shares were traded, with a market capitalisation of RM239.86 million.
The Edge Financial Daily had reported that the group’s major shareholder were willing to sell their stakes at RM3 to RM3.20 per share. After taking into account a bonus issue and share split on Oct 9, the aforesaid prices translate to RM1 to RM1.06 apiece.
Century Logistics’ largest shareholder is its executive chairman Datuk Richard Phua Sin Mo, with a 26.67% stake in the group. As at Oct 21, 2014, Phua held a 19.18% direct stake and a 7.49% indirect stake through his wife Datin Lee Lay Hun and daughter Pamela Phua Jo Lyn.
Other substantial shareholders include Century Logistics managing director Steven Teow Choo Hing, who has an 11.53% stake, while his brother Teow Choo Chuan — who is the group’s executive director — holds a 6.03% stake. Both Choo Hing and Choo Chuan are nephews of Phua.
In March last year, The Edge weekly had reported Felda Global Ventures Holdings Bhd (FGV) ([You must be registered and logged in to see this image.] Financial Dashboard) as being in talks with Phua to acquire a significant stake in Century Logistics. In reply to the stock exchange’s query, the group then confirmed that it was exploring a potential corporate exercise with the Felda group, although nothing conclusive was agreed upon at that point.
One source said while FGV had initially shown interest with an offer of RM2.95 a share for the stake, an 11% premium to the price of RM2.65 it was trading in March, the talks were called off by FGV’s board of directors.