Notable Trade Canada's Mawer Investment mops up more Oldtown shares

by **Cals** Wed 14 Jan 2015, 03:31

Notable Trade
Canada's Mawer Investment mops up more Oldtown shares

KUALA LUMPUR (Jan 13): Canadian investment firm Mawer Investment Management Ltd has continued accumulating Oldtown Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) shares, raising its equity stake in the local café chain to 9.19%, from 6.84% on Oct 31, 2014.
Oldtown’s filing with Bursa Malaysia today revealed Mawer bought a total of 1.23 million Oldtown shares or a 0.27% stake, on Jan 6 and 7. On those two days, Oldtown’s counter closed at RM1.51 and RM1.52 respectively.
The latest purchases resulted in Mawer directly holding a total of 40.63 million shares in Oldtown.
The investment firm has been mopping up Oldtown shares since last year, bucking the negative sentiment engulfing the stock, as its net profit was crimped by declining beverage exports in the first half of its financial year ending Mar 31, 2015 (1HFY15).
Oldtown shares (Fundamental Score: 3; Valuation Score: 2.1) have declined by some 24% over the past one year. Nevertheless, today, it closed eight sen or 5.26% higher at RM1.60, after being traded in a wide range of RM1.52 and RM1.62. Turnover was also higher than usual at 8.01 million shares traded.
Oldtown had a market capitalisation of RM672.05 million, after today’s rise.
According to its website, Mawer offers a broad range of investment strategies to foundations and non-profit organisations, corporate pension plans, strategic alliances with other financial service companies, and private investors.
In other developments, there were seven million Oldtown shares traded off market today, equivalent to 1.54% of its share base. Lumped into 14 blocks of 500,000 shares each, 10 of them were traded at RM1.55, while the rest, RM1.53.
(Note: The Edge Research's Fundamental Score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. A score of 0 means weak fundamentals and a score of 3 means strong fundamentals. Meanwhile, the Valuation Score determines if a stock is attractively valued or not, calculated based on historical numbers. A score of 0 means valuations are not attractive, while a score of 3 means valuations are attractive.)