Notable Trade 31.76% of MNC shares crossed off market today

by **Cals** Wed 08 Apr 2015, 20:27

Notable Trade
31.76% of MNC shares crossed off market today

By Supriya Surendran / theedgemarkets.com | April 8, 2015 : 6:13 PM MYT

KUALA LUMPUR (Apr 8): Mobile technology solutions developer [size=14]MNC Wireless Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) saw 30 million shares representing a 31.76% stake traded off market today.

No details have yet surfaced on the parties involved in the transaction. However, it is worth noting that MNC’s current largest shareholder is Grand Sino Investment Ltd, which holds 30 million shares.

MNC’s second largest shareholder is system integration provider Metronic Global Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) (fundamental: 1.25; valuation: 0.6) with a 16.1% stake. Metronic has emerged as a substantial shareholder in February this year.

According to Bloomberg, the 30 million shares transacted via off market today were moved in one block of 6.56 million shares, and five blocks of 4.69 million shares each totalling 23.44 million shares.

All shares were transacted at 32 sen each, amounting to a total transaction value of RM9.6 million. The transaction price was at a 5.88% discount to MNC’s closing share price of 34 sen today, which gave the firm a market capitalisation of RM32.1 million. The counter gained 2 sen or 6.25% at market close.

Within a period of six months, MNC’s (fundamental: 1.5; valuation: 0.3) share price has appreciated by 51% from levels of 22.5 sen in October last year.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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