QL board members emerge as Sunsuria's substantial shareholders

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QL board members emerge as Sunsuria's substantial shareholders

KUALA LUMPUR (April 27): QL Resources Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)’s founder and group managing director Chia Song Kun has emerged as the substantial shareholder of property developer Sunsuria Bhd ([You must be registered and logged in to see this image.] Financial Dashboard).
Based on a filing with Bursa Malaysia, a company linked to Song Kun known as Ruby Technique Sdn Bhd has bought three million Sunsuria (fundamental: 2.5; valuation: 0.8) shares via an off market transaction last Friday.
This latest purchase brings Ruby Technique’s stake in the property firm to 5.05% or eight million shares.
It also means Song Kun now has a 5.68% indirect stake or nine million shares in Sunsuria by virtue of his interests in Ruby Technique and another company known as Attractive Features Sdn Bhd.
Correspondingly, two of QL’s (fundamental: 1.1; valuation: 1.1) executive directors and brothers Chia Seong Pow and Chia Seong Fatt have also emerged as Sunsuria’s substantial shareholders by virtue of their interests in Ruby Technique.
Seong Pow also holds a 0.19% direct stake in Sunsuria, having acquired 300,000 shares in the company through an off market transaction. This brings his total shareholding in Sunsuria to 5.24%.
Seong Fatt has an indirect 5.178% stake or 8.2 million shares in Sunsuria, through his interest in Farsathy Holdings Sdn Bhd, as well as through his spouse’s investment.
Sunsuria’s share price has been soaring of late, reaching a 52-week high of RM2.10 on April 24.
Year-to-date, its share price has gained 52.27% or 69 sen.
Today, Sunsuria’s share price closed at RM2.00, down by 5 sen. This gives it a market capitalisation of RM316.7 million.
(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)