Notable Trade Nylex sees 6.24% stake traded off-market

by **Cals** Wed 13 Jan 2016, 02:40

Notable Trade

[size=28]Nylex sees 6.24% stake traded off-market

By Kamarul Anwar / theedgemarkets.com | January 12, 2016 : 6:15 PM MYT

KUALA LUMPUR (Jan 12): A total of 12 million Nylex (Malaysia) Bhd ([You must be registered and logged in to see this image.] Valuation: 2.00, Fundamental: 0.75)'s shares or a 6.24% stake crossed hands off-market at 55 sen apiece or RM6.6 million today.

The off-market transaction occurred at 4.22pm today, Bloomberg data showed. In the open market, Nylex shares were traded flat at 57 sen and saw only 6,900 shares done.

Bloomberg data did not disclose who the buyer and the seller were. The chemicals, plastics and polymer product manufacturer's latest annual report showed that as at Sept 30, 2015, no shareholder held a stake of the size that just crossed on the off-market today.

Nylex group managing director Datuk (Dr) Siew Ka Wei, who also heads Ancom Bhd ([You must be registered and logged in to see this image.] Valuation: 1.80, Fundamental: 0.55), is the largest shareholder with a total stake of 47.9% in Nylex. However, he held only 1.52 million shares or a 0.79% stake directly.

The rest, according to Nylex's annual report for the financial year ending May 31, 2015 (FY15), was parked under Ancom, Rhodemark Development Sdn Bhd, Siew Nim Chee & Sons Sdn Bhd, Silver Dollars Sdn Bhd. Siew's wife Datin Young Ka Mun and sister-in-law Quek Lay Kheng also held shares in the company.

Siew's shareholding percentage in Nylex might have been bumped up slightly, as the company has been buying back shares since February last year. As at Jan 7, Nylex told Bursa Malaysia that the cumulative net outstanding treasury shares stood at 1.896 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.)
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