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Notable Trade Gryphon emerges as major shareholder in Ho Hup
by Cals Mon 04 Apr 2016, 02:06
- Notable Trade
[size=28]Gryphon emerges as major shareholder in Ho Hup
By Gho Chee Yuan / theedgemarkets.com | April 1, 2016 : 9:14 PM MYTKUALA LUMPUR (April 1): Gryphon Asset Management Sdn Bhd has emerged as the third largest shareholder in Ho Hup Construction Company Bhd, with an 8.24% stake.
In a filing with Bursa Malaysia today, Ho Hup said the asset management company had acquired 28.7 million shares in the company via direct business transaction on Wednesday (March 30), becoming a substantial shareholder.
The group, however, did not disclose the price of the transaction.
The shares were disposed of by Ho Hup's third largest shareholder Insas Plaza Sdn Bhd, which has ceased to be a shareholder in the company.
Recall that theedgemarkets.com had on Wednesday reported that a total of 28.69 million shares were traded off-market for a total value of RM21.52 million or 75 sen apiece.
The transaction price represents a 13.5 sen or 15.3% discount to the closing price on that day of 88.5 sen.
According to Bloomberg, Ho Hup's largest shareholder is Low Chee & Sons Sdn Bhd with a 15.53% stake or 54.08 million shares as at March 18 followed by Omesti Holdings Bhd with a 14.94% stake or 52.03 million shares as at Aug 26, 2015.
Shares in Ho Hup closed 1.5 sen or 1.68% lower at 88 sen, for a market value of RM306.38 million.
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