7.25m Biosis shares traded off mart in deal worth RM4.15m

KUALA LUMPUR About seven per cent of Biosis Group Bhd changed hands in the off market yesterday, at a premium to its closing price.

A quick check by Business Times revealed that some 7.25 million Biosis shares, which represent about seven per cent of the company's capital base, was crossed at 38 sen each for a total of RM4.15 million. The stock ended the trading day at 33.5 sen a share.

The off-market trades were done in several tranches, each transaction was between 180,000 shares and four million shares.

There are only two stakeholders in Biosis, which own more than 5 per cent of the company, namely its single largest stakeholder, Lembaga Tabung Haji, with a 9.62 per cent stake, and the company's managing director Khoo Chee Kong who has a 5.7 per cent stake.

A filing to the stock exchange revealed that Khoo has declared his intention to deal in the company's securities during the closed period early this month.

Khoo yesterday disclosed to the stock exchange that he sold 600,000 Biosis shares via off-market deals at 38 sen

Dealers said that a possible corporate exercise may be on the cards, as the acquirer may be acquiring the shares on and off market aggressively.

The company's share price was around the 28-sen level most part of this month. It experienced a 27 per cent jump on its share price on Wednesday. On that day, its volume also rose sharply to 12.25 million shares, compared against the 2011 daily average volume of about 200,000 shares.

At yesterday's closing, Biosis shares closed 9.45 per cent lower at 33.5 sen each. More than 10 per cent lower than the price it was crossed.

Year-to-date, the company's shares depreciated by over 16 per cent.

The company, which makes personal care, professional skin care, hotel complimentary items and healthcare products, has been loss- making since 2008.

For the second quarter ended June 30, it suffered a net loss RM1.18 million, almost doubled from the net loss of RM649,000 same quarter a year ago.