Raymond Chan buys substantial stake in Ariantec

by **hlk** Thu 19 Apr 2012, 17:03

PETALING JAYA: Datuk Raymond Chan Boon Siew has emerged as a substantial shareholder in yet another smallish and otherwise unexciting listed company on Tuesday. This time, it is Ariantec Global Bhd.

In recent months, Chan has been in the spotlight after acquiring substantial stakes in Harvest Court Industries Bhd, Naim Indah Corp Bhd and Metronic Global Bhd.

Trading in Ariantec shares was suspended from 4.05pm on Tuesday. Earlier in the day, it had been issued an unusual market activity (UMA) query by Bursa Malaysia due to the sharp rise in its share price and trading volume. Ariantec said it was unaware of the cause of the UMA.

Upon resumption of trading yesterday, it continued to be the second most actively traded counter of the day, but ended the day 1 sen lower to 19 sen on volume of 335.87 million shares. It briefly hit a four-year high of 25 sen yesterday. Since mid-March, its share price has appreciated more than four times from the 5-sen level.

Filings to Bursa Malaysia showed that Chan has a 5.1% stake in Ariantec after he bought 26.5 million shares from the open market. He now has a direct interest of 29 million shares in the company. Metronic Global Bhd has a 11.7% stake in Ariantec.

On March 23, Chan became a substantial shareholder of Metronic after buying a 5.18% stake or 32.9 million shares in the open market and via a married deal. Just before Chan surfaced, Metronic's shares also surged from the 6-sen level to hit its high of 25.5 sen.

Metronic was yesterday's most actively traded stock, closing 2 sen higher to 19.5 sen on volume of 362.76 million shares.

On Feb 8, Chan emerged as a substantial shareholder of Naim Indah Corp when he bought a 12.11% stake or 85 million shares in the company. The stock hit limit-up on that day, rising from 18 sen to 49 sen. The stock reached its all-time high of 72.5 sen on March 12.

Chan is also a substantial shareholder in Harvest Court with a 15.41% stake or 27.81 million shares.

The stock increased more than 16-fold to RM2 on the emergence of Mohd Nazifuddin Najib, the son of Prime Minister Datuk Seri Najib Tun Razak. Nazifuddin joined the Harvest board on Oct 28 last year, but resigned in November.