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Yong Tai sees 24.5% stake traded off-market

May 19, 2017 8:05 AM
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Yong Tai sees 24.5% stake traded off-market

KUALA LUMPUR: Property company Yong Tai Bhd saw 24.5% stake traded off-market at a steep discount to the current market price on Friday.

Stock market data showed that the stake, accounting for 107 million shares, were crossed at RM1.10 each.

The buyer is likely to be Hong Kong-listed Co-Prosperity Holdings Ltd. It could have bought the block of shares from Sino Haijing Holdings Ltd’s unit Impression Culture Asia Ltd (ICAL).

ICAL has sold its entire 34.4% stake in Yong Tai -- which is developing Impression City in Melaka -- over the last two months for RM165mil, or RM1.10 per share.

In the most recent statement, Yong Tai said ICAL had inked a conditional agreement to dispose a 24.6% stake in Yong Tai to Co-Prosperity Holdings Ltd’s unit, Full Winning Developments Ltd (FWDL).

Also read: CCM buys remaining 20% stake in CCM Chemicals for RM40m

Source: thestar.com.my

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