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Property News

Maju Offshore Capital ceases to be substantial shareholder of Bina Puri

KUALA LUMPUR (Jan 24): Maju Offshore Capital Sdn Bhd has ceased to be loss-making Bina Puri Holdings Bhd’s substantial shareholder after it sold a 2.96% stake in the company for RM4 million.
Maju Offshore Capital offloaded the stake comprising 100 million shares via a direct business transaction on Monday, according to a bourse filing on Wednesday.
A check with Bloomberg showed that a block of 100 million Bina Puri shares was traded at four sen apiece or a cumulative RM4 million on Monday — a 50% discount to that day’s closing price of eight sen.
Based on prior filings, the 100 million shares disposal slashed Maju Offshore Capital’s shareholding in the civil and building construction group to 69.66 million shares or a 2.07% stake.
Initially, Maju Offshore Capital’s parent company Maju Offshore Sdn Bhd emerged as a substantial shareholder in April last year after subscribing to 169.66 million shares or a 5.03% stake in Bina Puri via the company’s rights issue.
Later in September, Maju Offshore disposed of the stake to Maju Offshore Capital to “streamline the business between the holding company and its wholly owned subsidiary”.
Based on the right shares’ issue price of 3.5 sen, Maju Offshore Capital made a RM500,000 profit from selling the block of 100 million shares in the loss-making group.
Bina Puri’s largest shareholder is the group’s managing director cum CEO Kevin Chai Chan Tong, with a 23.75% stake.
This is followed by executive director Datuk Matthew Tee Kai Woon (11.82%), and his father and deputy executive chairman Tan Sri Tee Hock Seng (6.38%). The pair collectively own 18.24% in the group, coupling the 0.04% indirect stake from Tee Hock Seng Holdings Sdn Bhd.
Shares in Bina Puri ended half a sen or 5.88% lower at eight sen, valuing the group at RM269.9 million.
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Source: EdgeProp.my

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