ABRIC (7061): The Emergence Force of Pui Cheng Wui
It first started at 22-Jan with the news of Notice of Interest Substantial Shareholder being announced in Bursa website.
Born in 1946. That
means he is 69 years old currently and from the address, he stays near
Mid Valley. Since that day, he also kept purchasing stocks from the open
market and increased its ownership in the group.
I marked down and summarized his activities on his open purchase in the table.
So throughout these
two three months, he increased its ownership from 9.57% to latest
16.77%. The units he bought every time frequently more than 50% of the
daily volume of the respective stock.
ABRIC also announced its quarter report result few weeks ago.
The group still
have around RM126 million at the end of Dec 2014. However, this does not
include the dividend payment of RM42 million at Jan 2015.
After dividend deduction, cash on hand = RM126.1 mil - 42.1 mil = RM84 mil
Net cash on hand = RM84 mil - RM8.2 mil = RM75.7 mil
No. of outstanding shares = 140,523,553
Net cash per share = RM0.537
Equity attributable to owners = RM120 mil
After dividend payout, shareholders' equity - RM120 mil - RM42.1 mil = RM77.9 mil
NA per share = RM0.554
The share price is
slightly lower than its net cash per share and net asset per share. It
gave me around 25% of MOS based on my average price of RM0.425 if it
reaches net cash per share of 54cents .
But it's still a distance away to catch the founder of the group, Dato Ong who owning close to 42 millions shares.
So, let's what this new substantial shareholder want to do after rounds of open purchasing.
By the way, who sold the shares to him ..
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