IMASPRO (7222) - Fresh interest in Imaspro
PETALING JAYA: Investors took fresh interest in fertiliser supplier Imaspro Corp Bhd following the emergence of low-profile businessman Datuk Dr Yu Kuan Chon as a substantial shareholder with 5.96% stake in the company.
Imaspro closed up 11.95% or 19 sen to RM1.78 yesterday.
Bursa Malaysia filings show that Yu acquired 361,000 shares on the open market on March 17, which brought his stake up to 5.96%.
StarBiz reported yesterday that the savvy investor, whose flagship company is property developer YNH Holdings Bhd, was targeting Imaspro and was looking to acquire more interest from exiting shareholders.
In separate filings, Imaspro non-executive chairman Mohd Shafek Isa and his vehicle Sunbina Dunia Sdn Bhd both ceased to be substantial shareholders on March 20.
StarBiz report had quoted executives close to Yu as saying that he was keen on the company as it had cash backing per share of about 64 sen each and a stable business. It also has a cash pile of RM51.32mil.
Additionally, Yu’s close associate Chan Weng Fui had been appointed independent and non-executive director of Imaspro on Dec 4.
According to Bloomberg data, Imaspro’s shares have risen 45.9% year-to-date and its stock has a market capitalisation of RM142.4mil.
At RM1.78, its stock is trading at a price-to-earnings ratio of 16.44.
Yu is best known for thwarting Hong Leong Financial Group Bhd’s (HLFG) move last January to take Hong Leong Capital Bhd (HLCap) private at RM1.71 per share.
HLFG had made the offer in mid-January 2013 for HLCap, the investment banking arm of the Hong Leong group, whose ultimate controlling shareholder is Tan Sri Quek Leng Chan.
Yu, who turned down Quek’s low offer, ceased to become a substantial shareholder on Aug 27, 2014, after paring down his stake to 4.77%.
Last November, Yu bought 69.2% or 642.7 million shares in Pan Malaysia Holdings Bhd from Tan Sri Khoo Kay Peng’s Malayan United Industries Bhd.
He paid RM77.1mil or 12 sen per share. The stock has risen 159.1% from mid-December 2014 to close at 28.5 sen yesterday.
http://www.thestar.com.my
IMASPRO 益马机构 7222 IMASPRO CORPORATION BHD
This is following emergence of low-profile businessman Yu as substantial shareholderPETALING JAYA: Investors took fresh interest in fertiliser supplier Imaspro Corp Bhd following the emergence of low-profile businessman Datuk Dr Yu Kuan Chon as a substantial shareholder with 5.96% stake in the company.
Imaspro closed up 11.95% or 19 sen to RM1.78 yesterday.
Bursa Malaysia filings show that Yu acquired 361,000 shares on the open market on March 17, which brought his stake up to 5.96%.
StarBiz reported yesterday that the savvy investor, whose flagship company is property developer YNH Holdings Bhd, was targeting Imaspro and was looking to acquire more interest from exiting shareholders.
In separate filings, Imaspro non-executive chairman Mohd Shafek Isa and his vehicle Sunbina Dunia Sdn Bhd both ceased to be substantial shareholders on March 20.
StarBiz report had quoted executives close to Yu as saying that he was keen on the company as it had cash backing per share of about 64 sen each and a stable business. It also has a cash pile of RM51.32mil.
Additionally, Yu’s close associate Chan Weng Fui had been appointed independent and non-executive director of Imaspro on Dec 4.
According to Bloomberg data, Imaspro’s shares have risen 45.9% year-to-date and its stock has a market capitalisation of RM142.4mil.
At RM1.78, its stock is trading at a price-to-earnings ratio of 16.44.
Yu is best known for thwarting Hong Leong Financial Group Bhd’s (HLFG) move last January to take Hong Leong Capital Bhd (HLCap) private at RM1.71 per share.
HLFG had made the offer in mid-January 2013 for HLCap, the investment banking arm of the Hong Leong group, whose ultimate controlling shareholder is Tan Sri Quek Leng Chan.
Yu, who turned down Quek’s low offer, ceased to become a substantial shareholder on Aug 27, 2014, after paring down his stake to 4.77%.
Last November, Yu bought 69.2% or 642.7 million shares in Pan Malaysia Holdings Bhd from Tan Sri Khoo Kay Peng’s Malayan United Industries Bhd.
He paid RM77.1mil or 12 sen per share. The stock has risen 159.1% from mid-December 2014 to close at 28.5 sen yesterday.
http://www.thestar.com.my
