Versatile Creative’s major shareholder to sell RM4.8mil worth of shares

KUALA LUMPUR: Versatile Creative Bhd, whose share price has jumped 31.5% since Tuesday, said it is not aware of any rumour, event or development involving its business or financial affairs that is likely to have led to the price movement except for a share sale deal struck by a major shareholder.

Replying to a Bursa Securities query, the colour separation and packaging product firm said the major shareholder had entered into an agreement to dispose of 8 million shares in the company at a negotiated price of 60 sen per share (or RM4.8mil in total).

“A deposit equivalent to 10% of the transaction value has been received by the vendor of the shares, with the balance sum being payable within 30 days of the date of the agreement,” it said without disclosing the shareholder’s identity.

“As and when further information of the share sale transaction comes to the knowledge of the board, the appropriate announcement will be made by the company,” it added.

Versatile slashed its net loss to RM675,000 in the nine-month financial period ended Dec 31, 2015, from RM6.24mil in 2014’s corresponding period.

Versatile shares increased 19.5 sen to 96 sen at Thursday’s close, with 366,600 shares traded for the day.