PETALING JAYA: A block of seven million shares in Dancomech Holdings Bhd changed hands yesterday at RM1.43 each or a total of RM10mil.
The block amounted to a 4.7% stake in the valve manufacturing company.
The off-market deal was transacted at a slight discount of 8.4% from Dancomech’s closing price of RM1.55 yesterday.
At the closing price of RM1.55, shares in Dancomech have risen more than double since last year with a price-earnings ratio of about 16 times.
Earlier in the year, Dancomech announced a corporate exercise involving a share split of all existing share into two new ordinary shares, as well as the issuance of 149 million warrants on the basis of one free warrant for every two shares.
The firm also announced a venture into the business of pumps manufacturing by acquiring a factory producing pumps for RM4.25mil.