KUALA LUMPUR: Property company Yong Tai Bhd
saw 24.5% stake traded off-market at a steep discount to the current market price on Friday.
Stock market data showed that the stake, accounting for 107 million shares, were crossed at RM1.10 each.
This was 39 sen below Thursday's closing price of RM1.49.
The buyer is likely to be Hong Kong-listed Co-Prosperity Holdings Ltd. It could have bought the block of shares from Sino Haijing Holdings Ltd’s unit Impression Culture Asia Ltd (ICAL).
ICAL has sold its entire 34.4% stake in Yong Tai -- which is developing Impression City in Melaka -- over the last two months for RM165mil, or RM1.10 per share.
In the most recent statement, Yong Tai said ICAL had inked a conditional agreement to dispose a 24.6% stake in Yong Tai to Co-Prosperity Holdings Ltd’s unit, Full Winning Developments Ltd (FWDL).
Yong Tai plans to sell its fabric manufacturing and dyeing business in order to focus on tourism-related property development.