Yong Tai sees 24.5% stake traded off-market - Business News | The Star Online


Yong Tai sees 24.5% stake traded off-market

  • Markets
  • Friday, 19 May 2017

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.