KUALA LUMPUR: Japanese meat packing company NH Foods Ltd (NHF) has confirmed that it had on Jan 21 acquired 8 million shares of Lay Hong Bhd at a crossing price of RM5, Lay Hong said in a filing with Bursa Malaysia on Friday.
The poultry farmer was responding to Bursa’s query on a StarBiz article on Thursday, Lay Hong shares sold at RM5 apiece off-market. (Click here for story)
“NHF will provide the necessary notice to the company in compliance with its obligations under Bursa’s Main Market Listing Requirements,” said Lay Hong.
With this transaction, the Tokyo-listed company’s stake in Lay Hong has now increased from 9.08% to 22.88%. Speculation now abounds as to whether NHF intends to further increase its stake.
A wire report said that NHF would make Lay Hong an equity-method affiliate.
A stake above 20% means that NHF will be able to account for its investment in Lay Hong using the equity method of accounting.
Lay Hong’s shares gained 6 sen to close at RM8.18 on Friday, with 240,200 shares being traded.
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