New high for Dagang NeXchange Bhd
KUALA LUMPUR: Denko Industrial Corp Bhd saw a block of 13.5 million shares traded off-market on Wednesday at an average price of 55 sen – which was 13 sen below the current market price.
Stock market data showed the shares accounted for a 12.9% stake, based on the plastic injection moulding sector's paid-up of 104.46 million shares.
Denko recently received a conditional voluntary takeover offer from Oregon Technology Sdn Bhd, when the company’s Singaporean director Foo Chee Juan launched the bid for the plastic injection mould and high precision parts manufacturer to consolidate and strengthen his business footprint in the Malaysian plastic injection moulding sector.
Last week, Denko chairman Datuk Ong Soon Ho and director Datuk Ong Choo Meng disposed of their respective stakes in the company.
Collectively, Soon Ho and Choo Meng disposed of 19.35 million Denko shares or 18.53% stake in the group in an off-market transaction.
Foo is also the founder and chief executive officer of ATA Industrial (M) Sdn Bhd.
ATA is a contract manufacturing company, principally involved in the business of manufacturing and sales of precision plastic injection moulded parts as well as assembly of electrical and electronic components and products for both local and global markets such as the UK, US, Singapore and China.
Denko's share price was trading at 68 sen, or up three sen as at 3.23pm.
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