Tuesday, September 28, 2010

KONSORT ... Sep10

Its executive vice chairman Loo Hooi Keat is in talk to sell his substantial stake in the company with a few parties showing interest. Loo has 14% equity interest in Konsortium.

At his juncture the identity of the parties and the pricing for Loo’s stake are still unclear.

Sources say he is leaving to focus on Pelikan Intl Corp Bhd.

His block of 34 million shares in Konsortium has a market value of close to RM50 million. As at end June 2010, the company had net assets per share of RM1.43.
Despite the rumours of his exit, Loo has been nibbling a small blocks of Konsortium Logistik shares on the open market lately, marginally increasing his shareholding to 14.7%.

As for the pricing of Loo’s shares, since his stake is not the controlling block he is unlikely to get a premium.

Apart from other controlling shareholders, LTH also controls 10.6% equity in the company.

Loo is known to have expressed interest in acquiring state controlled investment arm Khazanah Nasional Bhd’s 32.2% stake in POS. It is not clear if this interest will remain if he sells his stake in Konsortium.

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