Datuk Gan Kim Huat, the executive chairman and managing director of SKP Resources Bhd, raised his direct and indirect holdings in the plastic components manufacturer to 423.78 million shares or 70.8%, after buying an additional 51.7 million shares or 8.6% stake on Sept 21 and 23 via direct interests.
His indirect stake comes to 371.17 million shares or 62% of SKP, held via four private vehicles — Renown Million Sdn Bhd, Beyond Imagination Sdn Bhd, Graceful Assessment Sdn Bhd and Zenith Highlight Sdn Bhd.
Considering the pace that he had been building up his stakes in SKP over the last few months, and the fact that his total holdings is just a few percentage short of the public float requirement, market talk has it that cash-rich SKP may be taken private. Early this year, Gan held 347.17 million shares via direct and deemed interests, translating into a 57.9% stake in the company.
The 51.7 million shares acquired by Gan were transacted in direct deals worth RM10.86 million or 21 sen each.
His indirect stake comes to 371.17 million shares or 62% of SKP, held via four private vehicles — Renown Million Sdn Bhd, Beyond Imagination Sdn Bhd, Graceful Assessment Sdn Bhd and Zenith Highlight Sdn Bhd.
Considering the pace that he had been building up his stakes in SKP over the last few months, and the fact that his total holdings is just a few percentage short of the public float requirement, market talk has it that cash-rich SKP may be taken private. Early this year, Gan held 347.17 million shares via direct and deemed interests, translating into a 57.9% stake in the company.
The 51.7 million shares acquired by Gan were transacted in direct deals worth RM10.86 million or 21 sen each.
The company’s result improved further in 1QFY11 ended June 30 with a quarterly net profit of RM4.48 million.
As at June 30, SKP was sitting on RM43.94 million cash, with no borrowings. Its net assets per share stood at 24 sen.
It is worth noting that Gan also controls Tecnic Group Bhd, in which he has a direct stake of 31.55%. The company posted a net profit of RM4.1 million in 2QFY10 ended June 30.
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