Tuesday, April 26, 2011

Padini ... Apr11

About 100.15 million shares representing 15% of the paid-up capital of Padini
Holdings Bhd were traded off-market.

The sale is believed to be between Padini’s second largest shareholder Puncak Bestari Sdn Bhd and Permodalan Nasional Bhd. The shares were transacted at RM1.02 for a total of RM26.5 million.

Puncak Bestari, which owned 179.3 million or 27.25% of Padini, was looking to sell its block of shares for RM1.02 per share.

The placement, which would reportedly lead to a RM182.9 million gain for Puncak Bestari, should lead to better liquidity in the trading of Padini shares.

Yong Pang Chaun Holdings Sdn Bhd was the largest shareholder as at Oct 29, 2010, with a 43.97% stake in Padini followed by Puncak Bestari’s 27.25%.

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