Four blocks of Scicom shares were traded in the off market at 63 sen a share, an 11.5 sen premium over its 51.5 sen a share closing price on the stock market yesterday.
In total, 30 million shares were traded in four blocks of married deals, indicating that the shares had changed hands at least between two or more brokerage houses.
The price was also significantly higher than Scicom's 52 week high closing price of 54.5 sen a share, set on May 7 this year.
Dealers and company insiders say the buyer of the shares could be PT Telekomunikasi Indonesia, which currently owns 18.81 per cent of Scicom.
Last July, Bisnis Indonesia reported, citing the nation's largest telephone company's president Rinaldi Firmansyah as saying that it wants to boost its stake in Scicom to more than 50 per cent.
At the point of interview, PT Telekomunikasi had only owned some 10 per cent of Scicom, but it has since been slowly building up its stake in Scicom.
The other large shareholder in Scicom is Sri Lankan Leo Suresh Ariyanayakam, who holds some 15.41 per cent of the company.
Assuming, PT Telekomunikasi is the buyer of the 11.19 per cent stake, its shareholding in Scicom will increase to 30 per cent, or just three per cent short before it triggers a mandatory general offer.
Scicom is a profitable company with total debt below RM800,000, against total assets of RM62.53 million.
Since 2007, it has paid shareholders an average dividend of two sen a share.
For the year ended June 2009, Scicom posted revenue of RM144.67 million, alongside net income of RM8.7 million, higher than sales of RM118.27 million and net income of RM6.06 million recorded in the year before.
By Francis Fernandez
No comments:
Post a Comment