TALAM Corp Bhd (2259), once the country's biggest builder of low-cost homes, had 3.7 per cent of its shares traded off market last month, ahead of it being given a clean bill of financial health.
It has been on the Practice Note 17 (PN17) list since September 2006.
In total, some 95.06 million shares were traded off market at between 13 sen and 13.5 sen a piece. During the month, Talam's major shareholder Tan Sri Chan Ah Chye also sold some 17.4 million shares in the open market for between 13.33 sen and 13.5 sen a piece.
Chan has a 1.67 direct stake in Talam, while his indirect stake is 25 per cent, largely due to his 28.87 per cent direct stake in Kumpulan Europlus Bhd, major shareholder with a 24 per cent of the company.
Talam was in the top five most actively traded stock for the whole of May, boosted by news that Talam hopes to get out of the PN17 list.
PN17 firms must submit proposals to restructure and revive in order to keep their listing status.
On May 23, Talam which has 2,400ha located mostly in Selangor, said it is hopeful of getting out of the list if auditors give it a clean bill of health, after the stock exchange requested for more information, following a bid made by the firm on April 30, to get out of the PN17 list.
Among the information requested by the stock exchange includes updated information on Talam's audited accounts for the year ended January 31 2010.
For the year in question, Talam posted net profit of RM9.02 million, lower than the RM60.72 million net profit posted in the year before.
This was Talam's fourth year of consecutive profit after falling into the red with a loss of about RM722 million in 2006.
Talam partially completed a debt restructuring exercise in July last year, and that has helped to pare down the company's gigantic debt levels.
As at January 31 2010, Talam's debts totalled RM312.87 million, down more than half from RM666.57 million in 2009.
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