11 May 2012
Leader Universal sold 20.74 million shares in Sarawak Cable Bhd for RM 35.3 million or RM 1.70 per share
(LEADER opening stock price today (11.5.2012) was RM 1.09)
HNG Capital Sdn Bhd has been confirmed as the buyer of a 15.36% stake in Sarawak Cable Bhd from Leader Universal Holdings Bhd.
Filings with the stock exchange showed that HNG Capital, which has a 14.4% stake in Penang-based cable manufacturer Leader Universal, bought 20.74 million shares owned by the latter on Monday for RM1.70 per share, or a total of RM35.3mil.
StarBiz had reported the off-market trade on Tuesday, which was done at 21 sen or nearly 11% below Friday's closing price of RM1.91.
Incidentally, Leader Universal is currently being privatised by HNG Capital, a company controlled by the H'ng family, making this a related-party transaction.