Saturday 22 Jun 2024
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KUALA LUMPUR (Dec 29): Permodalan Nasional Bhd’s unit trust fund, Amanah Saham Bumiputera (ASB), has disposed of its entire 9.55% stake in Sarawak-based infrastructure company Hock Seng Lee Bhd.

ASB sold the stake comprising 52.49 million shares on Monday (Dec 27), according to Hock Seng Lee’s filing with Bursa Malaysia. 

Based on Bloomberg data, ASB was the second largest shareholder of Hock Seng, after the company’s investment holding firm Hock Seng Lee Enterprise Sdn Bhd, which holds a 58.46% stake. The Employees Provident Fund (EPF) holds a 4.94% stake in the company. 

On the earnings front, Hock Seng Lee recorded a 121.58% jump in net profit to RM8.76 million for the second quarter ended June 30,2021, from RM3.95 million a year earlier. Revenue rose 71.93% to RM142.79 million, from RM83.05 million.

Shares in Hock Seng Lee ended unchanged at RM1.27 on Wednesday (Dec 29), giving the group a market capitalisation of RM740 million. The counter saw 1.40 million shares changing hands.

Since the beginning of the year, the stock has soared by 29% from 99 sen. 

 

Edited ByS Kanagaraju
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