KUALA LUMPUR (Feb 16): Prolexus Bhd has acquired 21.02 million shares in South Malaysia Industries Bhd (SMI), representing a 10.01% stake in the property developer and car park manager.

In a bourse filing, the apparel maker said the tranche of shares was purchased via open market and direct business transactions for a total of RM16.74 million.

Of the 21.02 million shares, 11.69 million were purchased via an open market transaction, and another 4.71 million from Thien Chiet Chai. The remaining 4.62 million shares were bought from Reservoir Link Holdings Sdn Bhd.

Thien is a major shareholder in Reservoir Link, holding a controlling stake of 43.75%.

The 10.01% stake in SMI was acquired through Honsin Apparel Sdn Bhd (a wholly-owned subsidiary of Prolexus) and HiQ Media (Malaysia) Sdn Bhd (an indirect subsidiary of Prolexus) on Feb 15 (Wednesday).  

SMI was slapped with an unusual market activity query by Bursa Malaysia on Wednesday due to the recent sharp rise in its share price and trading volume.

Replying on the same day, SMI said it was not aware of any possible explanation to account for the trading activity.

On Wednesday, SMI’s shares price jumped as high as 29.3% or 34 sen to RM1.50, before closing at RM1.46.

On Thursday, SMI closed three sen or 2.05% lower at RM1.43, bringing the group a market capitalisation of RM300 million. There were 963,600 shares traded.

Prolexus’s share price ended the day at 55.5 sen, up 2.5 sen or 4.72%, with some 16.63 million shares changing hands. At 55.5 sen, Prolexus’s market capitalisation stands at RM154 million.