KUALA LUMPUR (Sept 22): Tanco Holdings Bhd's group managing director Datuk Seri Andrew Tan Jun Suan has raised his indirect shareholding in the group to 785.06 million shares or a 39.59% stake after acquiring five million shares on Friday.
Tan bought the stake in the open market via TJN Capital Sdn Bhd on Friday at 56 sen per share, according to the group's bourse filing. This values the purchase at RM2.8 million.
Earlier this year, TJN Capital had 774.06 million shares in Tanco after disposing of 45 million shares between January and March. It then bought one million shares on Aug 31 and five million shares on Sept 1.
Tan also owns a direct stake of 10.64% or 210.98 million shares, after acquiring 44.58 million shares between April and September,
His total shareholding in Tanco is thus 50.23% or 996.03 million shares.
Meanwhile, Tanco shares were actively traded on Bursa Malaysia on Friday, a day after the group announced a joint venture agreement with Accession Development Sdn Bhd to develop a residential project in Puchong Perdana.
The project will be developed by Tanco's unit, Palm Springs Development Sdn Bhd, on a piece of land measuring 22,905.5 square metres owned by Accession.
At market close, Tanco saw 55.44 million shares changing hands, exceeding its 200-day average volume of 25.16 million shares. It was also higher than Thursday’s closing volume of 21.78 million shares.
The stock closed 0.5 sen or 0.9% higher at 56 sen. According to Bloomberg data, the counter has risen 67.16% year to date and 96.49% within one year.