Friday 24 May 2024
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KUALA LUMPUR (Feb 14): Harn Len Corporation Bhd managing director Low Quek Kiong purchased a 1.6% stake in the oil palm planter for RM3 million.

Low acquired the stake, comprising 9.1 million shares, via a “direct deal” at 33 sen apiece or a total of RM3 million on Feb 8, according to a bourse filing on Wednesday.

The 33 sen purchase price is 21.4% lower than the Feb 8 closing price of 42 sen.

Meanwhile, the Low family’s investment vehicle LNH Enterprise Sdn Bhd acquired a 0.07% stake in Harn Len, comprising 380,000 shares, via another direct deal on Feb 8 for RM114,000 or 30 sen per share — a 28.6% discount over the 42 sen closing price.

The transactions brought Low’s total stake in Harn Len to 52.34% — 47.65% of which is held under his family-owned companies Low Nam Hui United Holdings Sdn Bhd, Low Nam Hui & Sons Sdn Bhd, LNH Enterprise and Shande Ancestral Park Bhd.

Harn Len was founded by Low’s late father Tan Sri Low Nam Hui, who passed away in 2015.

Harn Len shares saw a sharp fall in mid-December last year — down 37.34% from 79 sen on Dec 11, to 49.5 sen on Dec 14.

Going to this year, the counter has slipped 13.13% year to date.

It last traded at 43 sen on Tuesday (Feb 13), valuing the group at RM248.16 million.

Harn Len kicked off the financial year ending May 31, 2024 (FY2024) in the red, with a RM3.69 million net loss for the first quarter, on revenue of RM40.78 million.

It returned to the black in the second quarter, with a net profit of RM1.17 million and a topline of RM59.32 million. For the first six months of the year, the group recorded a net loss of RM2.52 million. 

Edited ByS Kanagaraju
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