KUALA LUMPUR (Dec 8): JAG Capital Holdings Bhd, controlled by Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani, has raised its stake in MyNews Holdings Bhd (KL:MYNEWS).

MyNews disclosed in an exchange filing that JAG Capital acquired 48.3 million shares in the convenience store operator in off-market trades on Dec 5. The transaction details were not disclosed. JAG Capital now holds about 20% in MyNews, versus a little under 14% before the latest trades.

D&D Consolidated Sdn Bhd, the single-largest shareholder of MyNews and the investment vehicle of the company’s founding Dang family, remains the largest shareholder of MyNews with a 50% stake.

There were five blocks of shares transacted, trading data on Bloomberg showed, with four of the blocks totalling over 30 million shares changing hands at 60 sen each for a total value of RM18 million.

The price of 60 sen represents a 2.6% premium over MyNews’ closing price of 58.5 sen last Friday.

MyNews executive chairman Dang Tai Luk and his brothers, Tai Wen and Tai Hock, are shareholders of D&D Consolidated who sold more than 21 million shares in two blocks on the same day.

Tai Wen is MyNews’ chief executive officer. Tai Hock, who is in charge of the company’s food manufacturing, also sold his direct 3.75 million shares in MyNews on the same day.

The remaining block, comprising about 18.3 million shares from an unidentified seller, was transacted at 56 sen apiece, amounting to RM10.2 million. All in all, 48.3 million shares exchanged hands for RM28.2 million.

At the midday break on Monday, MyNews shares were up one sen or 1.7% at 59.5 sen, valuing the group at RM446.5 million.