KUALA LUMPUR (April 13): Systech Bhd (KL:SYSTECH) executive director Low Min Yew, also its second largest shareholder, has disposed of a total of 33.28 million shares, equivalent to 4.71% stake in the company, in direct business transactions.
According to the company's bourse filings, the transactions were made on two separate dates — on April 9 where 23.83 million shares were disposed of, followed by 9.45 million shares on April 10 — for a total of RM2.99 million, or 8.9 sen per share.
Low disposed of the shares at a discount of 7.52 sen per share compared to Systech’s closing price of 16.5 sen on both April 9 and 10.
Following the disposals, Low is currently left with 10.6 million direct shares, or a 1.5% stake, while his indirect interest remains at 5.62%, or 39.69 million shares.
In a separate filing on Monday (April 13), the company also announced that its executive chairman Datuk Ong Then Soon had acquired a total of 18.23 million shares, or a 2.58% stake, in two transactions on April 9 and 10, via direct business deal.
The shares were acquired at nine sen apiece, putting the total acquisition price at RM1.64 million.
Ong has been gradually increasing his shareholding since his appointment as executive chairman via several acquisitions. His most recent transaction brought his stake up to 4.71%, involving the purchase of 15.72 million shares or a 2.22% stake on April 7.
Systech closed up one sen or 6.1% to 17.5 sen on Monday, giving the group a market capitalisation of RM124 million.