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KUALA LUMPUR: Hong Leong Capital Bhd Shares
(HLCap) hit the cap when trading resumed on Friday after a five-year suspension, as it was also affected by the market’s cautious attitude.
At 9.25 a. M., dropped from $ 2.74 to $ 6.41 (its pre-suspension price was $ 9.15). 1.54 million shares were traded at prices ranging from RM6.41 to RM8.88.
The FBM KLCI was down 15.63 points or 0.98% to 1.575.15. The turnover was 1,990 million shares valued at RM605.84 thousand. There were 314 winners, 374 losers, and 375 unchanged counters.
StarBiz reported that on Wednesday, HLCap said that its largest shareholder, HLFG, had completed a private placement of 27 million shares, which was equivalent to a 10.94% stake in HLCap.
This raised its public participation differential to 29.6%, from 18.67% at the end of 2014, thus meeting the minimum requirement of 25%.
The placement price was not disclosed, but sources said it may have been discounted.
HLCap’s resumption of trading could pave the way for a group-wide restructuring at HLFG at a later time.
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