Eti Tech Corp Bhd, the most actively traded stock today, may see a new substantial shareholder coming on stream, after some 100 million Eti Tech shares traded off-market.
Stock market data revealed that the 100.42 million shares, which represents some 14 per cent stake in the company, were traded off market on Wednesday.
The shares were traded at 7 sen each. This makes the off-market transaction valued at RM7.03 million.
The company's shares closed 57 per cent higher at 11 sen, with more than 176 million shares traded yesterday alone. Between May 1 and June 11 (a day prior to the huge volume jump), trading volume of the company's shares is less than 3 million shares.
There was also no Unusual Market Activity query by Bursa Malaysia.
So far, the identity of the buyer is still unknown but market has been speculating on the buyer's identity.
"This could be one example on how most stocks behave -- Buy on rumours, Sell on facts.
"Punters are speculating on the identity of the buyer, whether or not the buyer is influential, and if the buyer could turn the company around," said a broker when contacted.
Eti Tech is a currently classified as a PN1 status company. This happens when a company has defaulted on its loan obligations.
Few days ago, the company and its unit ETI Tech (M) Sdn Bhd were served with writs of summons and statements of claim by Hong Leong Bank seeking a total of RM7.3 million in outstanding sums owed.
For the 18 months ended February 28, 2013, the company posted a net loss of RM56 million.
Goh Thean Eu
Wed Jun 12 2013
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