Unfortunately, this would be our second and last update on Dnonce since our initial coverage in December 2020.
Fundamentals have changed to our disliking and beyond our appetite.
We would keep this article short and crisp by summarising the chronology of recent events that took place which led us to cease coverage on the Group.
On 24 August 2021, Dnonce’s CEO, Datuk Tho Yow Yin disposed of his entire stake of 4mil shares in the Group via the open market.
On 25 August 2021, Dnonce’s largest individual shareholder, Mr Toe Teow Heng who is the CEO of a boutique fund manager ICH Gemini, based in Singapore disposed of his entire stake of 28.2mil shares via open market.
On 10 September 2021, an off-market bloc trade was transacted between the largest shareholder of Dnonce i.e. Blackstream Investments Pte Ltd and AT Systemization Berhad (“AT”). AT bought out the entire stake of Blackstream for RM54.2mil or 67.8mil shares at RM0.80 per share. Following the acquisition, AT is now the largest shareholder of Dnonce with a 21.67% stake.
On 13 September 2021, AT acquired an additional 13.3mil shares in Dnonce via a direct business transaction.
On 14 September 2021, Datuk Tho Yow Yin formally resigns as the Group’s CEO. Datuk Tho was appointed by Blackstream as the Group CEO in 2019 to assist with the business turnaround.
If you have not heard of AT and its group of related companies, this article by The Edge would provide you a comprehensive understanding of them.
The End.
Created by The1994Investor | Dec 19, 2021
Created by The1994Investor | Oct 27, 2021
Created by The1994Investor | Oct 03, 2021