CEO Morning Brief

Cita Realiti Emerges as Largest Shareholder of Fitters Diversified With 10% Stake

Publish date: Tue, 22 Mar 2022, 05:56 PM
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TheEdge CEO Morning Brief
Cita Realiti emerges as largest shareholder of Fitters Diversified with 10% stake

KUALA LUMPUR (March 21): Cita Realiti Sdn Bhd, a substantial shareholder of BCM Alliance Bhd, Sanichi Technology Bhd and MNC Wireless Bhd, has also emerged as the largest shareholder of Fitters Diversified Bhd.

This follows its acquisition of a 8.2% stake (47 million shares) in the diversified group, which is involved in property development, fire services, PVC pipes and renewable energy, bringing its total stake to 10.01% (49.95 million shares), according to a bourse filing.

Just a week ago on March 14, Fitters Diversified announced to the exchange that Cita Realiti had ceased to be a substantial shareholder of the group, after disposing of 6.97 million shares, equivalent to a 1.2% stake, on March 3.

Prior to that, Cita Realiti was actively trading Fitters Diversified’s shares, bourse filings showed, with the company disposing of 15.44 million shares on March 2, after acquiring 1.88 million shares on March 1. It also disposed of another block of 7.79 million shares on Feb 28.

These acquisitions and disposals were made via the open market.

Notably, it had been accumulating Fitters Diversified shares off market since late 2021, acquiring a total of 31 million shares between Dec 24, 2021 and Jan 26, 2022.

Besides Cita Realiti, Fitters Diversified’s substantial shareholders include Pang Chow Huat (8.55%), Leong Kok Wah (3.52%) and Ho Shu Keong (3.47%), Bloomberg data showed.

Fitters Diversified’s share price fell 0.5 sen or 2.6% to close at 18.5 sen on Monday (March 21), giving it a market capitalisation of RM106.28 million. Year-to-date, the counter has fallen 41% since its closing of 31.5 sen on Dec 31.

Source: TheEdge - 22 Mar 2022

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