NEW SHAREHOLDERS linked to business tycoon Tan Sri Halim Saad (picture) are expected to emerge soon in CN Asia Corp, whose shares soared 60% last month. “They are Wan Kamaruddin (Biji Sura) and James Chan (Yok Peng),” says an executive familiar with the matter.
A source says the pair is seeking to acquire 30% of CN Asia’s 45.38 million issued shares and that the deal is “as good as done”.
The company’s managing director Ho Cheng San is its single largest shareholder with a direct stake of 35.46% and indirect stake of 5.77%.
It is learnt that Ho is willing to part with his controlling stake in the loss-making company and the recent spike in the stock will undoubtedly help pave the way for his exit.
The hardly traded counter saw frenzied activity recently that sent it up to RM1.20 last Wednesday from 75 sen on March 28. Its trading volume and value too rose substantially. A total of 2.6 million shares exchanged hands on April 4, a level not seen since January 2010 and which was more than 60 times the counter’s average one-year trading volume.
On that day, the stock gained 13.5 sen or 17.65% to close at a high of 90 sen. It reached another high of RM1.30 on April 23, which was 47.73% higher than its year-to-date average of 88.
Tan Sri Tajudin Ramli, the former boss of Technology Resources Industries Bhd, is believed to be making a corporate comeback possibly via a takeover of loss-making CN Asia Bhd.It is learnt that the possible deal will see oil and gas-based CN Asia’s managing director Ho Cheng San disposing of his entire 40 per cent stake to Tajudin.K&N Kenanga is said to be one of the advisers for the deal.CN Asia’s second largest stakeholder is Charles Ross McKinnon, a former special economic adviser to Kumpulan Darul Ehsan president, the investment arm of the Selangor government.Ross was also briefly attached
News of his associates bought a 30% stake was out few months back. There is a private placement coming up. Increase in daily volume recently. All things jibe, you may be true. Maybe after done with SUMA & PDZ???
CNASIA - Change in Boardroom Back Stock Name: CNASIA Company: CN ASIA CORPORATION BHD Date: September 09, 2014 Category: Change in Boardroom Subject: Change in Boardroom Reference No: CA-140908-66645 Read the full announcement
We refer to our announcement dated 24 June 2014. The Board wishes to announce that its wholly-owned subsidiary, CNASIA Capital and KenMakmur had on 22 September 2014 mutually agreed not to extend the timeframe for the execution of the proposed LPG / condensate production agreement and as such the Framework Agreement shall henceforth lapse and have no effect whatsoever and none of the parties shall have any rights or claims against each other. 22/09/2014 21:14 Ring
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Peter Chen
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Posted by Peter Chen > 2013-09-04 16:34 | Report Abuse
Would CN Asia become next KNM
http://aseantradinglink.blogspot.com/2013/09/would-cn-asia-become-next-knm.html