OFF-MARKET DEAL: 2.9% stake in Ire-Tex traded off-market

KUALA LUMPUR (July 31): Some four million shares of Ire-Tex Corp Bhd, representing a 2.9% stake in the company, were traded off market today for a total consideration of RM780,000.

Bloomberg data revealed that the shares were traded in a single block at 18 sen apiece, which is at par with the last traded price of its shares on Bursa Malaysia.

At press time, it was not clear who participated in the transaction.

The small-cap packaging company has been in the spotlight since April this year, amid a boardroom tussle between its current directors and the largest shareholder, Elite Cosmo Group Ltd. As at April 11, 2017, Singapore-based Elite Cosmo held a 14.29% stake in Ire-Tex.

Since April this year, Elite Cosmo has called for several extraordinary general meetings (EGMs) to remove seven directors — Soo Tee Wei, Chin Wui Choong, Lee Yow Fui, Wong Foo Hiong, Mak Lin Kum, Datuk Seri Mohd Shariff Omar and Amryn Abd Malek.

At the same time, it proposed for the immediate appointment of Hamdan Mohd Nor as executive director, Datuk Amiruddin Jamaluddin as independent director and Raja Hizad Raja Kamarulzaman as independent non-executive director.

On June 21, the group’s current directors filed a suit in the High Court against Elite Cosmo and 19 others, including Ire-Tex director Kong Hon Kay, ex-director Datuk Tey Por Yee, chief operating officer Christopher Purcell and another major shareholder, Famous Bluechip Sdn Bhd.

At 5pm today, shares of the troubled company closed unchanged at 18 sen with 470,000 shares traded, giving it a market capitalisation of RM24.87 million.

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