Wednesday, August 29, 2012

Bonia: Take note that the original owner has acquired >17%

To those who read my blog on this, the PNB block is actually in the hands of the founder of the company, CSS. See below, where he and his sibling have formed a company under the name of FTSB to acquire a 17.38% block from unknown parties.

What could potentially happened was as PNB and ASB were selling, these block were actually bought by several parties related to CSS - in multiple nominees so that the 5% substantial shareholding was not triggered. Otherwise, they would not have sold at a price below market i.e. RM2.04. Hence, if my speculation is right, they could have planned this all along. Bonia has not traded much below RM2.00 for this year, once PNB / ASB started to sell sometime around February.

While, I have highlighted this, as I have said often, do not mess with the owner as they have all the tools while retail shareholders do not.


Justin said...

Felicity, would PNB risks facing the wrath of Malay business community because they have been telling public of their intention to divest non core assets to potential bumi business entity?

felicity said...

I don't know actually but in this case, the way I look at it PNB and ASB are selling back to the founders.