Rapid buys Hong Leong Cap shares

PETALING JAYA: Rapid Synergy Bhd has bought a 0.37% stake, or 923,800 ordinary shares, in Hong Leong Capital Bhd (HLCap) for RM12.67 million in cash.
It told Bursa Malaysia yesterday that it bought 347,800 HLCap shares in the open market between 16 to 29 Oct, 2014 for RM4.72 million, and another 576,000 shares on Dec 2, 2014 for RM7.95 million.
The company said its move is consistent with it's long term intention of deploying capital into suitable quoted investment opportunities that could enhance its shareholder value in the long term.
In a separate announcement, Rapid Synergy said it had disposed of a 0.22% stake or, 973,000 shares, in Shangri-La Hotels (Malaysia) Bhd in several transactions from Oct 13 to Dec 2, 2014 for RM7.02 million.
It said that the disposal offered good opportunity for Rapid Synergy to unlock and realise the value of the investment and to allocate the resources for other opportunities.
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