Willowglen shares tumble after group MD ups stake
13 Sep 2017 / 11:12 H.
PETALING JAYA: Willowglen MSC Bhd's share price tumbled 7.91% this morning after its group managing director Wong Ah Chiew upped its stakes to 55% yesterday.
As at 10.45am today, Willowglen's share price stood at RM1.28, with 1.56 million shares changing hands. It has a market capitalisation of RM313.9 million.
Wong has mopped up a 22.2% stake in the company at a 40% discount, bringing his interest in the company up to 55%, triggering a mandatory takeover offer.
New Advent Sdn Bhd, a company controlled by Wong, plans to maintain the listing status of the company.
Yesterday, the company said New Advent had purchased interests from six shareholders for the stake at RM44.6 million or 80 sen a share.