Harbour-Link sells 300,000 shares to Tang Ing Soon
KUCHING: Harbour-Link (M) Sdn Bhd (HLM) has sold 300,000 ordinary shares at RM1 each representing a 30% stake in wholly-owned unit HLG Engineering Sdn Bhd to Tang Ing Soon for RM300,000 in cash.
HLG Engineering’s principal activities are consultancy services and provision of engineering works.
The sale consideration was arrived at on a “willing buyer willing seller” basis, taking into consideration HLG’s net assets of about 10 sen of its shares, HLM parent Harbour-Link Group Bhd said in a filing with Bursa Malaysia.
Bintulu-based Harbour-Link’s share price rose to intra-day high of RM1.07 yesterday, the highest level in more than two years. The stock, which finished at 86 sen on 2013’s last day trading, has gained about 25% in a week.
Two company directors – Hii Kwong Wui and Lau Sii Hin – had accumulated more shares in the open market.
Hii acquired an additional 300,000 shares priced between 85.7 sen and 87 sen each on Jan 20 and 21, and increased his holding to 1.37 million units or 0.75%.
On Jan 8, Lau purchased 153,000 shares at 85.5 sen a piece, raising his stake to 690,000 units or 0.37%.
Harbour-Link is an established total logistics service provider and is involved in engineering, procurement and construction activities.