Seychelles-based Premium King Investments Ltd has emerged as a new substantial shareholder in China Automobile Parts Holdings Ltd (CAP). On Aug 12, CAP announced through Bursa that Premium King has acquired 100 million shares, representing a 16.86% stake in the company, via an off-market transaction with Guotai International Holding Ltd.
Guotai International is linked to CAP MD Li Guo Qing. Post-acquisition, Premium King is the largest shareholder of CAP. Guotai International still holds a 9.77% stake in the automobile chassis components manufacturer.
Premium King is part of Siburan Resources Ltd, a listed company in Australia, which is involved in tungsten and gold exploration projects in Australia, New Zealand and Papua New Guinea.
For the first quarter (Q1) ended March 31, CAP’s revenue fell by 37.27% to RM65.63 mil, compared to RM104.63 mil in the same period the previous year.
The lower revenue was attributed to the weak market conditions and lower average selling prices of automotive components which were down by 10.9%. As a result, its net profit also fell to RM11.52 mil on Q1 compared to RM20.52 mil on Q1FY14. - See more at: http://www.focusmalaysia.my/Markets/New%20shareholder%20emerges%20in%20China%20Automobile%20Parts#sthash.FaNHjeQv.dpuf
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13/08/2015 07:00 AM
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