Published: Tuesday April 30, 2013 MYT 3:16:00 PM
Kamdar sees 16m shares crossed 14.6% above market price
By Joseph Chin
KUALA LUMPUR: Textile retailer Kamdar Group (M) Bhd, which was recently in the news over a shareholder dispute, saw 16 million of its shares transacted in an off-market deal on Tuesday.
Stock market data showed the block of shares, representing an 8.8% stake, transacted at 55 sen apiece. This was seven sen or 14.6% above Monday's closing price of 48 sen.
At 3.03pm, its share price was traded unchanged at 48 sen.
On April 12, two major shareholders called off their proposed EGM, slated for May 2, to remove three directors.
The company said then said it had received a notice from the requisitionists - Bipinchandra Balvantrai and Gautam Kamdar Bipinchandra - to withdraw the notice of EGM dated March 29, 2013 with immediate effect.
To recap, they had proposed in a circular to shareholders to remove Kamal Kumar Kishorchandra Kamdar, Rajesh Kumar Gejinder Nath and Liang Ah Wah @ Frank Liang from the board with immediate effect.
Bipinchandra, the company's executive chairman, had a 28.91% stake or 56.27 million shares in the company while Gautam held 7.88 million shares. Kamal, who is the company's managing director, had a 12.49% stake or 24.73 million shares.