PETALING JAYA: Capitalising on a recent surge in ITMAX System Bhd’s share price, non-independent executive director Afinaliza Zainal Abidin has sold a 6.99% stake in the smart cities solutions and surveillance systems provider for a cool RM122.23 million.
The company’s shares have jumped 27% in the past fortnight, and 69% since it was listed on the Main Market of Bursa Malaysia back in December last year at an initial public offering (IPO) price of RM1.07.
Its shares ended 1 sen lower at RM1.81 today, valuing the group at RM1.86 billion.
ITMAX’s shares has been on the rise since it secured a 15-year contract worth RM105.32 million for the provision of video surveillance for the Johor Bahru City Council on Sept 22.
In a Bursa filing today, ITMAX said Afinaliza, 56, disposed 51.4 million shares, via her vehicle Ganda Sensasi Sdn Bhd, in a direct business transfer on Sept 26, and another 20.5 million shares on Sept 27 for RM87.38 million and RM34.85 million, respectively.
Following the disposals, her indirect stake in the group has been cut to 10.6% or 109 million shares, held via Ganda Sensasi, valued at approximately RM197.29 million.
Back-of-the-envelope calculations indicate the shares were sold at RM1.70 per share. This translates to discounts of 3.95% and 6.59% based on the closing prices of RM1.77 and RM1.82 on Sept 26 and 27, respectively.
Another filing today revealed a block of 20.5 million shares was acquired on Sept 27 via a direct business transfer for RM34.85 million by Sena Holdings Sdn Bhd.
This is the vehicle of ITMAX’s non-independent, non-executive director and major shareholder Tan Boon Hock, 68, and his son William Tan, who is the managing director and CEO.
The filing revealed the acquisition had raised the Tans’ stake in the company to 53.26% or 547.6 million shares.
No information was provided for the disposal of the 51.4 million shares by Afinaliza’s vehicle.