SYF boss said planning to raise share in Inch Kenneth
KUALA LUMPUR: Ng Ah Chai, the chairman of SYF Resources Bhd, one of the largest rubber wood furniture manufacturers in the country, is said to be planning to increase his stake in Inch Kenneth Kajang Rubber Public Ltd Co.
Low-profile Ng only emerged as a substantial shareholder in Inch Kenneth in October last year.
He is now estimated to have between eight per cent and nine per cent of the company.
Business Times was told that Ng is mulling increasing his stake in the company, at a time when some minority shareholders have been pushing for Inch Kenneth to pay a special dividend to shareholders.
Against this backdrop, Inch Kenneth itself has started buying back its own shares in recent days. From December 27 2012 until today, the company has bought back some 6.39 million of its own shares to bring its treasury shareholding to 6.751 million shares.
Inch Kenneth became cash-rich when it sold two plots of land in Bangi, Selangor, to UEM Land Holdings Bhd for RM268.5 million.
A check on its annual report for the year ended 31 December 2011 showed Inch Kenneth had RM221.69 million as short-term deposits with banks.
The stock closed four sen higher at 91 sen a share, but according to RHB Research, it should be valued at between RM1.77 and RM1.88, based on the sum parts valuation method.
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