NWP’s major shareholder cashes out at share price rally

NWP’s major shareholder cashes out at share price rally
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KUALA LUMPUR (April 21): NWP Holdings Bhd's — which share prices jumped 230% to 33 sen in a month — second largest shareholder, Cashflow Budget Sdn Bhd, sold a 7.56% equity stake at 25 sen in the timber product company.

Cashflow Budget is left with barely three million shares, or nearly 0.1% stake, in NWP.

According to the filing to Bursa Malaysia, Cashflow Budget sold 24.2 million shares in the loss making company today, at 25 sen per share — eight sen or 24.24% lower than yesterday’s closing price of 33 sen.

Sepang Heights Sdn Bhd is the largest shareholder of the company, holding 50.11% stake. Meanwhile, its chief executive officer Wong See Ming holds a 6.06% shareholding.

The timber products manufacturer was queried by the stock exchange on Tuesday, after its recent sharp rise in share price and trading volume. However, the company replied to Bursa later that it was unaware of the reasons behind the share price rally.

For the financial year ended Aug 31, 2015 (FY15), NWP posted a net loss of RM2.22 million, compared with RM3.44 million. Revenue nearly doubled to RM17.56 million, from RM8.96 million FY14.

NWP closed 1.5 sen or 4.76% higher at 33 sen today. The counter has risen 230% in a month, from merely 10 sen on March 21.