KUALA LUMPUR (March 10): Timber company Subur Tiasa Holdings Bhd saw 20.94 million shares crossed off-market yesterday. This represents 11.13% of the company's total 188.11 million shares.

According to Bloomberg data, the shares were transacted in two blocks, worth a total of RM7.54 million.

The transactions were carried out at 36 sen a share, a 28% discount on its closing price yesterday. It is not immediately known as to whom the parties involved in the transaction are.

To recap, on Feb 18, Subur Tiasa had announced that its chairman Tiong Kiong King and managing director Datuk Tiong Ing had given notice of their intention to deal in the securities of the company during the closed period.

On Feb 20, Tan Sri Tiong Hiew King has acquired 31.77 million shares or a 16.89% stake, bumping up his total shares to 104.19 million shares or 55.39%.

On Feb 24, both Richard Sandah and Sharifah Rokayah Wan Othman have emerged as Subur Tiasa’s substantial shareholder after acquiring 16.89% stake via Amat Abadi Sdn Bhd from Tiong Toh Siong Holdings Sdn Bhd.

Shares of Subur Tiasa were last traded at 50 sen, valuing the company at RM104.5 million. 

Read also: 16.89% stake in Subur Tiasa traded off-market