KUALA LUMPUR (Nov 11): Nova MSC Bhd saw 47.79 million shares, representing a 4.06% stake, transacted off-market on Friday (Nov 11).

The transaction was carried out in a single block at RM4.54 million or 9.5 sen per share, according to Bloomberg data.

This represents a 5% discount over its open market closing price of 10 sen on Friday. At 10 sen, The group's market capitalisation stood at RM118 million.

In terms of volume, the 47.79 million shares traded off-market was more than 700 times its open market trading volume of 64,900 shares on Friday.

According to the group’s bourse filing, Ooi Keng Thye, the largest shareholder of Nova MSC, acquired 47.79 million shares of the company on Friday, raising his stake to 15.02%.

Nova MSC's net loss narrowed to RM1.55 million for its first quarter ended June 30, 2022 (1QFY23) from RM2.95 million a year ago, on the back of higher revenue incurred during the quarter.

Quarterly revenue rose 14.27% to RM8.36 million from RM7.32 million, due to higher revenue recognition from the order book as a result of higher delivery of project milestone.

Over the past five years, the group had been profitable only in FY19 when it reported a net profit of RM8.23 million.

It incurred a net loss of RM2.62 million in FY18. The net loss increased to RM3.37 million in FY20, ballooned to RM9.77 million in FY21 and swelled further to RM20.22 million in FY22.