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Strong demand for handformers lifts ES Ceramics revenue and profit
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ES Ceramics posts higher Q3 profits as demand for hand formers rises
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MARKET talk has it that ES Ceramics Technology Bhd may have a new substantial shareholder but details were scarce at press time. The recent shareholding changes at the company are perplexing, to say the least.
Filings on shareholding changes with Bursa Malaysia show that Tan San Kwang, son of ES Ceramics’ non-independent, non-executive director, Datuk Kamal Y P Tan, acquired 47 million shares or 10.2% in the company on Jan 29, for almost 58 sen per share or RM27.23 million.
Also on Jan 29, Kamal acquired 25 million shares (5.43%) at 58 sen per share (RM14.48 million) and sold it later in the day at the same price.
IF 2020 is the year of rubber glove manufacturers and technology-related counters, penny stocks deserve at least a notable mention.
The penny stock fever on the local bourse has not been seen for at least 20 years since the dotcom bubble burst.
The eye-popping share price rally lured long-absent retail investors to the stock market and that, in turn, lifted the daily trading volume to a record high of 27.8 billion shares on Aug 11.
At the height of the penny stock fever in August, share prices hitting limit up were not a rare sight. On Aug 7, 12 stocks hit limit up, including HLT Global Bhd, LKL International Bhd and ES Ceramics Technology Bhd. These three were below 20 at the start of 2020.
ES Ceramics Technology Bhd, which makes ceramic moulds for the rubber glove industry, appears to be in unknown hands given the company’s opaque shareholding.
In early November, Datuk Kamal Y P Tan disposed of two blocks of shares in ES Ceramics. On Nov 4, he hived off 48.25 million shares, or 10.49% of the company, followed by another 47.18 million shares, or 10.25%, the next day.
A month before that, Tan held 105.26 million shares, or 23.39% of ES Ceramics, following a bonus issue of 236.56 million shares with free warrants on the basis of one bonus share and warrant for every existing share held.
Although a month has passed since he sold the two blocks of shares, there has been no indication as to who acquired them, or if the new shareholders elected to break up the block of 20-plus per cent into blocks smaller than 5% to avoid disclosure.
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