Translate This Page

Sunday, January 20, 2013

BCorp’s Tan continues to buy TMC shares (STAR)

PETALING JAYA: Tan Sri Vincent Tan Chee Yioun via Berjaya Corp Bhd (BCorp) has continued to buy into medical group TMC Life Sciences Bhd, increasing his stake to 32.27% from 31.06% last month and edging closer to the shareholding of the current largest shareholder in the firm Singapore billionaire Peter Lim Eng Hock who has a 32.59% stake.

Interestingly, both shareholders are very close to the 33% trigger point of having to make a mandatory general offer (MGO) for the rest of the shares in TMC Life.

In Tan's case, if he acquires 5.8 million shares more, he would hit 33% and the MGO trigger, while for Lim, all he needs is another 3.2 million shares before he too could trigger the MGO.

The recent buying of shares by Tan were made via the open market and over a few transactions, filings to Bursa Malaysia showed.

Investors will recall that Lim emerged in TMC Life in 2010 with a 29.6% stake.
At the time, Tan already had a 31.7% stake in the firm.

Also noteworthy is the fact that both tycoons are shareholders of Singapore's education group Informatics Education.

In 2009, Lim was the second largest shareholder in Informatics with a 19.05% stake as at Aug 4, behind Tan's 34.1%.

Their stakes in Informatics have changed only slightly.

According to latest data on Bloomberg, BCorp now has a 27.15% stake in Informatics while Lim has a 20.77% stake.

TMC Life announced recently that its revenue rose 31% to RM16.4mil in the first quarter ended Aug 31 from RM12.4mil in the previous corresponding quarter, driven mainly by high patient load, both local and foreign, with increased bed capacity. It posted a net profit of RM2.78mil for the quarter compared with a net loss of RM2.33mil in the previous corresponding quarter.

TMC's share price has been on a general uptrend since September, rising about 40% from 29 sen to 40.5 sen yesterday.

No comments: