Monday, October 17, 2011

Harvest Court: MD plans to buy shares held by Affin Bank

KUALA LUMPUR: HARVEST COURT INDUSTRIES BHD []'s managing director and substantial shareholder Ng Swee Kiat is in talks with Affin Bank Bhd over a plan to purchase all the shares and warrants held by the bank in Harvest Court.

Affin Bank held 19.43% or 31.41 million Harvest Court shares as at Nov 26, 2009 which it had received pursuant to the proposed debt revamp of the company.

In response to an unusual market activity on Monday, Oct 17, it said: 'However, as at to date no formal proposal has been finalised and submitted to Affin Bank'.

Bursa Malaysia Securities had queried the company on Monday on an unusual market activity in relation to the sharp increase in share price recently.

Ng owned 16.78% stake or 28.838 million shares in Harvest Court, both direct and indirect. His direct stake is 4.8% or 8.246 million shares while his indirect stake, via Port Klang Jetty Sdn Bhd was 20.59 million shares or 11.98%.

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