PETALING JAYA: AT Systematization Bhd’s (ATS) unit AT Precision Tooling Sdn Bhd (ATP) has subscribed 213.3 million placement shares of Trive Property Group Bhd equivalent to a 9.09% stake for RM2.92 million cash or 1.37 sen per share.
ATS told the stock exchange that the placement price represents a 9.87% discount to the five-day volume weighted average price of Trive shares of 1.52 sen.
Trive’s share price closed half a sen or 25% lower at 1.5 sen last Friday on 502,200 shares done, while ATS shares were unchanged at 5 sen with 1,000 shares changing hands.
Listed on the Main Market of Bursa Malaysia, Trive and its subsidiaries are principally involved in the trading of solar panels and related products as well as property development, construction and property development.
ATS said the group intends to look into opportunities to capitalise on the new relationship with Trive, including the potential of sourcing solar panels and certain solar products for periodic maintenance of its existing solar photovoltaic plants or for future expansion/construction of additional solar photovoltaic plants.
“This will help to support its plan to expand its solar energy business in the future and the group may look to Trive for the supply of solar panels and related products at reasonable pricing to support the construction of new solar photovoltaic plants,” it added.
Source: The Sun Daily