KUALA LUMPUR: The City of London Investment Management Co. Ltd has been raising its stake iCapital.Biz Bhd to 14.38% after the recent purchases early November.
A filing with Bursa Malaysia showed the UK-based fund had purchased 264,400 shares from the open market from Nov 3 to 9 and upped its stake to 20.138 million shares.
The biggest number of shares which it acquired in the country’s only listed closed-ended fund was 125,000 units on Nov 9.
iCapital.Biz slid into the red, recording a net loss of RM9.28mil for the first quarter ended Aug 31, from a net profit of RM2.17mil a year ago, hurt by a provision for impairment loss on its investment in Parkson Holdings Bhd amounting to some RM10.46mil.
At the recent EGM in late September, all three directors up for re-election in iCapital.biz sailed through, keeping the current board intact although there was opposition from City of London.
The resolutions were carried out with an average of 75% of the share owners voting for the re-elections of Datuk Ng Peng Hong, Datuk Seri Syed Ismail Syed Azizan and Datuk Seri Md Ajib Anuar at the AGM held on Saturday.
The opposition to their re-election came from City of London Investment which maintained that there was inadequate response from the board to icaptal.biz’s performance and there was a discount between the company’s share price and its net asset value (NAV).
At midday, the share price was at RM2.34 compared with the net asset value of RM2.78 as at Aug 31, 2015.
Source: http://www.thestar.com.my/Business/Business-News/2015/11/11/City-of-London-Investment-raises-iCapital-stake/?style=biz
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