Via its investment arm Broga Hill Investments Ltd., Khazanah bought five million JKH shares (0.5%) for Rs. 1.09 billion. With last week’s purchase, Khazanah’s stake in JKH is estimated to have crossed the 10% mark.
Trading Ex-Rights, the JKH deal was done at Rs. 218 per share.
The seller was biggest local shareholder of JKH, Sohli Captain.
Whilst the Captains were mostly on the selling side of JKH, they were actively trading JKH Rights. They bought Rs. 480 million worth of Rights from foreign fund Janus as well.
JKH is currently engaged in an exercise to raise Rs. 40 billion via a Rights-cum-Warrants issue.
On 15 October, deals on JKH and its Rights accounted for 84% of the turnover with 5.12 million JKH shares traded for Rs. 1.11 billion and 16.57 million Rights changing hands for Rs. 995 million.
As at June 2013, Broga Hill/Khazanah held a 9.9% stake or 84.68 million shares in JKH, up from 8.7% stake or 74.6 million shares in March 2013.
Last week, JKH accounted for net foreign buying of 5.247 million shares worth Rs. 1.14 billion. As of last week, foreign holding in JKH amounted to 56.8%. JKH has been a key favourite of foreign buying which overall at CSE year-to-date amounts to Rs. 21 billion.