MN Holdings founders make windfall from selling 20 sen warrant
Three co-founders of MN Holdings Bhd have realized a combined net gain of nearly RM45 million by converting company warrants into shares and selling a portion to institutional investors. Despite the sale, the founders increased their overall stake in the infrastructure utilities company.
Why it matters
The transaction highlights significant insider wealth generation following a company's transition to a main market listing, drawing attention to executive financial maneuvers.
BURSA SGX Home Highlight Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (Oct 1): The three co-founders and executive directors of Main Market-listed MN Holdings Bhd (KL: MNHLDG ) have made a combined net gain of nearly RM45 million after converting company warrants into shares at just 20 sen apiece and offloading a chunk of those shares to institutional investors at RM3.91 per share.
According to the infrastructure utilities specialist's bourse filings on Wednesday, the transactions — coming less than two months after the group transferred to the Main Market — involved managing director Datuk Toh Eng Keat and executive directors Datuk Loy Siong Hay and Datuk Dang Siong Diang.
The trio exercised a total of 20 million warrants between Sept 1 and Sept 29 at the fixed price of 20 sen each, converting them into ordinary shares on a 1:1 basis.
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