MN Holdings founders net nearly RM45 million from share sales
The three directors sold 12 million shares to institutional investors at RM3.91 each after exercising warrants at 20 sen.
Three co-founders of MN Holdings Bhd made nearly RM45 million in combined net gains by selling shares obtained through warrant conversions, according to the company's bourse filings. The disposals generated RM46.92 million in gross proceeds, compared with RM2.40 million spent acquiring the shares sold.
Managing director Datuk Toh Eng Keat and executive directors Datuk Loy Siong Hay and Datuk Dang Siong Diang exercised 20 million warrants between Sept 1 and Sept 29. Each warrant was exchanged for one ordinary share at 20 sen. They subsequently disposed of 12 million shares through direct business transactions at RM3.91 apiece.
Toh and Loy each sold 4.8 million shares, receiving RM18.77 million apiece and making individual net gains of RM17.81 million. Dang received RM9.38 million from selling 2.4 million shares, with a profit of RM8.9 million after deducting his acquisition outlay.
Their stakes increased despite the sales because they converted more warrants than the number of shares disposed of. Toh's holding rose from 14.64% to 14.65%, Loy's from 12.85% to 12.91%, and Dang's from 5.88% to 5.91%.
MN Holdings moved to the Main Market on Aug 11. On Aug 12, Toh acquired 450,000 shares and Loy acquired 750,000 shares through existing employees share option scheme (ESOS) options priced at 78.6 sen per share. The company later announced 15 million new ESOS options on Sept 9, including 1.8 million each for the three directors, with an exercise price of RM3.265.
