Gagasan Nadi Cergas Bhd group managing director Datuk Wan Azman Wan Kamal has sold a 7.44% stake in the property and construction company, lowering his deemed interest from 64.69% to 57.25%.
The sale, involving 56 million shares at 43 sen each, was completed on March 13, according to a Bursa Malaysia filing on Monday. The transaction is estimated to have netted Wan Azman approximately RM24.08 million.
Last month, Gagasan Nadi Cergas proposed a bonus issue offering one warrant for every two shares held. The issuance could total up to 376.5 million warrants with a five-year tenure and an exercise price of 32 sen per warrant. If fully exercised, the company could raise up to RM120.48 million, intended for working capital, including payments to suppliers and subcontractors for materials and project progress claims.
Since listing on Bursa Malaysia’s ACE Market in 2018, Gagasan Nadi Cergas has set its sights on a transfer to the Main Market later this year.
The company’s shares are trading at a price-earnings ratio of 4.3 times, well below peers such as Nestcon Bhd (28.4 times), Gamuda Bhd (24.4 times), and Sunway Construction Bhd (24.7 times), according to AskEdge data. Shares closed 42 sen on Monday, down half a sen or 1.18%, giving Gagasan Nadi Cergas a market valuation of RM316 million.
