Wang Yangang in Singapore to speak with analysts. File photo by Leong Chan Teik
Last week, it announced it had attracted a new major investor, Blackstone Group. (More on this in KEVIN SCULLY'S TAKE on.... China Animal Healthcare)
This evening, it announced that its chairman, Wang Yangang, had bought 15.274 million shares of the company from the open market at 30.55 cents a share.
That means a total of about $$4.7 million. Together with the news on Blackstone's investment, the chairman's purchase should assure the market of China Animal Healthcare's prospects and corporate governance.
The chairman's trades accounted for 44% of the 35.182 million China Animal Healthcare shares that changed hands today.
Amazingly, for all the buying by Mr Wang, the stock traded within a tight range of 30-31 cents during the day, closing at 30.5 cents, or just half a cent higher than the previous day’s closing.
Similarly, the impact of the news of Blackstone’s investment was surprisingly minimal on Monday, the first trading day after the announcement.
In fact, after a burst of enthusiastic buying in the morning, the stock closed the day at 31.5 cents, half a cent down from the previous trading day's closing price.
China Animal Healthcare, which is engaged in the manufacture, sale and distribution of animal drugs, is on track for a dual listing in Hong Kong.
It is majority owned by Mr Wang (52.5% deemed stake), whose purchases yesterday increased his direct ownership to 2.008%.
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