Morgan Stanley Asia (Singapore), the stabilising manager for the initial public offering of precision engineering group Amtek Engineering, has acquired an additional 320,000 shares in Amtek at $1.10 to $1.12 apiece.
As of December 16, Morgan Stanley owns a significant stake of 5.0224 percent or around 27.28 million shares in Amtek, consisting of an indirect stake of 1.5558 percent and a direct stake of 3.4666 percent.
Meanwhile, The Capital Group Companies Inc, another substantial shareholder of Amtek, has increased its deemed stake to 6.3345 percent from 5.5225 percent, after open-market acquisitions on December 17.
Amtek, which recently returned to the mainboard after it was delisted by Metcomp Holdings in 2007, received lukewarm response.
Amtek’s shares have been trading below its listing price of $1.30 since the beginning of December. However, the stock recovered after it released its earnings report.
The company posted US$12.5 million net profit for the quarter that ended September 30, up from US$6 million in 2009.