An affiliate of The InterTech Group Inc. has bumped up it holdings in a penny-stock company that makes explosives for the mining and construction industries.
The 5,000-share purchase brought the North Charleston congolmerate’s stake to about 12.14 percent in Canada’s Nordex Explosives Ltd.
A family trust controlled by InterTech CEO Anita Zucker made the latest $1,250 investment on Wednesday. It said in a statement that it acquired the shares “for investment purposes.”
Nordex is based in Kirkland Lake, Ontario, which is more than 200 miles north of Toronto. It’s been around since 1970, according to its website.
In U.S. currency, the company had sales of $11.8 million through the third quarter, a 16 percent increase from the same period of 2013. Its net income more than doubled to $548,000 through Sept. 30.
The Zucker trust’s entire stake in Nordex is valued at about $620,000. The thinly traded stock does not pay a dividend.