KUALA LUMPUR (July 30): Loss-making company Handal Resources Bhd's shares were up as much as 8.16%, after two directors indicated their intention to deal in the offshore crane manufacturing and servicing company's securities during the closed period, amid talks of boardroom changes.

At 12.11pm, the stock pared some of its gains and was 3.5 sen or 7.14% higher at 52.5 sen, with 2.4 million shares exchanging hands for a market capitalisation of RM79.79 million. Over the past year, the stock grew 122.73% from 22 sen.

According to a Bursa Malaysia filing last Friday (July 27), Handal has received notifications that its founder and executive chairman Datuk Mohsin Abdul Halim as well as its group managing director and chief executive officer Mallek Rizal Mohsin are planning to deal in the securities, pending the announcement of its second quarter result for the period ended June 30, 2018.

Currently, Mohsin holds direct and indirect stakes of about 10.51% and 10.07% respectively, while Mallek's direct and indirect shareholdings stood at 10.07% and 10.51% respectively.

Note that on July 3, privately held Borneo Seaoffshore Sdn Bhd emerged as a substantial shareholder of Handal after buying a 7.314% stake via the open market.

As of July 16, Borneo Seaoffshore owned a 7.357% stake. Bursa Malaysia filings also showed Wah Seong Corp Bhd managing director and group chief executive officer Chan Cheu Leong had raised his stake in Handal to 10.946% from 7.549% on May 16.

Handal's chief operating officer and executive director Zahari Hamzah, who has also been accumulating Handal shares in the open market over the course of the year, saw his shareholdings now totalling 9.676% as at July 25, 2018.