Insider Moves

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NOTABLE filings

During the week of June 09 to 13, Cypark Resources Bhd was one of the more actively-traded counters. The Employees Provident Fund (EPF) ceased to be a substantial shareholder of the company, after it sold 420,000 shares on June 10. The EPF had surfaced as a substantial shareholder in mid-April, with almost 9.1 million shares or a shareholding of just marginally above 5%.

The EPF surfaced just before individual investor, Chua Sai Men, son of prominent businessman Tan Sri Chua Ma Yu, became a substantial shareholder with 5.1% or 9.2 million shares on April 23.

Since early March this year, Cypark’s stock has gained about 20%. The company’s share price hit a 52-week high of RM3.05 on April 23, but has since tapered off, closing at RM2.70 on June 17 (Tuesday).

Cypark has its mainstay in landfill remediation and renewable energy.

Over at Eastland Equity Bhd (formerly known as Furqan Business Organisation Bhd), privately held Prestige Pavilion Sdn Bhd has sold almost 3.6 million shares or almost 1.5% in the company. Prestige Pavilion is the vehicle of Tan Chin Hao and Tan Chin Hong. After the sale, Prestige Pavilion has 18.6 million shares or almost 7.6% equity interest in Eastland Equity. Chin Hong is an executive director of Eastland Equity.

Prestige Pavilion surfaced in Eastland Equity in January 2010, when it acquired 16 million shares from CIMB Bank Bhd, giving it a 7.2% shareholding. Property player Eastland Equity’s stock has been largely flat, trading below the 50 sen band since the beginning of the year. The company’s share price hit a 52-week low of 40.5 sen on June 02 and closed at 42 sen on June 17 (Tuesday).

Meanwhile, at Prestariang Bhd, pension fund Kumpulan Wang Persaraan (Diperbadankan) ceased to be a substantial shareholder, after it sold 345,200 shares on June 11.

However, filings with the local bourse indicate that the pension fund surfaced again as a substantial shareholder a few days later, after it acquired 291,500 shares, which nudged its shareholding to just above the 5% band.

The pension fund has been actively trading Prestariang’s stock since mid-January, when it first surfaced as a substantial shareholder, with almost 5.3%.

Prestariang’s stock hit its 52-week high of RM2.06 on April 22, but has since slipped and closed at RM1.83 on June 17 (Tuesday).

At Berjaya Auto Bhd, Podium Success Sdn Bhd sold 10 million shares or 1.2% on June 10, via a direct deal, thus reducing its stake to 47.6 million shares or 5.9% equity interest.            Podium Success is the vehicle of Berjaya Auto’s chief executive officer, Datuk Seri Ben Yeoh Choon San. It is not clear whom Yeoh sold the stake to. Berjaya Auto’s stock is trading at its highest levels — above the RM2.30 band — since its initial public offering at 70 sen in mid-November 2013. Berjaya Auto closed at RM2.32 on June 17 (Tuesday). NOTABLE movements

Since hitting a 52-week high of RM2.57 on June 02, Tune Insurance Holdings Bhd’s shares have slipped some 9%, closing at RM2.34 on June 17 (Tuesday). Interestingly enough, on June 09, substantial shareholder AirAsia Bhd, Tan Sri Tony Fernandes and Datuk Kamarudin Meranun, sold 19.1 million shares or about 2.5% equity interest in the insurance company. After the sale, AirAsia, Fernandes and Kamarudin have 13.6% equity interest in the insurance company or 102.6 million shares.

YTL Power International Bhd’s shares closed at RM1.47 on June 18 (Wednesday) — a tad higher than its 52-week low of RM1.45, which it hit on June 18 last year. It also announced on June 18 (Wednesday), that it is pulling out of the proposed development of a 1,000mw to 1,400mw combined cycle power plant in Johor, awarded earlier by the Energy Commission via direct negotiations.

Since end-May, the EPF has been aggressively trading the company’s stock and has been a net buyer during the period of weakness in YTL Power’s stock. In mid-April, the EPF had some 416.7 million shares or 6.1% in YTL Power. By June 10, however, the pension fund had accumulated 6.2% of YTL Power or 421.6 million shares.

It is also worth noting that Skim Amanah Raya Trustees surfaced again as a substantial shareholder in YTL Power at end-May, after it fell off the substantial shareholder list in mid-April.    

This story first appeared in The Edge weekly edition of June 23-29, 2014.