Insider Moves: Gabungan AQRS, Barisan Bijak, Ekonomi Fleksibel, Takaso Resources, AirAsia X, Parkson Holdings

-A +A

NOTABLE filings

Between Aug 18 and 22, notable shareholding changes among Bursa Malaysia-listed companies included the emergence of Datuk Ng Kee Leen as a substantial shareholder in Gabungan AQRS Bhd, after he subscribed for 22 million of the group’s shares in a private placement on Aug 20. The allocation constituted 5.64% of AQRS’ share base.

According to the group’s filing with Bursa, the price set for the private placement on Aug 11 was RM1.10 apiece, which was at a 9.84% discount to the stock’s five-day weighted average price up to and including Aug 08 of RM1.22.

On Aug 19, a substantial shareholder of APFT Bhd — Barisan Bijak Sdn Bhd — disposed of 18 million shares in the flight training provider. On the same day, another substantial shareholder, Ekonomi Fleksibel Sdn Bhd, sold 16 million shares.

Prior to the disposal, Barisan Bijak held 12.12% of APFT’s shares, according to the group’s 2013 annual report. The 18 million shares constituted 5.7% of APFT’s issued and paid-up shares. Ekonomi Fleksibel held 5.31% of APFT’s shares previously.

Barisan Bijak and Ekonomi Fleksibel were the vendors that sold 51% of PT Technic (M) Sdn Bhd, an oil and gas engineering and construction company, to APFT in January. The acquisition was satisfied via a cash payment of RM10 million and the issuance of 75 million APFT shares.

On Aug 19, MSM Malaysia Holdings Bhd announced that AmanahRaya Trustees Bhd had emerged as a substantial shareholder in the sugar manufacturer. AmanahRaya acquired 35.24 million shares or a 5% stake, through a private placement on Aug 13.

For the six-month period ended June 30, MSM recorded a net profit of RM135.04 million, which was down 12.6% from the previous corresponding period. However, the group maintained its first interim dividend at 10 sen per share.

Takaso Resources Bhd saw several of its substantial shareholders dispose of their stakes between Aug 13 and 18. The disposals started on Aug 06, when Chin Boon Long sold 7.43 million shares or a 4.62% stake in the condom and baby product manufacturer on the open market.

On Aug 13, Chin sold another 13.78 million shares or 8.57% equity interest. This was followed by Low Choon Lan’s disposal of a total of 20.5 million shares or a 12.7% stake in Takaso on Aug 15 and 18. On Aug 18, Choy Sen @ Chin Kim Sang sold 10.83 million shares or a 6.74% stake.

Despite the disposals, Takaso’s shares rose 66% to 41.5 sen between Aug 01 and 27. The company posted a net loss of RM2.94 million in its nine-month period ended April 30, compared with a net loss of RM2.5 million in the previous corresponding period.

Notable movements

Between Aug 18 and 22, AirAsia X Bhd’s (AAX) shares declined 3.05% to 79.4 sen. The long-haul, low-cost airline swung to a net loss of RM140 million during the six-month period ended June 30, from a net profit of RM17.9 million in the previous corresponding period.

On Aug 21, Datuk Kamarudin Meranun — the partner of Tan Sri Tony Fernandes in Tune Group Sdn Bhd, the vehicle that owns the largest share in both AAX and AirAsia Bhd — disposed of 4.5 million shares or a 0.19% stake.

AAX is struggling with high operating costs, due to rising jet fuel prices and heavy capital expenditure incurred when it set up its secondary hub in Bangkok. The airline is waiting to be granted an air operator’s certificate to operate out of Jakarta.

Meanwhile, Parkson Holdings Bhd’s shares rose 4.83% during the period under review. Its substantial shareholder, Singapore’s Government Investment Corporation, disposed of a total of 7.2 million shares or 0.66% equity interest on Aug 15, 18 and 20.

Parkson made a net profit of RM138.3 million in its financial year 2014 ended June 30, which was 42.3% lower than in FY2013. The group’s profitability continues to be weighed down by slowing demand, both at home and abroad.

This story first appeared in The Edge weekly edition of Sept 01-07, 2014.