Insider Moves: Silk Holdings, Gilberta Investments, IFCA MSC and Sanichi Technology

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NOTABLE filings

From Aug 25 to 29, notable shareholding changes in companies listed on Bursa Malaysia included those at Silk Holdings Bhd. Its substantial shareholder, Infra Bumitek Sdn Bhd, sold 20 million shares or a 3.88% stake.

The disposal on Aug 29 leaves Infra Bumitek with 59.56 million shares or an 11.35% direct shareholding in the highway concessionaire holder. This is a substantial reduction from the 18.36% stake it held previously, according to its 2013 annual report.

Silk Holdings recently agreed to sell its wholly-owned Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd, which has a 33-year concession for the Kajang Traffic Dispersal Ring Road, to IJM Corp Bhd’s Road Builder (M) Holdings Bhd for RM395 million.

Meanwhile, Gilberta Investments Ltd ceased to be a substantial shareholder of TMC Life Sciences Bhd on Aug 28, after it sold 261.47 million shares or a 3.26% stake in the private hospital operator by accepting Sasteria (M) Pte Ltd’s (SAS Malaysia) takeover offer of 48 sen per share. As part of the transaction, 130.73 warrants were also disposed of at eight sen apiece.

Gilberta and SAS Malaysia are the vehicles of Singaporean billionaire Peter Lim Eng Hock, who is currently privatising TMC and took private Singapore-listed Thomson Medical Centre Ltd in 2010. The takeover offer for TMC was triggered when Lim’s stake rose to 59.2%, after he bought a 26.65% stake in TMC for RM102.64 million from Tan Sri Vincent Tan Chee Yioun. Tan ceased to be a substantial shareholder of TMC on Aug 22, according to a filing dated Aug 27.

Over at Destini Bhd, Freddy Lim Nyuk Sang bought some 24.5 million shares or a 3.07% stake in the maintenance, repair and overhaul services provider — which caters for the aviation, maritime, defence and oil and gas sectors — on Aug 19 and 20. His direct stake was raised to 9.97% after the off-market purchase, a filing dated Aug 25 showed.

Lim also has a 2.07% indirect interest. Stock market data shows the same number of shares done at 65 sen apiece in three direct deals on the same two days.

Notable movements

IFCA MSC Bhd’s shares saw tremendous interest in the last few months, so much so that Bursa queried unusual market activity on the stock on Aug 25.

Closing at 48 sen on Sept 03 (Wednesday), the stock has nearly quadrupled since June on expectations of better earnings, as its clients in the property sector will need to upgrade their IT systems to be ready for the Goods and Services Tax.

Sentiment in IFCA MSC were further boosted after private equity fund manager Brahmal Vasudevan emerged as a substantial shareholder on Aug 26, with a 5.55% stake or 25 million shares. On Sept 02, IFCA Software (Asia) Sdn Bhd bought 250,000 shares at 49.6 sen apiece, raising its direct holdings to 208.35 million shares or 46.3%.

It remains to be seen how much further the stock can run. CIMB Research reckons IFCA MSC could be worth 53 sen apiece in an un-rated note dated Aug 27, while Maybank IB Research said IFCA could be worth 42 sen apiece in an Aug 25 note.

Elsewhere, Sanichi Technology Bhd’s share price hit a 52-week high of 16 sen intraday on Aug 29, doubling from eight sen on Aug 11, before retreating to 13.5 sen on Sept 03.

Sanichi has proposed a three-for-two rights issue that comes with two free warrants, issued at its par value of 10 sen per rights share, to raise between RM9 million and RM64.5 million. Sanichi traded ex-entitlement on Aug 27, while the renounced rights entitlement trades between Sept 02 and 09.

On Aug 27, the plastic injection mould manufacturer saw the emergence of Pelaburan Mara Bhd (PMB), the asset management arm of Majlis Amanah Rakyat, as a substantial shareholder. PMB bought 18 million Sanichi shares or a 5.17% stake at 11.2 sen apiece.

This story first appeared in The Edge weekly edition of Sept 08-14, 2014.