Insider Moves: Kretam Holdings, Euro Holdings, Instacom Group, Furniweb Industrial Products and JAG

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NOTABLE filings

For the week ended Sept 5, notable shareholding changes included those at Kretam Holdings Bhd, which saw its controlling shareholder Datuk Freddy Lim acquire more shares.

Lim bought 25.99 million shares at 50 sen apiece on Aug 27, raising his direct stake to 58.71% or 1.1 billion shares. He also holds an indirect stake of 2.57% in the Sabah-based plantation company.

Meanwhile, a new substantial shareholder emerged in Euro Holdings Bhd. Tee Wee Sien bought 10 million shares or a 12.35% stake, at 42 sen apiece through an off-market transaction on Sept 02. Some existing shareholders have also upped their stake in the office furniture maker.

Executive Director Datuk Seri Choong Yuen Keong acquired 1.69 million shares at 44 sen a share on Sept 02, bumping up his equity interest to 22.97%, while Datuk Tong Yun Mong purchased 1.5 million shares at the same price on the same day.

The transaction price was substantially lower than the market price of 54.5 sen on the purchase date.

Private equity fund Cycas purchased an additional 3.25 million shares in GHL Systems Bhd, which specialises in electronic payment solutions. The fund bought those shares between Aug 27 and Sept 02. Cycas is currently the second largest shareholder, with a 27.28% stake.

Over at Instacom Group Bhd, substantial shareholder Anne Kung Soo Ching sold 10 million shares or a 1.42% stake at 22 sen a share, on Sept 02. After the share disposal, Kung is left with 92 million shares or a 13.1% stake in the telecommunication network service provider.

Lien Hoe Corp Bhd saw its substantial shareholder Lim Wan Sing sell two million shares on Aug 26. Lim is left with 8.73% equity interest or 29.9 million shares in the furniture manufacturer, after the sale.

US-based Franklin Resources Inc sold some 1.18 million OldTown Bhd shares on the open market, between Aug 28 and Sept 02.

Meanwhile, a filing with Bursa Malaysia shows that Public Bank Bhd Managing Director and CEO Tan Sri Tay Ah Lek sold 600,000 shares in the banking group. He had a 0.16% direct shareholding, as at Sept 02. The stock has retreated from a record high of RM20.93 in late May. It closed at RM19.12 on Sept 11 (Thursday).

Notable movements

Furniweb Industrial Products Bhd’s share price staged a strong rebound in mid-July, jumping from a low of 64 sen to a multi-year high of 91 sen in late August. The company saw the emergence of a new shareholder, after the share price rally.

Filings with Bursa show that Yeoh Soo Ann, a former substantial shareholder of Encorp Bhd, bought 25.2 million shares or 17.37% equity interest on Aug 29. Yeoh bought the shares from the company’s managing director, Cheah Eng Chuan, who sold 14 million shares — equivalent to 9.65% shareholding — on the same day. Meanwhile, Pacific Vintage Sdn Bhd disposed of 6.85 million shares or a 4.72% stake, and has ceased to be a substantial shareholder.

JAG Bhd Chairman Datuk Ng Meow Giak sold some 12 million shares or a 1.27% stake, through an off-market transaction on Aug 27. The block of shares was sold at 21 sen apiece. Also, Datuk Ng Aik Kee disposed of 10 million shares or 1.06% equity interest, on Sept 03 and 04.

JAG’s share price has been drifting lower since the company completed its bonus issue, which came with free warrants. The stock has declined from 29.3 sen in early August, to a low of 19.5 sen. It closed at 21.5 sen on Sept 11.

This article first appeared in The Edge Malaysia Weekly, on September 15-21, 2014.