Insider Moves: 7-Eleven Malaysia Holdings Bhd, Atta Global Group Bhd, JMR Conglomeration Bhd, IJM Corp Bhd, Sapura Energy Bhd, MyEG Services Bhd, Gabungan AQRS Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on May 28, 2018 - June 03, 2018.
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Notable filings

ACCORDING to filings with Bursa Malaysia, notable changes in shareholding between May 14 and 18 include that at Malaysia’s largest convenience store chain, 7-Eleven Malaysia Holdings Bhd. Berjaya Retail Bhd sold 124.68 million shares or about 11% equity interest in the company on May 16. The stake was sold off-market for RM1.50 apiece or RM187.01 million, at a discount to that day’s closing price of RM1.54.

Berjaya Retail and the buyer, Berjaya Bright Sdn Bhd, are controlled by 7-Eleven Malaysia’s major shareholder Tan Sri Vincent Tan Chee Yioun, who has 43.66% equity interest in the convenience store chain.

Meanwhile, Atta Global Group Bhd executive chairman Ooi Chieng Sim acquired 21.87 million shares on May 15 and May 17, resurfacing as a substantial shareholder with a 10.5% stake. He bought 21.75 million shares at 75 sen to 90 sen apiece. The counter closed at 90 sen that day.

In January, Ooi ceased to be a substantial shareholder after his vehicle, Skylitech Resources Sdn Bhd, sold 15.52 million shares or a 10% stake.

Atta Global started 2018 at 91 sen per share but peaked at 99 sen on Jan 12 before trending downwards. Last Wednesday, it closed at 86 sen.

JMR Conglomeration Bhd saw a new substantial shareholder, Global Legacy Partners Sdn Bhd, which bought seven million shares or a 5.521% stake on the open market on May 17. Global Legacy Partners is wholly owned by the Legacy Trust Company Ltd, a Hong Kong-based trust services provider. It bought the JMR stake for RM1 per share.

On May 14, the first day of trading after the 14th general election, IJM Corp Bhd fell 14.34% to RM2.27 per share and ended the week at RM1.96, a five-year low. Most institutional investors — including the Employees Provident Fund (EPF), Retirement Fund Inc (KWAP) and Lembaga Tabung Haji — were net sellers in the week in review.

However, IJM’s deputy chairman Tan Sri Tan Boon [email protected] picked up 200,000 shares to bump up his interest to 6.62 million shares or a 0.18% stake.

AmanahRaya Trustees Bhd bought 523,200 shares of IJM, increasing its shareholding to 248.11 million shares (6.84%).

The EPF ceased to be a substantial shareholder of Sapura Energy Bhd on May 8, according to a May 17 filing. On May 8, the provident fund sold 10 million shares, leaving it with 290.13 million shares or about 4.84% equity interest.

Sapura Energy closed at 67 sen on May 8. It subsequently surged 25.37% to 84 sen on May 14. Last Wednesday, it closed at 71.5 sen per share.

 

Notable movements

Electronic government services provider MyEG Services Bhd’s share price plunged sharply after the general election. It had closed at RM2.65 before the polls. When the market reopened, the stock fell to a nearly three-year low of 91 sen on May 17, losing two thirds of its pre-election market value.

MyEG Services gained two sen on May 18 for a market capitalisation of RM3.34 billion. The previous day, its non-executive director, Lenggong MP Datuk Shamsul Anuar Nasarah, resigned after over four years on the board.

Amid the selling pressure, group managing director Wong Thean Soon bought a net 10.9 million shares while executive chairman Datuk Dr Norraesah Mohamad added 1.5 million shares. The counter closed at 91.5 sen last Wednesday.

Construction outfit Gabungan AQRS Bhd was among counters that were heavily sold post-GE14, losing about 45% of its market capitalisation on May 14 and 15. The stock recovered to end the week in review at 94 sen.

On May 15, the EPF sold 9.8 million of its shares, falling below the 5% threshold and ceasing to be a substantial shareholder. Non-executive chairman Tunku Alizan Raja Muhammad Alias bought 150,000 shares on May 14.

Group CEO Datuk Azizan Jaafar bought 400,000 shares on May 16 and 17 while executive director Datuk Ow Chee Cheeon picked up 500,000 shares on May 16.

 

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