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This article first appeared in The Edge Malaysia Weekly on October 2, 2017 - October 8, 2017

Notable filings


FROM Sept 18 to 21, notable filings included that at AbleGroup Bhd, which saw Parallel Pinnacle Sdn Bhd purchase 28.3 million shares in the company. According to a Sept 14 filing, Parallel Pinnacle had entered into a share sale agreement with Loi Heng Sewn for the shares, valued at 13 sen apiece.

AbleGroup managing director Datuk Lim Kim Huat and his wife Datin Chan Shiou Bin control Parallel Pinnacle through their holding in Golden Century Overseas Ltd. With the addition of the newly acquired shares, the duo’s stake in AbleGroup — which is involved in the processing, trading, exporting and contract workmanship of marble and granite slabs — has increased to 43.97%, thus triggering a mandatory takeover offer for all the remaining shares they do not own at 13 sen per share.

Over at Aluminium Company of Malaysia Bhd (Alcom), 39.68 million shares were disposed of by Towerpack Sdn Bhd, equivalent to a 29.5% stake. Towerpack, which still has 29.22% equity interest, is the private investment vehicle of Kian Joo Can Factory Bhd managing director Yeoh Jin Hoe.

Filings with Bursa Malaysia reveal that Yeoh disposed of half his stake in Alcom to property developer SCLand Holdings Sdn Bhd at RM1.12 apiece on Sept 15. One of SCLand’s owners is Datuk Lim Chee Khoon, the former executive chairman and co-founder of Classic Scenic Bhd.

Meanwhile, technology company MMAG Holdings Bhd saw Landasan Simfoni Sdn Bhd cease to be a shareholder after it disposed of 30.3 million shares on Sept 14. On Sept 20, Innofarm Sdn Bhd acquired 25.3 million MMAG shares on the open market, raising its stake to 14.41% from 5.2% previously.

For the first quarter ended June 30, MMAG’s net loss stood at RM1.66 million — a slight improvement from the net loss of RM2.73 million seen in the previous year. It is noteworthy that the stock increased by 30% between Sept 18 and Sept 25 from 20 sen to 26 sen apiece.

Engineering outfit Serba Dinamik Holdings Bhd saw executive director Datuk Awang Daud Awang Putera dispose of 20 million shares during the period in review. After the sale, Awang’s stake was reduced to 11.71%.

Recently, Serba Dinamik entered into two memorandums of agreement to kick-start its RM1.4 billion Pengerang Integrated Development Project in Johor, which is aimed at complementing the Pengerang Integrated Petroleum Complex by Petroliam Nasional Bhd.

 

Notable movements

 

FoundPac Group Bhd’s share price gained a total of 12.96% between Sept 14 and Sept 25, from 81 sen to 91.5 sen. Filings with Bursa show that Acme Sky Sdn Bhd emerged as a substantial shareholder after it acquired 33 million shares, equivalent to 8.91% equity interest, on Sept 14.

The precision engineering parts manufacturer also saw Lee Chun Wah dispose of two million shares through FoundPac Holdings Sdn Bhd. After the disposal, Lee holds a 37.03% indirect stake and 7.78% direct stake in the company.

Recently, FoundPac Group announced that it was acquiring a 75% stake in laser stencils maker Dynamic Stencil Sdn Bhd for RM16.5 million, in a bid to expand its product offering in the electrical and electronics segment.

Elsewhere, Hubline Bhd saw its share price rise 75% from 6 sen to 10.5 sen between Sept 18 and Sept 27. On Sept 19, the total share traded of 191.4 million shares exceeded the average daily trading volume of 20 million shares.

Filings with Bursa reveal that Absolute Privilege Sdn Bhd ceased to be a substantial shareholder in the shipping company after it disposed of 34.5 million shares on Sept 19.

Hubline has seen boardroom changes recently, with chairman Datuk Richard Wee redesignated as vice-chairman. Taking over the chairman’s post is Ibrahim Baki, who was formerly a non-executive director.

Subsequent to the boardroom changes, Wee has been raising his stake in Hubline. Based on the latest filing with Bursa, his stake in the company totalled 7.46%, through his holding in BNDM Inc Holdings Sdn Bhd.

 

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