This article first appeared in Capital, The Edge Malaysia Weekly on October 31, 2022 - November 6, 2022
Notable filings
Over the week of Oct 17 to 21, notable changes in shareholding at companies listed on Bursa Malaysia include that at Bahvest Resources Bhd.
At Bahvest, MAB Ventures Sdn Bhd — the vehicle of Mohd Amir Masry — surfaced as a substantial shareholder after acquiring 66.2 million shares, or 5.34% equity interest, in an off-market purchase.
This is the second time that Mohd Amir has emerged as a substantial shareholder in the gold mining outfit. He was a substantial shareholder in Bahvest from January 2017, after he sold his 25% stake in gold mining company Wullersdorf Resources Sdn Bhd for RM24 million, which was satisfied via the issuance of shares and cash. He went on to accumulate 66.92 million shares, or a 5.4% stake, in Bahvest, but eventually ceased to be a substantial shareholder in August this year, after selling 6.35 million shares.
It is not clear who Mohd Amir acquired the block of shares from this time around.
Bahvest stock has shed close to 37% of its value from mid-April this year, closing at 30.5 sen last Wednesday. Bahvest’s shares are testing their 52-week low of 30 sen apiece, which they hit in July this year. At its close last Wednesday, Bahvest had a market capitalisation of RM378 million.
At herbal energy drink manufacturer Power Root Bhd, pension fund Kumpulan Wang Persaraan (Diperbadankan), or KWAP, trimmed its shareholding, hiving off 450,000 shares during the week in review to 27.81 million shares, or 6.67% equity interest.
KWAP has been reducing its stake in the company and started selling small blocks of Power Root shares in July this year. In June this year, KWAP owned 29.27 million shares, or 7.03%.
Power Root’s stock has bucked the general trend, and since early March this year has surged more than 60%, hitting RM2.18 apiece on Oct 20, its highest in almost two years.
Minister of Finance Inc-controlled Urusharta Jamaah Sdn Bhd sold 67,100 shares in customised smart card solutions provider Datasonic Group Bhd during the period in review, trimming the government-linked company’s shareholding to 260.68 million shares, or almost 9.14% equity interest.
At end-May, Urusharta Jamaah had 267.31 million shares, or a 9.33% stake in Datasonic, which would indicate that the government-linked company has been a net seller of the smart card manufacturer.
Datasonic’s stock has gained traction, strengthening close to 10% since end-September. Its stock finished at 50 sen apiece last Wednesday, valuing the company at RM1.48 billion.
Kenny Ronald Ngalin continued to pare down his shareholding in oil and gas company Ocean Vantage Holdings Bhd, selling 18.16 million shares in the company, thus reducing his shareholding to 60.91 million shares or 14.5% equity interest. In early January, Ngalin — who is the managing director of Ocean Vantage — owned a 20.42% stake, or 83.91 million shares. Since early May, Ocean Vantage’s stock has shed about 41% of its value, closing last Wednesday at 15 sen, which translates into a market capitalisation of RM62 million.
Notable movements
Over the past two months, Inari Amertron Bhd’s stock has shed 18.64%. It closed at RM2.40 apiece last Wednesday, advancing from a two-year low of RM2.28 on Oct 17.
During this period of weakness in Inari Amertron’s share price, the Employees Provident Fund (EPF) has been accumulating the stock. Over the week in review, the EPF snapped up 14.14 million shares, nudging up its shareholding to 375.6 million shares, or 10.06% equity interest. In mid-August this year, EPF held 329.57 million shares or an 8.88% stake.
While the EPF was accumulating Inari Ametron’s shares, KWAP sold 501,000 shares during the week in review, trimming its stake to 350.65 million shares, or 9.39% equity interest.
Inari Amertron has its mainstay in the provision of outsourced semiconductor assembly and test services.
Astro Malaysia Holdings Bhd’s stock hit a multiyear low of 64.5 sen apiece on Oct 25, but inched up marginally to close last Wednesday at 66.5 sen.
The EPF has been paring down its stake, with the retirement fund hiving off 2.59 million shares during the week in review to reduce its shareholding to 327.34 million shares, or 6.28% equity interest.
In early August, the EPF owned a 6.67% stake, or 347.87 million shares, in the media and entertainment company.
Save by subscribing to us for your print and/or digital copy.
P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.