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This article first appeared in Capital, The Edge Malaysia Weekly on March 12, 2018 - March 18, 2018

Notable filings

BETWEEN Feb 26 and March 2, notable filings of shareholders’ movements in companies listed on Bursa Malaysia included that at Fiamma Holdings Bhd, which saw its largest shareholder, Casa Holdings Ltd, sell 44.4 million shares or an 8.73% stake for RM24.42 million.

The shares were transacted at 55 sen apiece on Feb 27. A total of 16.4 million shares were acquired by Fiamma CEO Lim Choo Hong and the remaining 28 million shares, by Ngo Wee Bin.

After the purchase, Lim’s direct interest in the home appliance distributor and property developer rose to 29.1% or 147.39 million shares while Ngo’s direct interest increased to 16.6% or 84 million shares. Lim and Ngo are co-founders of Casa, which is also a home appliance distributor.

Singapore-listed Casa’s holding in Fiamma is reduced to 74.89 million shares or a 14.72% stake following the disposal. This means that Fiamma is no longer an associate company of Casa. According to a Feb 23 statement to the Singapore Exchange, Casa is “considering various options” to fulfil conditions to remove itself from the SGX’s watch list within 36 months from June 5, 2017.

At Goh Ban Huat Bhd, its largest shareholder, Paragon Adventure Sdn Bhd, sold a total of 3.2 million shares or a 1.7% stake on Feb 22 and Feb 28. Paragon Adventure is owned by Datuk Seri Edwin Tan and Datuk Seri Godwin Tan, both of whom are active in the Johor property development scene. On March 6, Goh Ban Huat said it had complied with public spread requirements, with its public shareholding spread at 30.5% as at Feb 27.

Pegasus Heights Bhd’s (formerly known as Naim Indah Corp Bhd) major shareholder, Voon Brothers Construction Sdn Bhd, is no longer a substantial shareholder in the group after it sold 25 million shares or a 1.85% stake on March 1.

Recall that Johor-based Voon Brothers Construction emerged as a substantial shareholder in Pegasus Heights on Jan 29 after it acquired 109.72 million shares or an 8.15% stake through a creditors’ capitalisation exercise. On Feb 9, Voon Brothers Construction sold 23 million Pegasus Heights shares, leaving it with 86.72 million shares or a 6.44% stake.

Over at Rohas Tecnic Bhd, PT Safe Tower Systems Sdn Bhd ceased to be a substantial shareholder of the company after disposing of 10 million shares or a 2.1% stake on Feb 27. PT Safe Tower became a substantial shareholder in Rohas Tecnic on Oct 31 last year following the latter’s acquisition of HG Power Transmission Sdn Bhd from the former.

 

Notable movements

Between Feb 26 and March 5, Berjaya Assets Bhd’s share price declined 9.4% to 43.5 sen, which was also its closing price last Tuesday.

Filings show that Sultan of Johor Sultan Ibrahim Sultan Iskandar accumulated 15 million shares between Feb 21 and March 1, raising his direct holding to 10.08% or 258 million shares as at March 1. The purchase price is not known, but during the period, Berjaya Assets’ shares were traded between 41.5 sen and 48 sen on the open market.

Meanwhile, Liew Fook Meng ceased to be a substantial shareholder in Euro Holdings Bhd after selling four million shares or a 1.5% stake in the furniture maker on Feb 27, a March 2 filing shows.

A day before Liew’s disposal, the stock closed at 31.5 sen, its highest level in 27 months since hitting an intraday high of 32.5 sen on Nov 4, 2015.

Between Feb 26 and March 5, Euro’s share price skidded 12.7% to 27.5 sen. However, compared with a year ago, the stock was still 16.7% higher at its close of 28 sen last Tuesday.

 

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