This article first appeared in Capital, The Edge Malaysia Weekly on September 10, 2018 - September 16, 2018

Notable filings

FROM Aug 27 to 30, notable filings included the disposal of 7.01 million shares, or a 4.96% stake, in FSBM Holdings Bhd by General Technology Sdn Bhd, which ceased to be a substantial shareholder.

The disposal was made on the same day the IT service and systems provider reported a net loss of RM156,000 for the fourth quarter ended June 30, compared with a RM1.84 million loss a year earlier.

FSBM’s largest direct shareholder is Chew Weng Yew, who holds a 22.37% stake. Managing director Tan Hock San has an effective 40.17% shareholding via direct and indirect interests.

On Aug 30, property developer Meda Inc Bhd saw 18.14 million of its shares disposed of by Datuk Dr Teoh Seng Foo in a direct business transaction. Teoh is left with a direct interest of 2.06 million shares, or 0.428%, and indirect interest of 6.12 million shares, or 1.268%.

In June, Datuk Seth Yap Ting Hau — founder and CEO of property company M101 Group — emerged as a major shareholder in Meda with a 25.5% stake, amid widespread speculation that he would be taking over the company. As at Sept 3, Yap had a stake of 30.424%.

Meda’s existing major shareholders — Datuk Tiong Kwing Hee, Datuk Dr Patrick Teoh Seng Foo, Datuk Kenneth Teoh Seng Kian and Teoh Seng Aun — are expected to exit the company.

Based on the latest shareholding filings, Tiong owns 17.01% in Meda, while Seng Aun and Seng Kian have 13.394% and 10.63% respectively.

Woo Yee Foo ceased to be a substantial shareholder of MQ Technology Bhd after disposing of 20 million shares, or a 4.02% stake, on the open market. The company provides rapid tooling and prototyping, product development and manufacturing solutions to various industries.

Woo became a substantial shareholder after acquiring 41.47 million shares in June, following a private placement to raise funds for the company’s plans to diversify into providing marketing services and manpower for gaming-related businesses.

Before the placement exercise, MQ Technology had inked a marketing agreement with Vivo Tower Holdings Ltd to develop and implement marketing services for Vivo Tower’s operations at Star Vegas Resort and Club in Cambodia.

At IT services management company Edaran Bhd, Ng Hong Ming ceased to be a substantial shareholder after disposing of 2.3 million shares, or a 3.97% stake, on Aug 28. He had emerged as a substantial shareholder after acquiring 3.3 million Edaran shares on the open market on Aug 10. The counter had surged shortly after his entry.

On Aug 14, Bursa Malaysia issued an unusual market activity query to Edaran but the company said it was unaware of the factors driving up the price of its shares, but said it was continuously pursuing new business opportunities.

On Aug 23, Edaran touched an eight-month high of 80 sen but the counter has since fallen 19% to close at 65 sen on Sept 4.

Notable movements

Caely Holdings Bhd has been on an uptrend since early July, gaining 56% to close at RM1.22 on Sept 4, from 78 sen on July 2.

On Aug 27, Penang-based businessman Datuk Seri Goh Choon Kim emerged as a substantial shareholder in the ladies undergarments manufacturer after acquiring 5.33 million shares on the open market, when the share price was around RM1.23.

Goh is chairman of GTM Property, which is involved in property development, hospitality and leisure.

Over the past two weeks, UCrest Bhd’s share price has dropped 20% to 33 sen as at Sept 4, from 41 sen on Aug 20.

An Aug 27 filing with Bursa shows that Alaka Holdings Ltd — a firm linked to investor Brahmal Vasudevan — sold 14.87 million shares in UCrest and ceased to be a substantial shareholder.

Alaka, which is involved in designing and developing IT products, returned to the black in its financial year ended May 31, 2018, posting an unaudited net profit of RM14.18 million, compared with a net loss of RM802,000 a year earlier, on the back of a 745% surge in revenue to RM48.26 million from RM5.71 million.

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