Notable filings

Between June 15 and 19, notable shareholding changes in companies listed on Bursa Malaysia included the acquisition of two million shares or a 0.45% stake in iDimension Consolidated Bhd (fundamental: 1.45; valuation: 0.30) by its managing director Daniel Boo Hui Siong on June 12. Boo paid 11 sen apiece for the shares, raising his direct stake in the software and online games distributor to 16.1%.

Over at duty-free retailer Atlan Holdings Bhd (fundamental: 1.40; valuation: 1.50), filings show Singapore-based Seymour Pacific Ltd ceased to be a substantial shareholder after it disposed of one million shares on June 15. According to stock market data, one million shares crossed in a direct deal at RM4.80 that day — higher than the RM4.68 to RM4.70 apiece 9,000 shares that were transacted on the market.

Tan Sri Vincent Tan’s deemed interest in Atlan was reduced to 26.3% after Berjaya Assets Bhd’s unit, Sublime Cartel Sdn Bhd, sold 200,000 shares on June 10. Bursa data shows 200,000 shares changed hand in a direct deal at RM4.65 apiece that day — below the RM4.72 to RM4.73 apiece 20,000 shares that were transacted on the market. On June 12, Atlan sought a six-month extension to implement its proposed private placement of up to 15% of its share base.

Credit Suisse Securities (Europe) Ltd is no longer a substantial shareholder in China Automobile Parts Holdings Ltd (fundamental: 1.95; valuation: 1.80) after it sold six million shares on June 12. In a filing with Bursa last Tuesday, the car parts maker says it is “still considering the potential of a [Hong Kong] dual listing”. On June 22, it said those plans were on hold due to a slowdown in China.

At Kejuruteraan Samudra Timur Bhd (fundamental: 1.55; valuation: 2.40), Sterling Honour Sdn Bhd, Oval Triangle Sdn Bhd and Seamless Excellence Sdn Bhd ceased to be substantial shareholders on June 1 after they sold a total of 40 million shares or a 21.2% stake. The disposals happened ahead of the June 12 closing of a takeover offer at 48 sen a share by Trance Rex Sdn Bhd, Datuk Chee Peck Kiat, Darmendran Kunaretnam and Chee Cheng Chun. Their stake rose from 23.73% to 55.92% after they received acceptances from shareholders holding a combined 32.19% stake. The offer price was below the company’s unaudited net asset per share of 50.4 sen as at March 31.

The Employees Provident Fund ceased to be a substantial shareholder in Felda Global Ventures Holdings Bhd (fundamental: 1.15; valuation: 1.40) after it disposed of 8.2 million shares or a 0.22% stake on June 15. The EPF is opposed to FGV’s planned purchase of 37% of PT Eagle High Plantations for US$680 million (RM2.55 billion). FGV’s shares plunged to a record low of RM1.65 on June 15, down 19.72% year to date.

Notable movements

Closing at RM3.45 last Wednesday, shares of Northport operator NCB Holdings Bhd (fundamental: 2.05; valuation: 0.80) have gained 38% since late April and over 51% year to date.

Tan Sri Syed Mokhtar Albukhary’s MMC Corp Bhd (fundamental: 0.40; valuation: 1.40), which bought a 15.7% stake in NCB from MISC Bhd last November, raised its stake to 21.05% on June 16.

MMC Ventures Sdn Bhd bought the 25 million shares from Port Klang Authority, which ceased to be a substantial shareholder. The shares changed hands at RM3.45 apiece, or RM86.2 million in total — a 15-sen or 4.5% premium to NCB’s closing price of RM3.31 that day. MMC also operates Port of Tanjung Pelepas in Johor.

SHH Resources Holdings Bhd (fundamental: 2.50; valuation: 1.40) managing director Datuk Teo Wee Cheng raised his stake in the furniture maker to 28.66% after he bought 5.57 million shares or a 11.2% stake on June 15. He paid RM1.40 apiece for the shares — a 9.4% premium to SHH’s closing price of RM1.28 that day. Naga DDB Sdn Bhd ceased to be a substantial shareholder after it sold the shares. At last Wednesday’s RM1.27, SHH was up 60.8% year to date, but down 19.6% from a high of RM1.58 on April 9.

Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Visit www.theedgemarkets.com for more details on a company’s financial dashboard.

This article first appeared in Capital, The Edge Malaysia Weekly, on June 29 - July 5, 2015.

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