This article first appeared in Capital, The Edge Malaysia Weekly on October 30, 2017 - November 5, 2017
Notable filings
DURING the period of Oct 16 to 20, notable filings include those from Idimension Consolidated Bhd, which saw the emergence of a new substantial shareholder, Datuk Dr Chang Seng Kooi, with 38 million shares or a 6.99% stake.
On Oct 17, Chang acquired 25 million shares or a 4.6% stake directly, while the remaining 13 million shares, or a 2.39% stake, were acquired through K Global Ventures Sdn Bhd. The counter was trading at 8.5 sen to 10 sen that day.
Foo Mei Tee also emerged as a substantial shareholder in the software provider after acquiring 28.78 million shares or a 5.29% stake on Oct 16. The counter dropped 10.5% during the week to 8.5 sen per share on Oct 20.
On Oct 11, Idimension placed out 49 million shares on the Ace Market at an issue price of 6.5 sen per share, raising RM3.19 million. The proceeds will be used to meet operating expenses and pay its staff and trade creditors.
Affin Hwang Multi-Asset Fund emerged as a substantial shareholder in Eduspec Holdings Bhd after the digital education provider placed out 68.98 million shares or a 6.89% stake to the unit trust fund on Oct 17.
The shares were placed out at 15 sen per share, raising RM10.35 million. The bulk of the proceeds will be used for the migration of its information technology learning and robotic classes as well as for working capital.
At Orion IXL Bhd, Winnova Resources Sdn Bhd ceased to be a substantial shareholder after disposing of 38 million shares, or a 6.34% stake, on Oct 12. Orion’s director Abdul Rani Achmed Abdullah has an interest in Winnova.
During the same period, Orion non-independent, non-executive director Yahya Razali also disposed of a total of 20 million shares or a 3.34% stake at 12.5 sen per share. His shareholding stood at 21% as at Oct 19.
On Oct 19, substantial shareholder of Ta Win Holdings Bhd, Pioneer Conglomerate Sdn Bhd, increased its stake in the manufacturer of industrial materials to 11.67% after acquiring four million shares, or a 6.22% stake.
This was followed by a purchase of 2.5 million shares on Oct 23, putting its shareholding at 15.57%. It is unclear who are behind Pioneer Conglomerate, although news reports say it is headed by Datuk Yeo Boon Leong.
On the other hand, Ta Win’s largest shareholder, Chen Hsi-Tao, pared down his stake from 53.26% on April 13 to 17% on Oct 20.
Notable movement
At Hubline Bhd, recently appointed chairman Ibrahim Baki acquired 46 million shares, or a 2.17% stake, from Oct 10 to 24. Ibrahim was redesignated on Sept 18; previously, he was a non-executive director.
During the same period, Datuk Richard Wee Liang Huat acquired 30.87 million shares in the company. Due to the conversion of 120 million redeemable convertible notes on Oct 23, Wee’s stake, mostly held through BNDM Incorporated Holdings Sdn Bhd, stays at about 13%. The executive vice-chairman is the second largest shareholder after Billion Power Sdn Bhd, which had a 18.43% stake as at July 3.
During the week under review, Hubline’s share price increased 18.75% to 19 sen. The company was queried by Bursa Malaysia Securities Bhd for the unusual market activity on Oct 19. Hubline responded that it did not have knowledge of any material development save for a memorandum of understanding it signed with a big oil and gas company and the share purchases by Ibrahim and Wee, which had been announced.
JAKS Resources Bhd’s share price jumped 13.08% during the week under review to RM1.47. Its largest shareholder, Koon Yew Yin, acquired 3.65 million shares on Oct 19, increasing his stake to 21.6%.
On Oct 2, JAKS announced that it had entered into a sale and purchase agreement with Hectare Square Sdn Bhd to sell a piece of industrial land in Sungai Penaga, Selangor, for RM25.87 million cash.
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