This article first appeared in The Edge Malaysia Weekly on August 7, 2017 - August 13, 2017
Notable filings
Between July 24 and 28, notable filings of shareholders’ movements in companies listed on Bursa Malaysia included the disposal of a total of 15.75 million shares or 1.8% of Iskandar Waterfront City Bhd (IWC) by Creed Asia Development (M) Sdn Bhd (CAD).
According to the filings, CAD started trimming its shares in the Johor-based property developer on July 19, selling 2.73 million shares on the open market. This was followed by the disposal of 9.87 million shares or 1.18% of IWC’s share base on July 20, and another 5.88 million shares on July 21, after which CAD ceased to be a substantial shareholder of the company.
Over at Thriven Global Bhd, Pasukan Sehati Sdn Bhd sold its entire 29.8 million shares or 7.9% of the company’s share base off market on July 24 for just over RM7 million. Two of Pasukan Sehati’s three shareholders — executive director Datuk Low Keng Siong and group managing director Ghazie Yeoh Abdullah — each bought 8.94 million shares or a 2.37% direct stake.
The transaction increased Low’s direct holding in Thriven to 10.1% from 7.74% while Ghazie’s direct holding rose from 1.11% to 3.49%. Following the deal, the remaining shareholder of Pasukan Sehati — Lim Chee Khang — is no longer a substantial shareholder of Thriven.
Filings show that Foong Chee Hoe is no longer a substantial shareholder of Niche Capital Emas Holdings Bhd after disposing of eight million shares in the gold jewellery manufacturer, distributor and retailer on July 27. Foong had emerged as a substantial shareholder in Niche Capital after acquiring 22 million shares or 6.6% of the company’s share base on March 13.
At Perak Transit Bhd, Muamalat Venture Sdn Bhd, a venture capital firm that holds a substantial stake in the Perak-based public transport company, sold 30 million shares or a 2.62% stake on July 28.
Following the disposal, Muamalat Venture’s shareholding in Perak Transit decreased to 90 million shares or a 7.87% stake. The sale is the third so far this year for Muamalat Venture after it disposed of 40.48 million shares on April 12 and 30 million shares on June 29.
At Pensonic Holdings Bhd, Chew Chuon Jin ceased to be a substantial shareholder of the electrical household products manufacturer after disposing of four million shares or a 3.1% stake on July 26. This pared his holding to 3.78%. A day earlier, Pensonic had said that its net profit for the year ended May 31, 2017, had dropped 43.3% to RM6.38 million.
Notable movements
Shares of Voir Holdings Bhd closed at an all-time high of 93.5 sen last Wednesday, up 43.85% year to date. Compared with its low of 62 sen on April 11, the stock had gained 50.8% in just 3½ months.
Its largest shareholder, Vista Lestari Development Sdn Bhd, took the opportunity to cash in on Voir’s share price gains. It pared its holding to 43.2% after selling 4.2 million shares or a 2.89% stake on July 27, likely at 80 sen apiece, which was the price at which 4.2 million shares changed hands in two direct deals on that day. The price was at a discount to the 82.5 sen to 84 sen the shares fetched on the open market.
Owned by Datuk Zarul Ahmad Mohd Zulkifli, his son Zarul Ikhwan and Mohd Asfirdaus Asri, Vista
Lestari became the largest shareholder of the fashion apparel company in February last year, following its purchase of a 50.71% stake from Marvellous Future Sdn Bhd at 50 sen per share.
At Latitude Tree Holdings Bhd, former executive director Lin Tzu-Lang is no longer a substantial shareholder of the wooden furniture manufacturer after selling one million shares or a 1.03% stake on July 26. He is the brother-in-law of deputy executive chairman and largest shareholder Lin Chen Jui-Fen.
Stock market data shows that one million shares changed hands in two direct deals at RM4.95 apiece on July 26, which was 7.8% below the market price of about RM5.37 that day. Closing at RM5.21 last Wednesday, Latitude’s share price was up 6.3% year to date but had slipped 10% from its high of RM5.79 on March 7.
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