Insider Moves: MCT Bhd, Cuscapi Bhd, MyEG Services Bhd, Jiankun International Bhd, FoundPac Group Bhd, MMAG Holdings Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on January 15, 2018 - January 21, 2018.
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Notable filings

IN the first trading week of 2018, notable filings included that of Philippine-listed developer Ayala Land Inc taking control of property developer MCT Bhd by increasing its stake from 32.95% to 50.19%. It first emerged in MCT in April 2015.

Ayala Land’s unit, Regent Wise Investments Ltd, bought the additional 17.24% or 230.12 million shares from MCT co-founder Tan Sri Goh Ming Choon for RM202.5 million or 88 sen apiece — a 12.8% premium to the last-traded price prior to the Jan 2 announcement. Subsequently, Regent Wise issued a mandatory general offer of 88 sen per share for MCT shares it did not own. It does not intend to take MCT private.

At 88.5 sen last Tuesday (Jan 9), MCT was up 9.26% year to date but remains about 11.5% below where it was a year ago.

At Cuscapi Bhd, executive director-cum-CEO Her Chor Siong sold 3.96 million shares for RM2.16 million or about 54 sen apiece on Dec 28 and 29. The counter closed at 54 sen on Dec 28 and 54.5 sen on Dec 29. Her retains 12.96 million shares or a 2.61% stake. At last Tuesday’s close, Cuscapi had rallied 395.83% over the past 12 months.

Via Acme Sky Sdn Bhd, Andrew Su Meng Kit sold 5.52 million FoundPac Group Bhd shares between Jan 2 and 4. He also sold 1.86 million shares on Jan 5, cutting his holding to 31.05 million shares or 5.994%, filings show. Acme Sky first surfaced in FoundPac on Sept 14 last year with 33 million shares, which was a 8.919% stake, before the completion of a 2-for-5 bonus issue in December.

On Dec 29, MMAG Holdings Bhd’s non-executive director Chan Swee Ying acquired 12 million shares in the company via a direct transaction at 19.5 sen each, bumping up her stake to 22.47% or 102.35 million shares.

Chan, wife of former MMAG managing director Chin Boon Long, was appointed to the board on Nov 29. According to Bloomberg data, she has added 59.28 million shares since her appointment, partly owing to a rights issue. Closing at 21 sen last Tuesday, MMAG shares had slipped 29.4% from its peak of 30 sen on Oct 20 last year.

 

Notable movements

On Jan 9, MyEG Services Bhd closed at RM2.59, a month-on-month increase of 28.08% from Dec 8’s RM2.04. Over the past one year, the stock had advanced 62.69%.

Major shareholder Asia Internet Holdings Sdn Bhd purchased 10.5 million shares over two days, bumping up its shareholding to 30.18% or 1.09 billion shares. While relatively small, the first acquisition of eight million shares on Jan 2 sent the counter up 10.31% on Jan 3.

Asia Internet Holdings is the vehicle of co-founders Datuk Norraesah Mohamad and Wong Thean Soon, who are executive chairman and managing director respectively. Including his direct shareholding, Wong’s collective interest is now at 39.58%.

The stake increase came less than a week after news that MyEG’s appeal against a RM6.4 million fine by the Malaysian Competition Commission in 2015 for abuse of market dominance had been dismissed by the Competition Appeal Tribunal (CAT). MyEG intends to seek a judicial review and a stay of CAT’s decision.

Jiankun International Bhd had surged as much as 20% since Dec 20, closing at 33 sen last Tuesday. During that rally, loss-making Advance Information Marketing Bhd (AIM) surfaced as a substantial shareholder with a 5.33% stake after passing the 5% threshold on Dec 29.

AIM, a business process outsourcing solutions provider, increased its stake further on Jan 5 to 6.923%, according to filings with Bursa Malaysia. The reason for its investment in Jiankun, a property developer, is not immediately known. Former federal deputy minister Datuk Donald Lim Siang Chai is executive chairman of both companies. Lim also has a 9% stake in Jiankun.

 

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