Insider Moves: Sapura Energy Bhd, IGB Corp Bhd, Hengyuan Refining Co Bhd, Key ASIC Bhd, Cuscapi Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on November 20, 2017 - November 26, 2017.
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Notable filings

BETWEEN Nov 6 and 10, notable filings of shareholding changes in companies listed on Bursa Malaysia included that at Sapura Energy Bhd.

According to the filings, Tan Sri Mokhzani Mahathir ceased to be a substantial shareholder in the global integrated oil and gas services and solutions provider after he disposed of 384.97 million shares or a 6.4% stake on Nov 7. The sale was made via British Virgin Islands-incorporated Khasera Baru Ltd, which is estimated to still hold 220 million shares or a 3.7% stake post-disposal.

While the transaction price was not disclosed, it is worth noting that Kumpulan Wang Persaraan (Diperbadankan) bought 5.29 million shares that day. It acquired another 5.16 million shares on Nov 9 and 10, raising its holding to 6.51%.

The Employees Provident Fund was another buyer, mopping up 40.59 million and 5.43 million shares on Nov 9 and 10 respectively, raising its holding to 11.32%. It also bought four million shares on Nov 7 and 8 after being a net buyer of 30.05 million shares on Nov 2.

Stock market data shows that on Nov 7, 24.94 million shares changed hands at between RM1.48 and RM1.50 apiece in a mix of direct and crossed trades. Two days later, 88.5 million shares were transacted in three direct deals at RM1.42 apiece while 276,100 shares changed hands in crossed trades at RM1.46 to RM1.47 each.

On Nov 6, the EPF disposed of one million IGB Corp Bhd shares and ceased to be a substantial shareholder of the company.

A Nov 9 filing reveals that the sale was made through Citigroup Nominees (Tempatan) Sdn Bhd.

It is worth noting that IGB Corp’s shareholders will be attending a High Court-convened meeting on Nov 21 to decide whether to accept a takeover offer by Goldis Bhd that values the group at RM3 a share.

Over at Cuscapi Bhd, CEO and executive director Her Chor Siong continued to pare down his holding, selling 6.08 million shares or a 1.2% stake on Nov 3 and 8.

Filings on Nov 6 and 9 show that Her sold 1.5 million shares at 45 sen apiece, or RM675,000 in total, on Nov 3, before he offloaded another 4.58 million shares at 47.5 sen apiece, or RM2.18 million in total, on Nov 8. These represent a premium of about 6% to the stock’s closing price on the open market of 42.5 sen on Nov 3 and a discount of 2% to its closing price of 48.5 sen on Nov 8.

To recap, Her ceased to be a substantial shareholder in Cuscapi in May, after disposing of six million shares. However, he still owns 15.4 million shares or a 3.14% direct stake in the food and beverage business management solutions provider.


Notable movements

Hengyuan Refining Co Bhd, formerly known as Shell Refining Co (Federation of Malaya) Bhd, saw its share price gain 392% year to date. It closed at RM10 last Wednesday, giving the company a market capitalisation of RM3 billion. The stock has risen fivefold from its 52-week low of RM2 on Dec 22 last year.

It is worth noting that AmanahRaya Trustees Bhd-Skim Amanah Saham Bumiputera is no longer a substantial shareholder in Hengyuan. The fund took some profit from the share price rally, selling 2.185 million shares between Nov 2 and 7.

Meanwhile, Key ASIC Bhd, which designs and manufactures chips and system products for Internet of Things applications, saw its share price advance 316% from its 52-week low of six sen on Dec 6 last year. The counter closed at 25 sen last Wednesday, giving the company a market capitalisation of RM222.6 million.

Filings show that Atlantic Quantum Sdn Bhd sold 44.44 million shares or a 4.99% stake on the open market on Nov 3 and 6, leaving it with 104.69 million shares or a 11.75% direct stake in the company.