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This article first appeared in Capital, The Edge Malaysia Weekly on May 29, 2017 - June 4, 2017

Notable filings

FROM May 15 to 19, notable filings include those by Spring Gallery Bhd, a loss-making ceramic ware manufacturer, which saw its former executive director Kuan Poh Huat exit as a substantial shareholder after disposing of 19.74 million shares, or his entire 13.5% direct stake, for RM14.35 million. Kuan divested himself of 14.66 million shares on May 12 before offloading the remaining 5.08 million shares three days later.

Both transactions were done at 72.7 sen apiece, a discount of 6.8% and 12.4% to the closing price of 78 sen and 83 sen on May 12 and 15 respectively. Kuan, 49, then the second largest shareholder of Spring Gallery, resigned on May 15, citing personal and business commitments.

Greenfield Hills Sdn Bhd, the single largest shareholder of Spring Gallery, raised its direct stake to 29.14% after acquiring 9.63 million shares or a 6.6% stake on May 17. Greenfield Hills is owned by Lim Yoon Loy, a Spring Gallery executive director.

Over at Green Ocean Corp Bhd, Datuk Seri Ng Sing Huat is no longer a substantial shareholder after selling all his 14.18 million shares, or a 5.38% stake, in the oil palm refiner on May 12.

Tawaria Sdn Bhd surfaced as a substantial shareholder of Green Ocean after it acquired 20.15 million shares, or a 7.65% direct stake, off market on May 12. Kedah-based Tawaria is co-owned by Ooi Chen Seng and Ng Lee Chin. Stock market data show 20.15 million shares changed hands in two direct deals at 13 sen apiece on May 12, a 13.3% to 16.1% discount to the 15 sen to 15.5 sen each they were fetching on the open market.

At Eastern & Oriental Bhd (E&O), the Employees Provident Fund (EPF) is no longer a substantial shareholder after hiving off some 2.53 million shares or a 0.19% stake. The EPF sold 2.06 million E&O shares on May 9, before disposing of another 470,000 two days later at undisclosed prices.

It is estimated that EPF still owns a 4.84% direct stake in the boutique developer. Kumpulan Wang Persaraan (Diperbadankan) (KWAP) has emerged as a substantial shareholder after subscribing to 63 million placement shares or a 4.77% stake. KWAP, which had 7.2% equity interest in E&O at the time of writing, was recently roped in as a strategic partner for E&O’s second phase of the Seri Tanjung Pinang township. With gross development value of RM17 billion, it is built on reclaimed land on Penang island.

 

Notable movements

Samchem Holdings Bhd, an industrial chemical distributor, saw its share price increase 30% year to date (YTD) to close at 93 sen last Wednesday, giving it a market capitalisation of RM253 million. The stock has more than doubled from its 52-week low of 34 sen on May 25, 2016.

Samchem executive director Ng Soh Kian divested 7.5 million shares or a 2.76% direct stake on May 17, bringing his equity down to 1.33%. Ng continued to offload shares on May 18 and 19, bringing his total stakes in the company to only 0.41%.

Samchem newly appointed group chief operating officer Eugene Chong Wee Yip and executive director Chooi Chok Khooi are among the seven shareholders seeking to remove Ng from his post at an extraordinary general meeting to be convened on June 23.

ECS ICT Bhd saw its share price gain 8.6% YTD, closing at RM1.52 last Wednesday, with a market capitalisation of RM273.6 million. According to a filing with Bursa Malaysia on May 19, Oasis Hope Sdn Bhd is no longer a substantial shareholder of ECS ICT after disposing of 145,000 shares in the company on May 17.

Oasis Hope is owned by Datuk Teo Chiang Quan, chairman, executive director and major shareholder of Paramount Corp Bhd. To date, Oasis Hope still has a 4.99% stake in the information and communications technology distributor.

 

 

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