Insider Moves: Tatt Giap Group Bhd, Industronics Bhd, Ikhmas Jaya Group Bhd, Sterling Progress Bhd, Asia Brands Bhd, Naim Indah Corp Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on February 26, 2018 - March 04, 2018.
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Notable filings

FROM Feb 9 to 15, notable shareholding changes in companies listed on Bursa Malaysia included that at Tatt Giap Group Bhd, a Penang-based manufacturer and trader of stainless steel pipes, tubes and bars, electro-galvanised steel and metal products.

A Feb 14 filing shows that Tan Sri Alex Ooi Kee Liang is no longer a substantial shareholder after disposing of 17.06 million shares or a 10% stake off market on Feb 13. The buyer was not known. Stock market data shows 17.06 million shares changing hands in three direct deals at 12 sen each — a discount to the 15.5 sen to 16 sen they were fetching on the open market that day.

Ooi remains a minority shareholder of Tatt Giap with 4.34 million shares or a 2.54% direct stake. To recap, he first became a substantial shareholder on Dec 26 last year after buying 13 million shares, bringing his holding to 21.4 million shares or 12.54%. Ooi has been dubbed “Penang’s Condo King” due to the high-rise developments under his flagship Ideal Property Group.

Over at high-technology systems provider Industronics Bhd, Cranberry Star Asia Investment Ltd is no longer a substantial shareholder after disposing of eight million shares or a 7.8% stake on Feb 2. British Virgin Islands-incorporated Cranberry Star Asia Investment, formerly known as CKLY Equity Holdings Ltd, first emerged as a substantial shareholder in April 2013 after acquiring 7.08 million shares or a 7.52% direct stake.

While filings show that Industronics’ former chairman Christian Kwok-Leun Yau Heilesen ceased being a substantial shareholder on July 12, 2013, it has not gone unnoticed that “CKLY” corresponds with the Danish national’s initials. Kwok, the founder of Hong Kong-based mobile content developer Funmobile Holdings Ltd, is no stranger to the local stock market, having made headlines after he emerged as a substantial shareholder in several Bursa-listed small-cap tech firms as early as 2011.

Meanwhile, Ng Tiong Seng Corp Sdn Bhd — the private vehicle of Asia Brands Bhd’s founding family — disposed of 1.65 million shares or a 2.08% stake in the baby products and lady’s innerwear manufacturer via direct business transactions on Feb 8. Two days earlier, Choo Bay See had surfaced as a substantial shareholder of Asia Brands after acquiring 1.6 million shares or a 2.02% stake. Ng Tiong Seng Corp still owns 8.716 million shares or an 11.01% stake in Asia Brands, while Choo has 5.18 million shares or a 6.54% stake.

Voon Brothers Construction Sdn Bhd, which had just surfaced as a substantial shareholder of Naim Indah Corp Bhd, sold 23 million shares or a 1.71% stake on Feb 9. Voon Brothers Construction still has 86.7 million shares or a 6.44% direct stake in Naim Indah. The Johor-based firm first emerged as its substantial shareholder on Jan 29 after acquiring 109.7 million shares or an 8.15% stake via creditors capitalisation.

 

Notable movements

Ikhmas Jaya Group Bhd, a bore piling and bridge specialist, saw its share price close at 51 sen last Wednesday, giving it a market capitalisation of RM278 million. The stock has fallen from its 52-week high of 72 sen on June 30 last year. Group managing director and controlling shareholder Datuk Ang Cheng Siong purchased 100,000 shares on the open market on Feb 8. To date, he has more than 61.8% equity interest in the company.

Sterling Progress Bhd, formerly known as 1 Utopia Bhd, saw its share price climb from its 52-week low of 14.5 sen on June 23 last year to close at 29 sen last Wednesday, giving it a market capitalisation of RM93 million.

SEG Capital Intelligence Sdn Bhd — co-owned by Ng Chee Heng and Oon Yeung Hwa — acquired 30 million shares or a 9.3% stake in Sterling Progress off market on Feb 7, raising their holding to 86.71 million shares or 26.9%. Stock market data shows 30 million shares changing hands via six direct deals at 36 sen apiece — above the 26.5 sen to 29 sen they were fetching on the open market that day.

 

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