Insider Moves: Tomypak Holdings, Goh Ban Huat, Power Wide Holdings, Protasco and Versatile Creative

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NOTABLE filings

From Oct 20 to 24, notable shareholding changes in companies listed on Bursa Malaysia included those at Tomypak Holdings Bhd, which saw the entrance of New Orient Resources Sdn Bhd with a 25.48% stake.

Filings with Bursa indicate that the 27.89 million shares were traded on Oct 15. Separate filings show Tomypak directors, Chow Wen Chye and Chow Yuen Liong, sold 6.59 million and 21.3 million shares respectively at RM1.30 apiece. The latter’s was an indirect stake held by the spouse, Teng Chew Guat. All three ceased to be substantial shareholders in the flexible packaging manufacturer.

In other news, Tomypak on Oct 24 announced the purchase of 4.24ha of industrial land in Johor for RM11.69 million.

Over at Goh Ban Huat Bhd (GBH), Datuk Abdul Rahman Mohamed Shariff sold 18.3 million shares on Oct 17, being a 9.84% stake in the ceramics maker. Filings do not indicate how much the shares were priced at. Earlier in July, GBH proposed a reverse takeover of Johor-based Dynac Sdn Bhd, which would have transformed GBH into an oil and gas player. The RM632 million deal was terminated on Sept 30.

Meanwhile, Power Wide Holdings Ltd, the largest shareholder in Multi Sports Holdings Ltd, sold 18.45 million shares or a 3.56% stake in the company between Oct 10 and 23. Filings show the shares were traded in a series of married deals on the open market at 15.5 sen to 18.5 sen per share.

Last Monday, the Chinese shoe sole producer said Power Wide sold another 18.3 million shares or a 3.54% stake at 16.4 sen apiece on Oct 24. This slashes its shareholding to 37.12%, significantly lower than the 45.07% Power Wide had as at end-April.

Notable movements

Shares in Protasco Bhd have lost as much as 19% of their value since the company first became embroiled in a tussle with substantial shareholder, Tey Por Yee, last month.

Protasco initially filed a suit against Tey, another director, Ooi Kock Aun, and Indonesian company PT Anglo Slavic Utama to claim US$22.2 million (RM71.9 million) it paid in a foiled attempt to buy a 63% stake in PT Anglo Slavic Indonesia.

Last Monday, substantial shareholders, UOBM Nominees (Tempatan) Sdn Bhd and Tan Heng Kui, with a collective 10.51% stake, filed a requisition to remove Tey and Ooi from the board. Tey fought back, filing a suit against Protasco and its senior management the next day for the return of RM10 million to Protasco and general damages purportedly suffered due to an alleged secret profit made by senior management.

Amidst the feud, director Tan Yee Boon sold 60,000 shares or a 0.02% stake in Protasco at RM1.45 on Oct 21. Tan no longer holds any shares in the company, according to filings. Closing at RM1.60 last Tuesday, the stock has retraced some of its losses since the recent dip, to RM1.42 on Oct 16.

Separately, Versatile Creative Bhd’s shares have gained more than 38% this year, closing at 65 sen last Tuesday following the rejection of a delisting plan back in July.

An Oct 20 filing shows that Iris Corp Bhd managing director Datuk Tan Say Jim disposed of 3.67 million shares or a 3.05% stake in Versatile Creative at undisclosed prices. Last Tuesday, he ceased to be a substantial shareholder following the disposal of 22.84 million shares, or a 20.64% stake. Tan now has about 146,000 shares, or a 0.13% stake, in the paper and boxboard packaging products manufacturer.

The shares were sold to Iris co-founder Datuk Lee Kwee Hiang who emerged as a substantial shareholder with a 24.9% stake in Versatile Creative on Oct 24.

Tan and Lee, alongside Iris Healthcare Sdn Bhd, had made Versatile Creative a takeover offer at 50 sen apiece in September 2013. The joint offerors at the time had a 25% stake in the company. Iris Healthcare, a 100%-owned subsidiary of Iris Corp, is the largest shareholder of Versatile Creative with a 39.6% stake.

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This article first appeared in The Edge Malaysia Weekly, on November 3-9, 2014.