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This article first appeared in Capital, The Edge Malaysia Weekly on December 4, 2017 - December 10, 2017

Notable filings

BETWEEN Nov 20 and 24, notable filings with Bursa Malaysia included that of the emergence of Brahmal Vasudevan as a substantial shareholder in software provider UCrest Bhd, after he purchased 17.7 million shares or a 5.2% stake in the company on Nov 21.

The transacted price was not stated in the filing. On Nov 21, UCrest, formerly known as Palette Multimedia Bhd, was trading at 26 sen to 32.5 sen per share, an average of 28.9 sen apiece.

UCrest’s 2017 annual report, released on Sept 29, lists Brahmal, founder of private equity firm Creador Sdn Bhd, as the second largest warrant holder with 20 million warrants, or 13.77% of the outstanding warrants. Brahmal’s 5.2% stake makes him UCrest’s fourth largest shareholder behind See Lee Ming with 6.13%, Lee Kin Hin with 6.8% and Eg Kah Yee with 17.16%.

At ACE Market-listed Green Ocean Corp Bhd, Mohd Yusri Md Yusof emerged as a substantial shareholder in the palm kernel extracting company on Nov 21, after he subscribed to 26.34 million shares or a 10.03% stake in a placement.

According to filings, 26.34 million placement shares were issued at 15.3 sen each, being a 9.52% discount to its five-day weighted average market price from Nov 6 to 10 of 16.91 sen per share. The exercise raised about RM4 million for Green Ocean, with proceeds slated for the purchase of palm kernel and office renovations. The placement made Yusri the second largest shareholder in Green Ocean, behind Datuk Seri Chiau Beng Teik with 14.31%, Bloomberg data show.

At mTouche Technology Bhd, a Nov 22 filing shows that Kua Khai Shyuan has a direct stake of 5.9%, or just over 30 million shares. The shareholding level is below the 7.07% equity interest (nine million shares) he had as at Sept 29. The change in shareholding between September and November might be partly due to a recent 3-for-1 rights issue.

 

Notable movements

Closing at RM1.28 last Tuesday, Focus Lumber Bhd shares are down 20% year to date. Compared with its RM1.47 close on Nov 20, the stock was down 12.9% at the time of writing. The decline may have been partly because its third-quarter results, released on Nov 21, showed that net profit for the quarter was down 54.5% to RM1.31 million year on year. For the first nine months of the year, net profit of RM10.57 million was down 2.4% y-o-y.

Filings show that Lin Hao Yu — the son of Focus Lumber’s executive director and substantial shareholder Lin Fong Ming and brother of managing director Lin Hao Wen — has been acquiring the plywood manufacturer’s shares.

On Nov 22, Hao Yu acquired 200,000 shares, followed by another 200,000 shares on Nov 23, giving him a 7.2% stake.

Meanwhile, Mexter Technology Bhd shares were up 111.8% at its close of 54 sen on Nov 28 year to date.  Although the closing price was the same as Nov 15’s, the counter had recovered 22.7% from 44 sen on Nov 23.

The share price movement may be partly due to the fixing of the issue price of a second tranche of placement shares at 44.5 sen apiece on Nov 22, a 9.15% discount to the five-day weighted average market price from Nov 15 to 21 of 48.98 sen. The first tranche raised RM5.28 million, which is about a third of the expected gross proceeds of RM14.3 million that the group plans to raise.

On Nov 21, its largest shareholder, LYC Capital Sdn Bhd, acquired 300,000 shares via an open-market deal. LYC Capital, controlled by Lim Yin Chow, held 57.84 million shares or 25.89% equity interest as at Nov 22. Mexter is in the process of diversifying into healthcare services following the emergence of Lim as the group’s largest shareholder in May last year.

 

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