Insider Moves: Versatile Creative, WZ Satu, TFP Solutions, Naim Indah Corp, iDimension Consolidated, Asian Pac Holdings and Yong Tai

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NOTABLE filings

Between Oct 27 and 31, Datuk Lee Kwee Hiang emerged as a substantial shareholder in Versatile Creative Bhd after acquiring 22.84 million shares, or a 20.65% stake, in the paper packaging company. Lee acquired most of the shares from Versatile Credit & Leasing Sdn Bhd, which is owned by Datuk Tan Say Jim, Shahabuddin Abdullah and Noor Azmi Ahmad on Oct 24. With the acquisition, Lee is now the third largest shareholder in Versatile Creative with a 24.9% stake.

The largest shareholder of Versatile Creative is the Federal Land Development Authority (FELDA), which owns 39.6% interest through IRIS Healthcare Sdn Bhd. IRIS is a subsidiary of IRIS Corp Bhd, in which FELDA has a 26.7% stake.

On Oct 28, Lembaga Tabung Haji (LTH) emerged as a substantial shareholder in WZ Satu Bhd following the subscription of 19 million shares through a private placement at 84 sen per share. With that, LTH now holds an 8.33% stake in the steel manufacturer cum oil and gas company.
 
The subscription is part of WZ Satu’s private placement exercise of 57 million new shares to bumiputera investors. Besides LTH, the Crown Prince of Pahang, Tengku Abdullah Sultan Ahmad Shah, was allocated 10 million shares, while Datuk Sri Ayub Khan Gulam Khan was allotted the rest.

The price paid by LTH is only one-third of WZ Satu’s market price of RM2.57 as at Oct 28. Both Tengku Abdullah and Ayub will be paying RM1.11 per share for their portions, according to WZ Satu’s circular to shareholders on the exercise.

In TFP Solutions Bhd, Noor Shahwan Saffwan appeared as a substantial shareholder after his investment vehicle Aurum Resources Sdn Bhd acquired 20.6 million shares, or 10.1% stake, in the business productivity IT solutions and services company in a direct deal.

On Oct 24, Datuk Raymond Chan Boon Siew ceased to be a substantial shareholder in Naim Indah Corp Bhd after disposing of 38.84 million shares, or a 5.03% stake, to Datuk Siaw Swee Hin and Quantum Discovery Sdn Bhd at 12.5 sen per share.

As at Oct 29, Quantum Discovery, owned by Tan Wei Loon, Wong Kui Yeong and Khoo Lay Wah, was the largest shareholder of Naim Indah with an 8.79% stake, followed by Swee with 5.07%.

On the same date, Singapore-based fund Advance Capital Partners Pte Ltd ceased to be a substantial shareholder of iDimension Consolidated Bhd after disposing of 20 million shares, or a 5.06% stake. The fund now holds a 2.53% stake in the e-manufacturing solutions provider.

On June 23, the group entered into a partnership with VTC Intecom, a subsidiary of Vietnam Multimedia Corp, to offer users the option of participating in and purchasing a wide range of broadband content for a period of two years.

Notable movements

Between Oct 7 and 16, the largest shareholder of Asian Pac Holdings Bhd, Mah Sau Cheong, acquired 5.59 million shares, or a 0.56% stake, on the open market, raising his stake in the property investment and development company to 17.94%.

During the period under review, Asian Pac’s share price increased 5.56% to 29 sen, giving it a market capitalisation of RM287.2 million. The company doubled its net profit to RM38.8 million for the financial year ended March 31, 2014, from the previous year.

On Oct 23, Liew Fat Lin Holding Sdn Bhd, the largest shareholder of Yong Tai Bhd, disposed of 1.5 million shares, or a 3.75% stake. The share price of the company, which is involved in the trading, retailing and distribution of fabrics and garments, increased 1.92% to RM1.09 during the period under review. It made a net loss of RM7.27 million in the financial year ended June 30, 2014, compared with RM7.93 million in the previous corresponding year.

To diversify its business, Yong Tai entered into a collaboration with PTS Properties Sdn Bhd to develop a 29-storey luxury condominium hotel in Melaka Tengah on April 29.

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This article first appeared in The Edge Malaysia Weekly, on November 10-16, 2014.