Thursday 28 Mar 2024
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BETWEEN April 15 and 21, a total of 425.5 million shares worth RM676.48 million changed hands off market in blocks of at least 500,000.

Among the notable transactions were those involving Asia Poly Holdings Bhd, which saw 14.25 million of its shares or a 24.22% stake traded  off market on April 16 and 20. The shares were transacted at 43 sen and 50 sen apiece.

On those two days, two blocks totalling 7.49 million shares were traded at 50 sen each — at a premium to the market price — or RM3.7 million in total.

Also on April 20, another block of 6.7 million shares was traded at 43 sen apiece, or RM2.9 million in total.

Asia Poly (fundamental: 0.55; valuation: 0.8), which manufactures cast acrylic sheets, was picked by The Edge Research as a stock with momentum last week.

According to Asia Poly’s filing with Bursa Malaysia two weeks ago, Tan Sri Lim Tong Yong has ceased to be the single largest shareholder after he sold 24.272 million shares or a 27.6% stake to Datuk Yeo Boon Leong in an off-market deal on April 13.

As a result, Yeo has emerged as a substantial shareholder with a 28.22% direct stake in the company.

Shares of Asia Poly closed at a multi-year high of 50 sen last Wednesday. Year to date, the counter has risen 26.5 sen or 112%.

Lim is the founder of Paos Holdings Bhd and former CEO of hospital group Pantai Holdings Bhd.

Yeo is a former managing director of Bandar Kinrara Properties Sdn Bhd. It remains to be seen if the most recent off-market transactions are also related to him.

Pesona Metro Holdings Bhd saw 29.1 million of its shares or a 5.58% stake traded between April 16 and 21.

The block trades on April 16 and 20 were priced between 93 sen and RM1 per share, higher than the market prices on those days. Another transaction at 88 sen per share on April 21, however, was at a discount to the closing price of 93 sen on that day.

In total, the three blocks of shares were worth RM26.1 million.

A filing with Bursa reveals that Pesona Metro managing director Wie Hock Kiong bought two blocks of shares — 3.96 million and 4.6 million — on April 16, bringing his stake in the company to 60.83%.

The Edge Research says the likelihood of a corporate exercise in Pesona Metro (fundamental: 1.8; valuation: 0.5) is high.

On April 15, the company bagged a RM266.75 million contract from PBT Engineering Sdn Bhd to build a 17-storey office block and two small office/home office buildings in Cyberjaya. The project is expected to take 29 months to complete, beginning April 20.

Also worth noting are the nine million Jaks Resources Bhd (fundamental: 0.65; valuation: 1.5) shares that were traded on April 16. The trades, representing 4.64% of the company’s share base, were done at 70 sen apiece, or RM6.3 million in total.

As at press time, the parties involved in the transactions were not known.

Last week, The Edge reported that the steel pipe maker and Tenaga Nasional Bhd could be teaming up for a coal-fired power plant project in northern Vietnam.

Over at Kawan Food Bhd (fundamental: 3; valuation: 1.1), off-market trades comprising 6.8 million shares or a 3.72% stake were done on April 20 and 21. The shares were transacted at RM1.80 apiece, slightly lower than the stock’s closing price of RM1.91 on both days.

Founder and substantial shareholder Gan Thiam Chai had on April 8 sold 3.5 million shares at RM1.80 apiece, bringing his holding down to 30.84%.

On April 15, Fitters Diversified Bhd (fundamental: 1.3; valuation: 1.8) saw 10 million of its shares traded at 68 sen apiece, slightly lower than its closing price of 69.5 sen that day.

The block of shares, worth RM6.8 million, represented 4.54% of the company’s share base. At the time of writing, the identities of the buyer and seller were not known.

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Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Visit www.theedgemarkets.com for more details on a company’s financial dashboard.

 

This article first appeared in Capital, The Edge Malaysia Weekly, on April 27 - May 3, 2015.

 

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