Thursday 28 Mar 2024
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A total of 510.08 million shares worth RM619.18 million were traded off market in blocks of at least 450,000 shares from July 1 to 7.

Among the notable transactions were those at Perdana Petroleum Bhd, which saw 97.25 million shares or a 12.99% stake transact off market in multiple block trades and direct deals between July 2 and 6. The shares changed hands at RM1.53 and RM1.55 apiece or RM150.62 million in total.

On July 7, Dayang Enterprise Holdings Bhd (fundamental: 2.70; valuation: 2.40) said it has completed its acquisition of a 5.74% stake in Perdana Petroleum Bhd from Affin Hwang Asset Management Bhd for RM66.6 million or RM1.55 per share.

The acquisition of the 42.96 million shares, which was announced in May, triggered a mandatory general offer as Dayang’s stake in Perdana Petroleum (fundamental: 1.15; valuation: 0.80) has increased to 38.45% from 32.71%. Dayang, which will also have to offer to buy Perdana Petroleum warrants at 84 sen apiece, intends to keep the latter’s listing status.

Over at computer software manufacturer iDimension Consolidated Bhd (fundamental: 1.45; valuation: 0.30), some 60.11 million shares valued at RM1.67 million changed hands in a mix of direct and block trades.

The shares, which make up 12.15% of the company’s share base, changed hands at 1 sen to 13 sen apiece from July 1 to 7. In the same period, the stock closed at 12 sen to 14 sen.

Filings show iDimension’s new substantial shareholder, Ang Beng Leong, raising his stake. From June 25 to 29, Ang’s eClub Interactive Sdn Bhd acquired 60 million shares or a 12.12% stake in the company.

Of these shares, 50 million were done at 1 sen apiece on July 1 — at a large discount to market prices. However, this was done between companies owned by Ang and did not change his deemed interest.

Ang’s eClub Interactive had purchased the 50 million iDimension shares from his other company, Online E-Club Management Sdn Bhd. Subsequently, Online E-Club Management ceased to be a substantial shareholder of iDimension. To recap, Online E-Club Management had been issued 50 million new iDimension shares at 10 sen apiece on June 25 as payment for selling its 20% stake in IDB Interactive Sdn Bhd for RM5 million to iDimension. IDB Interactive is now wholly owned by iDimension.

Ang’s deemed interest then rose to 15.895% as at June 29 after eClub Interactive bought 10 million shares at 11 sen apiece. The seller could be Ng Min Lin, who, filings show, disposed of 10 million shares on the same day. Ng, whose holding had been reduced to 11.54% as at June 29, sold 777,800 shares on June 25.

Meanwhile, Scan Associates Bhd (fundamental: 0.15: valuation: 0) saw 17.72 million shares or an 8.86% stake change hands in several block trades at 8.5 sen to 12 sen apiece or RM1.84 million in total.

Filings show Hussin Othman emerging as a new substantial shareholder of the Guidance Note 3 (GN3) company on July 2 after acquiring 10.17 million shares or a 5.09% stake on the open market at undisclosed prices. Scan shares traded between 9.5 sen and 10.5 sen that day before closing at 10 sen.

The technology company had on June 25 seen the emergence of MNC Wireless Bhd executive director Yeoh Eng Kong as a substantial shareholder. After buying 500,000 shares in Scan on that day, Yeoh now holds 10.48 million shares or 5.24% equity interest.

It is interesting to note that in May this year, the company had applied to restrain Bursa Malaysia from classifying it as a GN3 company. This was after it incurred a loss of RM7.1 million in the financial year ended Dec 31, 2014, and its aggregated losses of two consecutive financial years exceeded its shareholders’ funds. However, the application for an interlocutory injunction was dismissed by the High Court.

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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 July 13 - 19, 2015.

 

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