Off-Market Trades: ACME Holdings Bhd, SMRT Holdings Bhd, Eastern & Oriental Bhd, Asdion Bhd, Boon Koon Group Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on April 23, 2018 - April 29, 2018.
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ON April 11, ACME Holdings Bhd, a Penang-based property developer and plastic components manufacturer, saw 41.94 million shares or an 18.24% stake worth RM14.26 million change hands in a single direct deal.

According to a filing with Bursa Malaysia, Supptech Holdings Sdn Bhd — the then largest shareholder of ACME — sold its stake to Inspire Sense Sdn Bhd in an off-market transaction on April 11.

The block of shares was exchanged at 34 sen apiece, a 0.5 sen premium to its closing price of 33.5 sen that day.

Subsequently, Tang Tiam Hock and Ooi Kian Chuan also emerged as substantial shareholders in ACME by virtue of their interest in Inspire Sense.

Following the share divestment, the total stake held by Supptech — the private vehicle of ACME chairman Datuk Seri Dr Lee Kuang Shing, Datin Seri Tan Siew Hong and Khaw Hooi Huang — has been reduced to 20.07%. Lee also has a direct stake of 2.6% in ACME.

It is worth noting that Nada Wangi Sdn Bhd — co-owned by director Ooi Soon Hong and Husalmi Suhaini Shaikh Hussain — is now the single largest shareholder of ACME with a 29.99% stake. The Penang-based firm acquired 19.99 million shares or a 9.5% stake from Supptech on March 1.

Year to date, ACME’s share price has risen 3% to close at 33 sen last Wednesday, giving it a market capitalisation of RM75.9 million.

Over at SMRT Holdings Bhd, the ACE Market-listed education and human resources provider saw 34.2 million shares, representing an 8.47% stake, cross off market on April 13.

Bloomberg data shows that the shares were sold in a single direct deal at 16 sen apiece — a discount of 5.88% to its closing price of 17 sen on the open market — for a total sum of RM5.47 million.

A quick check with the stock exchange shows that Dayatahan Sdn Bhd bought the block of shares from Fikir Wawasan Sdn Bhd that day.  Following the share transaction, the former’s direct stake in SMRT has increased to 14.18% while the latter ceased to be a substantial shareholder.

Year to date, SMRT’s share price has decreased 14% to close at 15.5 sen last Wednesday, giving it a market capitalisation of RM62.6 million.

Meanwhile, Eastern & Oriental Bhd (E&O) saw 54.99 million shares or a 4.24% stake worth RM87.998 million change hands off market.

According to data compiled by Bloomberg, the shares were transacted in a single direct deal on April 13 at RM1.60 per share — a 13% premium to its closing price of RM1.41 that day.

Filings show that Datuk Tee Eng Ho and Tee Eng Seng are the buyers of the block of shares, held through Kerjaya Hotel Sdn Bhd.

Interestingly, E&O is the client of Kerjaya Prospek Group Bhd, a locally listed construction firm whose executive chairman is Eng Ho.

Asdion Bhd, a Multimedia Super Corridor-status company that provides integrated business and operation solutions, saw 4.9 million shares or a 4.21% stake worth RM1.35 million cross off market between April 11 and 17.

The shares were transacted at 24 sen to 34 sen each in six block trades.

Neither the buyer nor the seller were disclosed as Asdion has not made any announcement on changes in shareholding since Jan 11.

Penang-based Boon Koon Group Bhd, a manufacturer of rebuilt commercial vehicles, saw 10.27 million shares or a 3.46% stake worth RM4.418 million cross off market on April 16.

The shares were transacted at 43 sen each in a single direct deal.

 

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