This article first appeared in Capital, The Edge Malaysia Weekly on August 21, 2017 - August 27, 2017
DURING the week under review, Lim Teck Seng emerged as a substantial shareholder in AE Multi Holdings Bhd (AEM), a manufacturer of printed circuit boards and cartridge inks, after acquiring 18.46 million shares, or a 6.17% stake, through off-market transactions.
According to the group’s filing with Bursa Malaysia on Aug 10, the purchase was done on Aug 9 at 17 sen per share. With a 6.17% stake, Lim is now the second largest shareholder of AEM after Chang Choon Ming, who owned 15.44% as at June 9.
Lim is also a non-independent, non-executive director at ConnectCounty Holdings Bhd, in which he owns 15.78 million shares, or 4.9% of its share base.
Bloomberg data shows 29.65 million of the cable manufacturer’s shares, or a 9.22% stake, changing hands at 20 sen each through direct deals on Aug 9.
Lim is also the deputy managing director of JF Apex Securities Bhd and a director of O&C Resources Bhd (OCR), which saw 1.95% of its share base, or about five million shares, change hands off-market on Aug 9. The transactions were completed at 58 sen per share.
On Aug 15, 7.8 million OCR shares or 3.03% of its share base were transacted off-market through direct deals at 60 sen apiece. The baby products manufacturer-turned-property developer has not made any announcement regarding a change of shareholders.
The off-market transactions preceded an announcement on Aug 10 about a joint-venture agreement entered into by OCR’s subsidiary, O&C Properties (Kuantan) Sdn Bhd, with Yayasan Pahang for a mixed property development project worth RM166 million.
At loss-making Ire-Tex Corp Bhd, as much as 13.6% of the protective packaging products manufacturer’s share base, or about 18.8 million shares, changed hands on Aug 10 at 16 sen per share.
Singapore-based Elite Cosmo Group Ltd disposed of 8.59 million shares, or 6.2% of its share base, that day. Previously Ire-Tex’s largest shareholder, Elite Cosmo has been trying to remove seven Ire-Tex directors and appoint three new ones since April via an EGM. Ire-Tex’s current directors are suing Elite Cosmo and 19 others, seeking damages for conspiracy to injure, breach of duty of care towards the directors, and a declaration rejecting the proposed resolution to remove the seven directors.
The largest shareholder is Oversea Chinese Banking Corp Ltd with 15.7%, followed by former deputy finance minister Datuk Donald Lim Siang Chai with a 10% stake. Siang Chai acquired 13.3 million shares on Aug 3, according to Ire-Tex filings.
On Aug 11, civil engineering outfit WZ Satu Bhd (WZS) announced that Perbadanan Nasional Bhd (PNS) had emerged as its substantial shareholder after the government-owned fund acquired 22 million shares or a 6.3% stake via off-market transactions. The transaction price was not disclosed.
On the same day, WZS’ largest shareholder, Tengku Datuk Seri Uzir Tengku Ubaidillah, disposed of 10 million shares, or a 2.87% stake, at RM1.03 per share, the group noted in another filing. As at Aug 15, Tengku Uzir held 23.9% of WZS’ share base.
Ikhmas Jaya Holdings Bhd’s largest shareholder, Ikhmas Jaya Holdings Sdn Bhd (IKH), disposed of six million shares, or 1.15% of the engineering and construction outfit, on Aug 10 and 14.
Ikhmas Jaya’s directors Datuk Ang Cheng Siong and Datuk Ir Dr Khoo Ping Sen were listed as the owners of IKH. Following the disposals, IKH’s stake in Ikhmas Jaya stood at 332 million shares or 63.85%.
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