This article first appeared in Capital, The Edge Malaysia Weekly on August 7, 2017 - August 13, 2017

CONTINUING on from the previous week, BIMB Holdings Bhd saw more shares change hands off market during the week in review.

The Islamic bank saw 22.45 million shares, or 1.37% equity interest, change hands at RM4.40 each on July 28 and 31. On July 28, some 3.4 million shares were transacted at RM4.41 each. About a week earlier, on July 21 and 24, a 1.8% stake changed hands at RM4.40 and RM4.50 apiece, above the RM4.35 to RM4.40 the shares were going for on the open market.

Lembaga Tabung Haji bought 14.75 million shares, or a 0.9% stake, at undisclosed prices on July 28, raising its holdings to 53.12%. But on July 31, it sold 11.1 million shares, paring its holdings to 52.45%. Filings also show that Amanahraya Trustees Bhd — Amanah Saham Bumiputera bought 426,000 shares on July 26, and another 94,700 shares on July 31, raising its holdings to 5.84%. Closing at RM4.43 last Wednesday, BIMB shares are up 4.98% year to date.

At 7-Eleven Malaysia Holdings Bhd, 4.7% or 52.37 million shares changed hands in a mix of direct and crossed trades off market on July 27 and Aug 1, for RM70.2 million in total.

The largest block was 32 million shares, or a 2.88% stake, that changed hands for RM43.2 million or RM1.35 each on Aug 1. Another five million shares crossed at RM1.25 each on July 27. The stock traded between RM1.20 and RM1.42 from July 27 to Aug 1.

Franklin Resources Inc is no longer a substantial shareholder in 7-Eleven Malaysia Holdings after selling 885,600 shares on July 28. On July 27, its stake had been pared down to 55.72 million shares, or 5.02%, after selling 4.1 million shares. Franklin had 66.86 million shares, or a 6.02% stake, as at March 31.

Berjaya Group chairman Tan Sri Vincent Tan’s Sublime Cartel Sdn Bhd bought 2.4 million 7-Eleven shares on July 26, raising Tan’s

indirect interest to 43.24%. He holds 0.91% directly. Subline also bought 5.2 million shares on July 24 and 25.

From RM1.69 on April 25, shares of 7-Eleven plunged 32.5% to a 28-month low of RM1.14 on July 24, before recovering to close at RM1.43 last Wednesday. A planned one-for-two rights issue of warrants announced on April 25 was scrapped on June 1, following feedback and market reaction to the proposal.

Shares of ACE Market-listed SC Estate Builder Bhd, which are trading near their all-time low of three sen apiece, saw 3.4% of the share base change hands off market on July 28.

The 30 million shares changed hands for RM5.4 million or three sen each in two direct deals, just two days after its shareholders approved a series of corporate proposals, which include a capital reduction to whitewash its accumulated losses and a warrant-sweetened five-for-one rights issue to raise at least RM16.64 million for working capital and investments.

Formerly known as Flonic Hi-Tec Bhd, on July 26, SC Estate Builder — which intends to diversify into construction-related business — won a RM3.7 million contract to undertake site clearance and infrastructure earthworks for a project in Kubang Pasu, Kedah. The contract is expected to begin on Aug 25 and be completed by Feb 24, 2018, and is expected to boost earnings for FY18 ending Jan 31.

Perak Transit Bhd saw 30 million shares, or a 2.62% stake, change hands at 18 sen apiece in a single direct off-market deal on July 28 — which was at least 41% below the 30.5 sen to 31.5 sen they fetched on the open market. Another one million shares also changed hands in a direct deal at 30.5 sen on the same day.

The 30 million shares were sold by Muamalat Venture Sdn Bhd, which still has 90 million shares, or 7.87% equity interest, following the disposal. It also sold 30 million shares on June 29 and 40.48 million shares on April 12.

Muamalat Venture had 190.48 million shares pre-initial public offering, for which it paid RM20 million or 10.5 sen each on average, according to Perak Transit’s IPO prospectus dated Sept 15, 2016.

Perak Transit debuted on Oct 6 last year after selling shares at 15 sen each. On May 4 this year, another pre-IPO investor, MTD Capital Bhd, was no longer a substantial shareholder after selling 45 million shares. The shares were likely sold at 19.5 sen apiece off market, also at a discount to open market prices of 25.5 sen. MTD had 100 million shares pre-IPO at an average cost of 12 sen each.

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