Off-Market Trades: BIMB Holdings Bhd, Kerjaya Prospek Group Bhd, Metronic Global Bhd, Hubline Bhd, Perak Transit Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on September 4, 2017 - September 10, 2017.
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BIMB Holdings Bhd saw nearly 3.7% of its share base change hands off market in direct deals during the week in review.

The Islamic bank saw 45.9 million shares or a 2.8% stake traded at RM4.40 each on Aug 23 and Aug 29. It also saw 14.5 million shares or 0.89% equity interest change hands at RM4.41 apiece on Aug 29. The counter closed at RM4.40 on Aug 23 and RM4.39 on Aug 29.

It appears that Lembaga Tabung Haji (TH) bought and sold 30.2 million shares on Aug 23. According to separate filings dated Aug 24, the pilgrims fund board sold 30.2 million shares on Aug 23, paring its direct holding to 51.28% or 839.84 million shares. Another filing, however, shows that TH purchased the same number of shares — increasing its direct stake to 52.12% or 870.04 million shares — on the same day. Earlier filings dated Aug 16 and Aug 17 show TH selling 30.4 million shares on Aug 16 after buying 29.75 million shares on Aug 15.

Meanwhile, Kerjaya Prospek Group Bhd saw 2.68% equity interest or 15 million shares change hands at a discount off market for RM52.2 million on Aug 23. The single direct trade was done at RM3.48 apiece, 5.4% to 5.7% below the RM3.68 to RM3.69 the shares were fetching on the open market at the time. The counter traded between RM3.65 and RM3.75 that day before closing at RM3.67.

Executive chairman Datuk Tee Eng Ho and his wife — Datin Toh Siew Chuon, who is also the company’s executive director — sold the 15 million shares via Pacific Trustees Bhd-Amazing Parade Sdn Bhd to the Employees Provident Fund, a filing dated Aug 25 shows. The couple still has 70.31% indirect interest in the company, formerly known as Fututech Bhd, following the disposal.

The 15 million shares, or a 2.68% stake based on the company’s 560.3 million share base, were diluted to a 2.66% stake on a 563 million share base following the conversion of all remaining redeemable convertible preference shares held by Amazing Parade, an Aug 30 filing shows.

Shares of Metronic Global Bhd have fallen over 47% year to date, closing at a 52-week low of 4.5 sen last Tuesday. The company saw 26 million shares or 2.74% of its share base change hands off market in direct deals for RM1.3 million in total or five sen each on Aug 24. That was within the 4.5 sen to 5 sen apiece the shares were fetching, before closing at 4.5 sen on Aug 29.

Over at Hubline Bhd, some 26 million shares or a 2.39% stake changed hands at six sen each or RM1.66 million in total on Aug 24. The shares traded at between 5.5 sen and 6 sen on the open market that day.

Pau Chiong Ching bought 25 million Hubline shares on Aug 24, raising his holding to 90.3 million shares or 7.7%, a filing dated Aug 28 shows.

Perak Transit Bhd saw 30 million shares or a 2.62% stake change hands off market in a single direct deal at 18 sen apiece on Aug 23 — at least 43% below the 31.8 sen to 33.2 sen the shares were fetching on the open market before closing at 31.8 sen.

Stock exchange filings had yet to reflect the transaction at the time of writing. However, the seller is likely Muamalat Venture Sdn Bhd, which had previously sold shares at 18 sen each. Muamalat Venture had 190.48 million shares pre-initial public offering, for which it had paid RM20 million or 10.5 sen apiece on average, according to Perak Transit’s IPO prospectus dated Sept 15 last year. Perak Transit debuted on Oct 6 last year after selling shares at 15 sen each.