Thursday 28 Mar 2024
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This article first appeared in Capital, The Edge Malaysia Weekly on December 11, 2017 - December 17, 2017

DURING the week under review, Goh Boon Leong emerged as a substantial shareholder of Boon Koon Group Bhd after BKNT Resources Sdn Bhd bought 21.94 million shares or a 7.66% stake at 36 sen per share through a direct deal on Nov 29.

The price was at a sizeable discount to the 49.5 sen to 51.5 sen the stock fetched on the open market that day.

The seller was Boon Koon Group founder Datuk Goh Boon Koon, whose direct shareholding was reduced to 0.75%. He is still deemed interested in the 8.27% stake held by BKNT — an investment holding company owned by Boon Koon, Boon Leong and Datin Lee Teoh Kee.

The transaction made Lee the second largest shareholder of the manufacturer of rebuilt commercial vehicles with a stake of 17%, of which 8.74% is held directly. Boon Leong was the third largest shareholder with an 8.27% indirect stake as at Nov 29.

The largest shareholder is Datuk Seri Chiau Beng Teik with a 26.95% stake. The group is in the process of diversifying into property development through an agreement with Platinum Eminent Sdn Bhd, a company controlled by Chiau, for a project with a gross development value of RM306 million.

At Johan Holdings Bhd, 8.33% of the ceramic tile manufacturer’s share base changed hands in direct deals between Nov 29 and Dec 4, about a week after the unconditional mandatory takeover offer by Mustika Manis Sdn Bhd lapsed on Nov 22.

On Nov 29, 21.4 million shares were transacted at 27 sen apiece and the next day, 9.1 million shares at 27.5 sen per share. On Dec 4, 21.39 million shares changed hands at 29 sen apiece. Johan’s shares were traded at between 27.5 sen and 30.5 sen on the open market between Nov 29 and Dec 4.

To recap, on Oct 11, Mustika Manis’ acquisition of 15 million shares or a 2.41% stake in Johan triggered the mandatory takeover as the ultimate offerors, Tan Sri Tan Kay Hock and Puan Sri Tan Swee Bee, had a collective shareholding of 45.76% prior to the acquisition.

Mustika Manis had offered to buy the remaining Johan shares it did not own at 26 sen per share. Independent adviser Mercury Securities Sdn Bhd had advised uninterested directors and shareholders to reject the offer as it was unfair and not reasonable.

As at Nov 27, Kay Hock and Swee Bee’s shareholding in Johan stood at 50.84%, including their shareholdings through Mustika Manis, Kin Fai International Ltd, Kwok Heng Holdings Ltd, Star Wealth Investment Ltd and Sun Crown Holdings Ltd.

Over at ML Global Bhd, CEO Datuk Lim Lit Chek sold 10 million shares or a 2.52% stake in the company at RM1.63 apiece on Nov 29, reducing his direct holding to 9.56%. The price was at a 6.3% discount to the RM1.74 the stock fetched on the open market that day.

The group is in the process of diversifying into property development. In a circular on Nov 30, ML Global said its subsidiary, Delta Gallery Sdn Bhd, had entered into a joint venture with Alaf Cahaya Sdn Bhd for the development of 32-storey building in Subang Jaya, Selangor.

On Dec 5, it said it is setting up an industrialised building system manufacturing entity with Sany Construction Industry Development (M) Sdn Bhd, an indirect subsidiary of Shanghai-listed Sany Heavy Industry Co Ltd.

Over at Dagang NeXchange Bhd (DNeX), Azman Karim re-emerged as a substantial shareholder after he acquired 50.23 million shares or a 2.86% stake on Nov 29 — about seven months after he was no longer deemed one following a share sale on April 10. Azman is a non-independent executive director of DNeX and the managing director of the group’s oil and gas subsidiary, OGPC Sdn Bhd. The shares were bought at 40.5 sen apiece — 2.5 sen lower than the disposal price of his 130 million shares in April.

The acquisition gives Azman a 6.02% direct stake in DNeX, making him the third largest shareholder behind Arcadia Acres Sdn Bhd (20.65%) and Censof Holdings Bhd (6.25%).

 

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