This article first appeared in Capital, The Edge Malaysia Weekly on July 10, 2017 - July 16, 2017
HUBLINE Bhd saw 82.82 million shares, or 8.44% equity interest, traded off market. The total value of the trades, however, is relatively small at only RM5.3 million.
The shares changed hands for between six sen and 6.5 sen, with the single largest block of 41.8 million shares sold in a direct deal at 6.5 sen each on July 3 — just above the open market price of six sen at the time.
Billion Power Sdn Bhd acquired the block plus another 24.6 million shares on June 28, giving it an 18.43% stake. The company is 43% controlled by Singapore-based Top Gold Capital Ltd and 57% by Ling Peck Yi.
Interestingly, Pau Chiong Ching acquired 12.5 million shares on the open market, giving him a 5.213% stake. Neither Billion Power nor Pau appear to have ties to management.
Note that Hubline’s share price has dropped from a high of 15 sen earlier this year, touching a low of six sen last month.
Perak Transit Bhd saw 31.45 million shares, or a 2.75% stake, change hands off market for RM5.85 million in total.
It is interesting to note that Muamalat Ventures Sdn Bhd disposed of the bulk of these shares, 30 million, in a single transaction on June 29. More interesting still is the fact that the shares appear to have been disposed of at only 18 sen a piece, a 41.9% discount to the closing price of 31 sen on July 5.
It is also interesting to note that managing director Datuk Seri Cheong Kong Fitt, through his wife, is deemed to have acquired 2.97 million shares on the open market. This gives them a deemed 38.84% stake in the company.
Seal Inc Bhd saw 7.35 million shares, or 3.1% equity interest, change hands off market for RM3.09 million. The shares were traded in three separate direct transactions on June 29, 30 and July 3 — each at 42 sen apiece. The shares appear to have been acquired by executive director Datuk Seri Koay Teng Choon, who has a 12.62% stake in the company.
At BIMB Holdings Bhd, 21.25 million shares, or 1.3% of the Islamic bank, changed hands off market at RM96.055 million. The shares moved in two blocks of 10.5 million shares and 10.75 million shares on June 29 and 30 at RM4.50 and RM4.54 apiece respectively.
Filings with Bursa Malaysia show that Lembaga Tabung Haji acquired the first block and disposed of the second. It retains a 52.47% stake in BIMB.
Separately, AE Multi Holdings Bhd saw 6.5 million shares change hands off market at RM1.04 million. The 2.17% stake was sold in two separate blocks at 16 sen each on June 28 and July 3. Note that director Oon Hock Chye acquired 100,000 shares at 18 sen apiece on June 28.
At the same time, Carimin Petroleum Bhd saw five million shares, or a 2.14% stake, traded off market in a single block on July 3 for RM1.6 million. According to Bursa filings, executive director Lim Yew acquired the shares, giving him a 4.75% stake in the company.
Mexter Technology Bhd saw at least 4.52 million shares, or 2.24% equity interest, change hands off market for RM1.05 million on June 30 and July 4. The shares were done in direct deals for 23 sen and 23.5 sen, just below the prevailing open market price of 24 sen.
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