This article first appeared in Capital, The Edge Malaysia Weekly on December 18, 2017 - December 24, 2017
JOHAN Holdings Bhd saw 144.51 million shares or a 23.2% stake change hands off market in a direct trade at 29 sen apiece on Dec 11.
Mustika Manis Sdn Bhd and Star Wealth Investment Ltd emerged as substantial shareholders after acquiring the stake from Johan chairman and CEO Tan Sri Tan Kay Hock. Both Mustika and Star Wealth are private investment vehicles of Tan and his wife Datin Tan Swee Bee, who is the group managing director of Johan. Post-trade, Tan’s indirect holding has increased to 50.84% and he no longer has any direct stake.
On Oct 11, Mustika launched a takeover offer for shares of Johan that it does not already own at 25 sen each, but later revised the offer to 26 sen apiece after buying more shares. The offer received tepid response, with only 0.26% acceptance, raising the offeror’s holding to 50.84% at the closing date on Nov 22. The offeror had intended to maintain Johan’s listing status.
Meanwhile, 14.3 million shares or an 11.28% stake at JMR Conglomeration Bhd changed hands in direct trades at RM1 each on Dec 7 and Dec 11.
The seller was JMR Consolidated Holdings Sdn Bhd, which sold six million shares on Dec 11 and 8.3 million shares on Dec 7 at RM1 apiece, paring its holding to 38.73%. Group executive chairman Datuk Goh Nai Kooi @ Gah Mai Kwai and his son Datuk Goh Yong Chee, who is also the group managing director, are both deemed interested in the transaction. Post-transaction, Nai Kooi has an 8.24% direct and 44.16% indirect stake while Yong Chee has a 2.33% direct and 40.33% indirect holding.
JMR Conglomeration’s net loss for the second quarter ended Sept 30 shrank to RM436,000 from RM723,000 a year ago. However, its net loss expanded to RM632,000 from RM510,000 in the first half of the financial year.
Boon Koon Group Bhd saw an 8.74% stake or 25.04 million shares change hands in a direct trade on Dec 11. The shares were transacted at 33.5 sen apiece, a 31.6% discount to the closing price of 49 sen on the same day.
Earlier, on Nov 29, executive chairman Datuk Goh Boon Koon pared down his direct stake in the company by 21.94 million shares and subsequently increased his holding through BKNT Resources Sdn Bhd. The shares changed hands at 36 sen apiece.
Over at Kenanga Investment Bank Bhd, 53 million shares or a 7.44% stake crossed off market in direct trades at 52 sen each on Dec 12. The transacting parties were unknown at the time of writing. That same day, its independent non-executive director Luigi Fortunato Ghirardello acquired 50,000 shares at 54.9 sen apiece, bringing his holding to 240,000 shares or 0.033%.
7-Eleven Malaysia Holdings Bhd saw 63.08 million shares or a 5.68% stake change hands in a direct trade on Dec 6. The Sultan of Johor, Sultan Ibrahim Sultan Iskandar, raised his holding to 15.52% after buying 63.08 million shares that day, likely from Creador II LLC, which is no longer a substantial shareholder after selling the same number of shares on Dec 6. Tan Sri Vincent Tan remains the largest shareholder of the convenience store chain with a 0.58% direct and 41.23% indirect stake as at Dec 11.
Sapura Energy Bhd saw 131.53 million shares or a 2.2% stake change hands in direct trades at 88.1 sen apiece on Dec 8, a day after the oil and gas company announced a RM274.41 million net loss for 3QFY2018 following the booking of a one-off loss on disposal. On Dec 8, Sapura’s share price plunged 31.4% to close at 83 sen from RM1.21 on Dec 6 — a day before the results were announced.
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