Off-Market Trades: Kejuruteraan Asastera Bhd, Atta Global Group Bhd, SM Track Bhd, Tatt Giap Group Bhd, Diversified Gateway Solutions Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on January 1, 2018 - January 07, 2018.
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ACE Market-listed Kejuruteraan Asastera Bhd (KAB) saw 8.71 million shares, representing a 2.7% stake, traded off market for RM2.58 million between Dec 20 and 22.

According to data compiled by Bloomberg, shares of KAB — a homegrown electrical and mechanical engineering firm — were transacted in eight block trades and one direct deal at between 27.5 sen and 30.5 sen apiece.

Neither the buyer nor the seller was disclosed as KAB has yet to make any announcement on changes in shareholding since its listing on Nov 17, 2018.

It is worth noting that four days after its debut on Bursa Malaysia, the company announced that it had accepted two contracts — related to electrical engineering and extra low voltage services — for a total contract sum of RM23.8 million.

Since its listing, KAB’s share price has risen 26% to close at 31.5 sen last Wednesday, giving it a market capitalisation of RM100 million.

Over at Atta Global Group Bhd, the Penang-based steel company saw 36.95 million shares or a 24.91% stake change hands off market for RM27.62 million.

The group, previously known as SMPC Corp Bhd, is principally involved in the processing of steel coil, tube, strapping, steel furniture, metal roofing, floor decking and perforated metal as well as industrial recycling of scrap metal.

In a series of filings on Dec 26, Atta says its executive director Ng Chin Nam and chairman Ooi Chieng Sim, who is also the single largest shareholder, had disposed of shares on the same day.

After divesting 3.52 million shares, Ooi still has an 11.39% indirect stake. Ng ceased to be a substantial shareholder after selling 81,216 shares, leaving him with just 3,582 shares or a 0.002% stake.

Year to date, Atta’s share price has risen 42% to close at 88.5 sen apiece last Wednesday, giving it a market capitalisation of RM131 million.

Separately, SMTrack Bhd saw 17.92 million shares or a 13.2% stake cross in seven block trades and one direct deal for RM3.988 million between Dec 20 and 26.

The company, formerly known as Smartag Solutions Bhd, is a track and trace solutions provider that utilises radio frequency identification (RFID) and innovative technologies to provide online and mobile solutions.

As at press time, it is not clear who the parties involved in the trade were.

Tatt Giap Group Bhd saw 21.36 million shares or a 12.52% stake cross off market for RM2.56 million or 12 sen apiece in a single direct deal. No shares were transacted on the open market that day.

A quick check on Bursa shows that Datuk Siah Kok Poay and Siah Lee Beng had on Dec 26 disposed of 21.36 million shares in the steel company held through Giapxin Sdn Bhd, leaving them with a 13.1% indirect stake in the company.

Meanwhile, Diversified Gateway Solutions Bhd saw 79.86 million shares or a 5.89% stake cross off market in 17 block trades between Dec 20 and 26. The shares were transacted at between 11 sen and 13 sen apiece.

A filing with Bursa shows that Omesti Bhd disposed of 20 million shares and five million shares on Dec 21 and Dec 22 respectively. It still has a 20.22% stake in the company.

Diversified Gateway, which provides integrated business solutions services, has seen a 13% increase in net profit for the second financial quarter ended Sept 30, 2018 (2QFY2018) to RM1.23 million, from RM1.09 million a year ago.

Editor's note: Corrections have been made to the off-market trade involving Kejuruteraan Asastera Bhd's 8.71 million shares which represented a 2.7% stake and not 27.24% as state previously. Its market capitalisation was also amended to RM100 million. 

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