Off-Market Trades: K-Star Sports Ltd, Rohas Tecnic Bhd, Nexgram Holdings Bhd, Censof Holdings Bhd, Fajarbaru Builders Group Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on May 7, 2018 - May 13, 2018.
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K-Star Sports Ltd saw 41.54 million shares or a 10.9% stake change hands off market in direct transactions between April 25 and 27.

Filings with Bursa Malaysia show executive chairman and CEO Ding Jianping, through Avenue Portal Sdn Bhd, sold 17.15 million shares on April 25 at 9.8 sen apiece, which was at an 18.3% discount to the counter’s closing price of 12 sen that day. Post-disposal, his indirect stake was reduced to 70.82 million shares or 18.59% equity interest from 23.09% as at March 30, but he remains the largest shareholder in the company. The buyers and details about the other transactions were not known at the time of writing.

In the financial year ended Dec 31, 2017, the China-based footwear company narrowed its losses to RM23.64 million from RM68.68 million a year ago. This comes on the back of a 0.7% increase in revenue to RM188.69 million.

Rohas Tecnic Bhd saw 14.5 million shares or a 3.07% stake traded in a direct transaction at RM1.36 apiece on April 26. Filings reveal that the deal was between a husband and wife — chairman Tan Sri Wan Azmi Wan Hamzah bought the shares from Puan Sri Nik Anida Nik Manshor.

The transaction was done at a 0.74% premium to the stock’s closing price of RM1.35 that day. After the acquisition, Wan Azmi’s stake rose to 12.02% or 56.81 million shares.

Wan Azmi was responsible for injecting Rohas-Euco Industries Bhd, which he took private in 2007, into Tecnic Group Bhd in a reverse takeover in March last year, and the merged entity took up its present name.

Over at Nexgram Holdings Bhd, 39.98 million shares or a 2.12% stake changed hands in several block trades during the period under review at prices ranging from six sen to seven sen apiece. The parties involved were not known at press time.

On April 13, Nexgram announced that it had teamed up with China’s Shanghai Zhida Science and Technology Development Co Ltd to distribute charging products and services for electric vehicles in Southeast Asia, with Malaysia being their sole distribution hub. According to the company’s April 19 statement, RM10 million will be injected into the venture either in cash or in kind and Nexgram’s portion will be RM8.5 million, based on its 85% stake in the venture. Zhida Group will hold the remaining 15% stake.

On April 26, Nexgram fixed the first tranche of its placement shares at 5.9 sen apiece, which was at an 8.8% discount to the five-day weighted average market price between April 19 and 25.

At Censof Holdings Bhd, 10 million shares or a 2% stake changed hands off market in a direct trade at 20 sen apiece during the period under review. The transacting parties were not immediately known. Censof’s wholly-owned subsidiary, Century Software (M) Sdn Bhd, recently bagged a RM73.35 million contract from the Human Resources Development Fund for the ICT transformation and implementation of an integrated core and finance system. The contract, which expires on June 25, is expected to contribute positively to Censof’s earnings.

Meanwhile, Fajarbaru Builders Group Bhd saw 7.2 million shares or a 1.9% stake traded off market in direct deals at 68 sen apiece between April 27 and 30.

To pave the way for its third property project in Australia, the company bought 49% of Australian firm Beulah Northcote Land Pty Ltd for A$98 last month and injected another A$2.99 million to maintain its shareholding. Fajarbaru’s share price has declined 23.3% over the last year. It closed at 66 sen last Wednesday.

 

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