Off-Market Trades: Malayan Banking Bhd, SKH Consortium Bhd, Industronics Bhd, PDZ Holdings Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on February 12, 2018 - February 18, 2018.
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FOR the holiday-shortened week, the minimum block size was reduced to 400,000 shares from the usual 500,000 shares in order to capture more trades.

By value, Malayan Banking Bhd (Maybank) stood out with RM468.6 million worth of shares changing hands off market. A total of 46.42 million shares were transacted this way, albeit only representing a 0.43% stake in the country’s largest corporation by market capitalisation.

Interestingly, Maybank saw a single direct trade of 40 million shares on Feb 2 at RM10.10 apiece. Valued at RM404 million, the shares were sold by Permodalan Nasional Bhd. At its close of RM10.08 last Thursday, Maybank’s share price was hovering at its all-time record-high of RM10.20 registered earlier this year.

Separately, SKH Consortium Bhd saw 31.35 million shares, or a 5.14% stake, worth RM2.82 million change hands off market. The bulk of the shares crossed in a single direct transaction of 30 million shares on Feb 6 at nine sen apiece — marginally higher than the closing price of 8.5 sen that day.

On Feb 5, the ACE Market-listed company announced its executive director Choo Peng Hung’s intention to deal in its shares after hours. Choo had an indirect stake of 163.28 million shares, or 26.77%, in the company at the time of the announcement.

Industronics Bhd saw 7.475 million shares traded off market during the period under review. Worth RM1.495 million, the shares made up a 7.27% stake in the company and were transacted at 20 sen apiece.

Filings with Bursa Malaysia show that Luk Tung Lam picked up a substantial 8.865 million shares or an 8.63% stake in the company on Feb 2. On Jan 15, Chong Kin Wah resigned as an independent and non-executive director “due to personal work commitments”.

Separately, PDZ Holdings Bhd saw 6.48 million shares worth RM576,753 change hands off market during the period under review. The shares, which represented a 2.98% stake in the company, were crossed at nine sen to 8.5 sen apiece. It is worth noting that PDZ Holdings’ share price has fallen sharply, down by more than 40% from a high of 14.5 sen earlier this year.

On Feb 7, meanwhile, the company completed a rights issue with warrants — 434.66 million rights shares and 325.995 million warrants.

On Feb 5, Ornapaper Bhd saw 4.06 million shares worth RM5.27 million change hands in a single direct transaction off market. The shares, which represented a 5.47% stake in the company, crossed at RM1.30 each.

Sai Ah Sai acquired the shares via his vehicle, Instisari Delima Sdn Bhd. He was appointed a non-executive director of the company on Jan 1.

Filings with Bursa show Ornapaper executive director Sai Chin Hock is no longer a substantial shareholder of the company. It is not clear if the two Sais are related but Chin Hock is 67 years old while Ah Sai is 80.

MUI Properties Bhd saw 10.67 million shares, or a 1.44% stake, worth RM3.39 million change hands off market during the period under review while Naim Indah Corp Bhd saw 17.73 million shares, or a 1.32% stake, worth RM813,264 traded off market.

PA Resources Bhd saw 13.68 million shares, or a 1.44% stake, worth RM1.24 million change hands off market.



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