Off-Market Trades: MEDA Inc Bhd, Sin Heng Chan (Malaya) Bhd, SYF Resources Bhd, Evergreen Fibreboard Bhd, Classic Scenic Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on June 18, 2018 - June 24, 2018.
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MEDA Inc Bhd saw 99.1 million shares or a 20.5% stake change hands in several transactions off market on June 8.

Filings with Bursa Malaysia revealed that Datuk Yap Ting Hau has emerged as the single largest shareholder of the company after acquiring the shares directly and indirectly through M101 Ventures Sdn Bhd. One of the sellers was One Sierra Sdn Bhd, which disposed of 77.6 million shares and ceased to be a substantial shareholder.

It is worth noting that Meda recently sought RM108.76 million in damages from Perbadanan PR1MA Malaysia following the termination of a plan by PR1MA to buy a 4.29-acre tract in Tanjung Kling, Melaka, from its wholly-owned subsidiary, Maju Puncakbumi Sdn Bhd, for RM6.81 million last December.

Yap is the executive director of property developer M101 Holdings Sdn Bhd, which has launched a mall project featuring the world’s first sky Ferris wheel, the M101 SkyWheel. Other ongoing projects include M101 Bukit Bintang and M101 Dang Wangi.

At Sin Heng Chan (Malaya) Bhd, 12.4 million shares, or a 10.3% stake, were transacted off market in a direct deal on June 7. According to filings, the shareholding change was due to an internal restructuring at Goldquest Properties Pty Ltd. Following the transaction, Tan Sri Esa Mohamed ceased to be a substantial shareholder of Sin Heng Chan.

Over at SYF Resources Bhd, 30 million shares or a 4.9% stake changed hands off market in a direct deal at 29 sen apiece on June 7. According to filings, Insas Credit & Leasing Sdn Bhd sold the stake to Insas Plaza Sdn Bhd. Given that Insas Bhd — which is listed on Bursa — is deemed to have a direct interest in Insas Credit & Leasing and Insas Plaza, its holding in SYF Resources remains the same at 50 million shares or an 8.17% stake.

On June 11, Evergreen Fibreboard Bhd saw 37.7 million shares or a 4.46% stake change hands in a direct deal at 45.5 sen per share.

As at the time of writing, the parties involved in the transaction were not known.

Wooden frame maker Classic Scenic Bhd saw a total of five million shares or a 4.15% stake change hands in two direct transactions off market on June 6 and 11.

According to filings, Lim Ket Leng Holding Sdn Bhd, which is the vehicle that controls Classic Scenic with a 42.9% stake, disposed of five million shares on the two days to Lim Chee Tak. While Chee Tak is related to brothers Lim Chee Keong, Lim Chee Hwa and Lim Chee Beng, who are directors of the company, he is not part of the board or involved in the management of Classic Scenic.

Other than the companies mentioned, there were 36 others that saw direct off-market transactions during the period under review.

 

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