Friday 29 Mar 2024
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This article first appeared in Capital, The Edge Malaysia Weekly on May 15, 2017 - May 21, 2017

IN the trading week between May 3 and 9, 441 million shares worth RM1.18 billion changed hands off market in blocks of at least 500,000 shares. Among the notable transactions was that at Perak Transit Bhd, where substantial shareholder MTD Capital Bhd disposed of 45 million shares, or a 3.9% stake, at 19.5 sen per share in a single direct transaction on May 4. This was at a discount to the 25 sen and 26 sen the stock was fetching on the open market that day.

MTD Capital ceased to be a substantial shareholder post-disposal, with its stake falling to 4.8%, or 55 million shares.

Incidentally, 55 million Perak Transit shares changed hands at 19.5 sen or RM10.73 million in total on May 9 in a single direct deal, at a 23.5% to 26.4% discount to the 25.5 sen and 26.5 sen the stock was trading at on the open market. It is not immediately known if the seller was MTD Capital, although the stake matches the latter’s remaining holding and it was transacted at the same price at which 45 million shares had earlier been sold.

Perak Transit closed at 26 sen on May 9.

Meanwhile, Plastrade Technology Bhd saw a total of 10.1 million shares transacted at RM3.6 million on May 5 in three tranches of 500,000, 3.2 million and 6.4 million shares. The shares changed hands at 36 sen apiece, compared with the 49 sen to 46 sen the counter was fetching on the open market. The trading volume of the off-market transactions was also much higher than the average of about 270,860 during the week. No filings on substantial shareholding changes had been filed at the time of writing.

On May 5, Plastrade said it had applied for the listing of up to 15 million new ordinary shares to be issued pursuant to a proposed private placement. Plastrade closed at 36 sen on May 9.

Over at Yong Tai Bhd, 18 million shares, or a 4.1% stake, were disposed of by its major shareholder, Impression Culture Asia Ltd, at RM1.10 each, which was a 29.5% discount to open market prices. Impression Culture remains Yong Tai’s major shareholder with 107 million shares or a 24.6% stake. The trading volume off market was about 10 times the average volume of 1.6 million shares during the week. The property developer, which has a flagship development in Melaka, has seen strong momentum, up 23.8% year to date and surging 76.3% compared to a year ago.

At Sentoria Group Bhd, a total of 15.5 million shares, or a 3.2% stake, changed hands for RM11.3 million on May 5. The deal was done at 73 sen per share, a slight discount to the 75 sen they were fetching on the open market at the time. It was done in three tranches of 3.53 million, four million and eight million shares respectively. Sentoria has embarked on a series of share buybacks since the beginning of the year. Despite the positive sentiment in the overall market, its share price has slipped 4.4% year to date.

At Reach Energy Bhd, 39.1 million shares changed hands at 51 sen apiece in a flurry of direct deals on May 4, at a discount to the 53 sen to 56 sen they were fetching on the open market.

Including the tranches smaller than 500,000 shares, 40.2 million shares, or a 3.15% stake, of Reach Energy changed hands in 23 direct deals at 51 sen that day. Closing at 55 sen on May 9, the stock was down 22.5% from its year-to-date high of 71 sen on Jan 5.

As at March 31, Reach Energy’s largest shareholder was CEO Shahrul Hamid Mohd Ismail’s Reach Energy Holdings Sdn Bhd with a 23.3% stake, followed by MTD Capital Bhd with 13.61%. Lembaga Tabung Haji had a 9.51% stake.

 

 

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