This article first appeared in Capital, The Edge Malaysia Weekly on October 9, 2017 - October 15, 2017
STERLING Progress Bhd, which is involved in information, communication and technology, saw 80.83 million shares worth 25 sen apiece or RM20.20 million in total change hands off market on Sept 29. The shares, which make up a 29.3% stake in the company, crossed in a single direct trade.
Filings with Bursa Malaysia show that Sterling Progress’ largest shareholders — executive directors Leong Seng Wui and Low Wey Heng — had disposed of their shares held under FNS Avenue Sdn Bhd.
The shares were acquired by Open Adventure Technologies Sdn Bhd, a company controlled by Leong and another shareholder who is believed to be related to him — Leong Seng Hoong.
It is noteworthy that the price paid was substantially higher than the 52-week high of 23 sen per share. It was also higher than the recent high of 21.5 sen per share. Following the transaction, the counter fell to 18.5 sen on Oct 5.
Meanwhile, Grand-Flo Bhd, which is involved in providing enterprise data collection and collation system solutions, saw 49.8 million shares or a 10.47% stake change hands off market. The shares crossed in three blocks — two blocks totalling 40 million shares on Sept 28 and a 9.8 million block the following day. All the shares transacted at 28 sen apiece.
The price paid was at a 9.8% premium to the closing price of 25.5 sen on the same day.
The shares were acquired by executive director Chuah Chew Hai, giving him an 18.3% stake in the company. They were disposed of by Grand-Flo Corp Sdn Bhd (GFC), which is controlled by executive director Yap Li Li and group managing director Tan Bak Hong.
GFC retains a 5% stake in Grand-Flo. Chuah is a relatively new entrant to the company, appointed in May 2015. Yap and Tan have served on the board since 2009 and 2003 respectively.
Separately, Acme Holdings Bhd saw 34.02 million shares worth RM11.57 million cross off market. The shares were traded in two blocks of 17 million shares each at 34 sen apiece on Oct 2. This represents a 10.47% stake in the company.
The shares were disposed of by executive chairman Datuk Seri Lee Kuang Shing and his wife Datin Seri Tan Siew Hong, who is also an executive director, via his vehicle Supptech Holdings Sdn Bhd. The shares were acquired by Ooi Soon Hong via his vehicle, Nada Wangi Sdn Bhd, giving him a 20.465% stake in the audio systems maker.
Since the disposal, the company’s share price has surged to a two-year high of 41 sen.
Berjaya Assets Bhd saw 80 million shares cross off market on Sept 27. The Sultan of Johor acquired the block and became the group’s second largest shareholder with a 10.09% stake.
Oleochemical player Southern Acids (M) Bhd saw 13 million shares or a 9.5% stake worth RM59.8 million change hands off market in two equal blocks on Sept 27. The shares crossed at RM4.60 apiece. Filings with Bursa show that Lembaga Tabung Haji had disposed of 6.5 million shares on the same day.
Over at Tiger Synergy Bhd, the property development and construction company saw 116.9 million shares worth RM5.4 million trade off market in 10 separate transactions on Sept 27 and Sept 28. In total, this makes up a 7.5% stake in the company.
Other notable off-market trades include the 44.8 million Naim Indah Corp Bhd shares worth RM2.24 million that crossed during the week. This represents 5.11% equity interest in the property developer.
Elsewhere, Sycal Ventures Bhd, which is involved in property development and construction, saw 15 million shares or a 4.68% stake worth RM2 million change hands during the period under review.
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