Off-Market Trades: Thriven Global Bhd, YTL Corp Bhd, CAM Resources Bhd, BIMB Holdings Bhd, CIMB Group Holdings Bhd, Malayan Banking Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on July 31, 2017 - August 06, 2017.
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THRIVEN Global Bhd saw a 7.91% stake or 29.8 million shares change hands off market in three direct deals last Monday at 23.5 sen apiece — lower than the 25.5 sen to 26 sen they were fetching on the open market, albeit on thin trades of only 23,500 shares that day.

The seller was Pasukan Sehati Sdn Bhd, which disposed of its entire stake — 29.8 million shares — for just over RM7 million.

One of Pasukan Sehati’s deemed owners, Lim Chee Khang, is no longer a substantial shareholder of Thriven after the disposal. Pasukan Sehati’s other deemed owners — executive director Datuk Low Keng Siong and group managing director Ghazie Yeoh Abdullah — each purchased 8.94 million shares or a 2.37% direct stake on the same day. That raises Low’s direct holding to 10.11% and Ghazie’s to 2.37%, filings dated July 26 show.

Thriven’s largest shareholder is still executive chairman Datuk Fakhri Yassin Mahiaddin with 29.87% equity interest, followed by Mulpha International Bhd with 24.39%.

Its warrants also changed hands off market on the same day. Some 14.73 million Thriven-WB were traded for RM957,700 or 6.5 sen each. The warrants, which have a 64 sen strike price and a one-for-one conversion ratio, will expire in October 2020. Last Wednesday, the derivative closed at six sen, a 171.15% premium to the underlying securities. There were 188.35 million warrants as at April 18 this year.

At YTL Corp Bhd, 1.07% of its share base or 10.54 million shares changed hands in a single direct deal at RM1.29 apiece — a 9.15% discount to the RM1.42 they were fetching on the open market on July 21.

The buyer and seller are not immediately known but each of its top 30 shareholders has at least triple that number of shares due to the company’s 10.54 billion share base.

The Employees Provident Fund sold 1.25 million YTL Corp shares on July 21, cutting its holding to 6.62% or 697 million shares, and bringing its total net selling since May 26 to 30.63 million shares or a 0.29% stake. The EPF’s current holding remains just above the 6.53% it had as at Sept 20 last year, according to YTL Corp’s annual report.

It is noteworthy that trades involving banking giants CIMB Group Holdings Bhd and Malayan Banking Bhd helped double the value of stocks changing hands off market during the period in review compared with the previous period between July 12 and 18.

CIMB saw 106.9 million shares or a 1.18% stake change hands in a mix of direct and cross trades for RM6.31 to RM6.345 apiece or a total of RM675.2 million between July 20 and 25. The largest of these were 17 direct trades of 89.92 million shares in total or nearly 1% equity interest at RM6.31 apiece on July 20 — near the lower end of the RM6.30 to RM6.45 apiece they were fetching on the open market, where volume was only 21.32 million shares. Khazanah Nasional Bhd sold 90.52 million CIMB shares at RM6.31 each on July 20, paring its holding to 28.14%.

Maybank, meanwhile, saw 66.5 million shares or a 0.63% stake change hands in direct and cross trades for RM640.4 million between July 19 and 25. Of these, 49 million shares or 0.46% equity interest changed hands in direct deals at RM9.63 each, within the range of RM9.60 to RM9.65 apiece the shares were fetching on the open market during the period.

Elsewhere, BIMB Holdings Bhd saw a 1.8% stake change hands at a premium to open market prices on July 21 and 24. On July 21, 14.9 million shares changed hands at RM4.50 apiece — above the RM4.35 to RM4.40 they were fetching on the open market. Similarly, on July 24, 14.75 million shares changed hands in two direct deals at RM4.40 each, above open market prices of RM4.35 to RM4.38 each.

CAM Resources Bhd saw a 4.23% stake or eight million shares change hands in a single direct deal for RM1.2 million or 15 sen each. The transacted price was a huge 48.3% discount to the 29 sen the shares were fetching on the open market, albeit on thin volumes of only 20,100 shares.

Executive chairman Lee Chin Yen sold the eight million shares to his daughter, executive director Lee Poh Choo, whose purchase was made via Sunleap Industries Sdn Bhd, a July 21 filing shows. Chin Yen still has a 16.05% direct stake and 9% indirect stake after the transaction. Poh Choo has direct holding of 2.3% and indirect holding of 4.17% or eight million shares.