This article first appeared in Capital, The Edge Malaysia Weekly on October 30, 2017 - November 5, 2017

TROPICANA Corp Bhd saw 124.59 million shares or an 8.53% stake exchange hands off market in several direct transactions on Oct 24 at 92 sen apiece, a one-sen discount to its closing price that day.

The buyer was Top Glove Corp Bhd founder and executive chairman Tan Sri Lim Wee Chai, who was appointed Tropicana’s non-executive deputy chairman the same day.

Lim acquired the shares from Tropicana founder and adviser Tan Sri Danny Tan Chee Sing. According to filings with Bursa Malaysia, Tan sold 82.86 million shares plus another 41.71 million shares from his vehicles, Golden Diversity Sdn Bhd and Aliran Firasat Sdn Bhd. With a 10.24% stake, Lim is Tropicana’s fourth largest shareholder, behind Tan and his various vehicles.

Over at Ta Win Holdings Bhd, 7.41 million shares or an 11.53% stake changed hands in several direct deals between Oct 19 and 24 at between RM1.27 and RM1.60 apiece or RM10.31 million in total. Last Wednesday, the counter closed at RM1.33.

According to filings, the sellers were Ta Win founder Chen Hsi-Tao and his family. They collectively own 22% equity interest after the disposals.

The buyer was Pioneer Conglomerate Sdn Bhd, which emerged as a substantial shareholder on Oct 10 with a 5.44% stake. As at Oct 24,

Pioneer Conglomerate — the vehicle of Asia Poly Holdings Bhd executive chairman Datuk Yeo Boon Leong — held a 24% stake, making it the single largest shareholder in Ta Win Holdings.

Meanwhile, 7-Eleven Malaysia Holdings Bhd saw 37.99 million shares or a 3.42% stake traded in three direct deals on Oct 20. The transactions were done at between RM1.18 and RM1.49 a share or RM47.94 million in total. Last Wednesday, the stock closed at RM1.52.

The volumes corresponded with the share sales disclosed on Oct 20 by Tan Sri Vincent Tan Chee Yioun’s vehicles, Berjaya Retail Bhd and Berjaya Land Bhd. Interestingly, his other vehicles bought more than 38.2 million 7-Eleven shares that day. After the transactions, Tan holds an overall stake of 41.4% in the convenience store chain.

MB World Group Bhd saw 6.45 million shares or a 4.1% stake exchange hands in several direct deals at between RM1.57 and RM1.58 apiece or RM10.16 million in total on Oct 23.

Last Wednesday, the counter closed at RM1.61, giving it a market capitalisation of RM259.67 million. The single largest shareholder in MB World is Kim Feng Capital Sdn Bhd with a 70.24% stake. Kim Feng Capital is the vehicle of executive directors Simon Sim Yow Kung and Cindi Sim.

MMAG Holdings Bhd saw RM3.61 million shares or a 4.75% stake traded in a direct deal at 25 sen apiece or RM3.61 million in total on Oct 19. The ICT company, formerly known as Ingenuity Consolidated Bhd, closed at 30 sen that day.

The only shareholders with sufficiently large holdings to effect the sales were Marina Teguh Sdn Bhd (14.87%) and Innofarm Sdn Bhd (13.04%), according to Bloomberg data. Marina Teguh is the vehicle of managing director Wong Eng Su and executive director Jeff Chong Koon Meng.  It is worth noting that Innofarm only surfaced as a substantial shareholder in MMAG Holdings last September.

At AppAsia Bhd, 14.73 million shares, or a 4.69% stake, were transacted in several direct deals at between 25 sen and 30 sen apiece or RM4.03 million in total on Oct 19 and 20. Last Wednesday, the counter closed at 34 sen.

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.