Thursday 28 Mar 2024
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This article first appeared in Capital, The Edge Malaysia Weekly on June 11, 2018 - June 17, 2018

PETALING Tin Bhd saw 24.28 million shares or a 7.02% stake change hands in a direct trade on May 31. Filings reveal that the stake was acquired by the company’s largest shareholder Tan Sri Dr Chen Lip Keong, who effectively raised his holding to 90.002%.

The acquisition was followed by an announcement by the company that Chen had issued a notice to undertake an unconditional voluntary takeover offer to acquire the remaining 34.58 million shares or 9.998% equity interest.

The offer price for the remaining shares stands at 40 sen each, representing a 17.6% premium to the five-day volume-weighted average price of 34 sen as at May 21.

It is noteworthy that this is not the first time Chen is making an offer to take Petaling Tin private. In April 2016, he offered to buy out the remaining shares at 24 sen apiece while holding a 65% stake in the company. However, the plan fell through after independent advisers told minority shareholders to reject the offer as it was deemed “not fair” although “reasonable”.

Over at Chin Hin Group Bhd, 48 million shares or an 8.47% stake crossed off market in direct trades on June 1, 4 and 5. The shares were traded at 80 sen and 83 sen each.

Filings show that 43 million shares were transferred from Divine Inventions Sdn Bhd to Chin Hin deputy group executive chairman Datuk Seri Chiau Beng Teik.

However, the parties involved in the transaction of the remaining five million shares are still unclear at this juncture.

Divine Inventions is a private vehicle co-owned by Beng Teik, his wife Datin Seri Wong Mee Ling and his son Chiau Haw Choon, who is the managing director of Chin Hin. Post-disposal, Beng Teik’s direct stake in the company increased to 25%, or 139.12 million shares.

Meanwhile, K-One Technology Bhd saw 15 million shares or a 2.89% stake change hands in direct trades during the week.

Part of the transaction can be traced back to the company’s chairman, Edwin Lim Beng Fook, who bought five million shares at 

15 sen apiece from non-independent non-executive director Bjorn Braten.

Post-acquisition, Lim’s stake in K-One increased to 17.74% while Braten’s holding reduced to 7.75%.

For the first quarter ended March 31 (1QFY2018), the company was back in the black with a net profit of RM21,000, compared with a net loss of RM8.81 million in 1QFY2017, as margins had improved.

SMRT Holdings Bhd saw 10 million shares or a 2.48% stake traded in a direct deal at 15.5 sen apiece. The shares were transacted at a 10.7% premium to the closing price of 14 sen per share on June 4.

However, the parties involved in the transaction are not known at this juncture.

For the first quarter ended March 31, SMRT returned to the black, chalking up a net profit of RM6.27 million compared with a net loss of RM5.85 million in the previous corresponding period. The improved results were attributed to a one-off adjustment from the net reversal of its investment in an associate and a fair value adjustment from securing control of Minda Global Bhd, which was previously an associate company.

Elsewhere, Tiger Synergy Bhd saw 10 million shares or 2.32% equity interest change hands in direct trades during the week.

Executive director Datin Sek Chian Nee disposed of the shares at 2 sen and 2.5 sen each. At the same time, she also exercised her options for 2.7 million shares under the company’s employee share option scheme.

Sek is the wife of Tiger Synergy executive chairman Datuk Tan Wei Lian.

After the transactions, she holds a 0.205% direct stake or 3.53 million shares in the company. 

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