Notable filings

Between March 6 and 10, notable shareholding changes filed with Bursa Malaysia included that of Ekovest Bhd managing director Datuk Seri Lim Keng Cheng raising his stake in the company. He bought 10.83 million shares, or 0.51% interest, via private arrangement on March 8.

Lim’s purchase was done at RM1.30 per share, which was on the higher side of the day’s trading range of RM1.24 and RM1.31. The share price climbed to a five-year high of RM1.45 on March 10 but retreated to last Wednesday’s close of RM1.37. Previously, Lim only held an indirect 6.12% stake via his private vehicle, Lim Seong Hai Holdings Sdn Bhd.

Meanwhile, Ekovest’s substantial shareholder Kota Jayasama Sdn Bhd continued to pare its stake. Between March 3 and 7, the vehicle of Ekovest director Datuk Haris Onn Hussein sold 12.58 million shares at between RM1.30 and RM1.31. It now holds a 7.79% stake, from about 13.84% last October, according to Ekovest’s 2016 annual report.

Over at Jaya Tiasa Holdings Bhd, tycoon Tan Sri Tiong Hiew King’s vehicle Tiong Toh Siong Enterprises Sdn Bhd raised its shareholding after acquiring 21 million shares or a 2.17% stake via a direct business transaction on March 6. The transacted price was RM1.06, a discount to the RM1.21 the shares were fetching on the open market at the time. That raised Tiong Toh Siong Enterprises’ holding to 5.21% and Tiong’s to 29.01%.

Bintai Kinden Corp Bhd welcomed a new substantial sharEholder, Nusankota Development Sdn Bhd, which acquired 50.03 million shares, or 17.39% interest, on March 7. The engineering services firm is now Bintai Kinden’s single largest shareholder.

The block of shares was part of a deal under which Bintai Kinden will acquire 100% of Optimal Property Management Sdn Bhd, which holds a 25-year-concession to design, construct, complete, operate and maintain the on-campus accommodation at Kolej Teknologi Islam Melaka. Bintai Kinden will settle the RM15 million price tag by issuing 75 million new shares to Optimal Property Management’s shareholders, namely Nusankota and two other individuals.

Notable movements

Eco World Development Group Bhd’s largest shareholder, Sinarmas Harta Sdn Bhd, has raised its stake after buying 63.78 million shares in a private placement on March 3. The transaction came after Eco World’s share price hit a one-year high of RM1.59 on Feb 22. It has since retreated to RM1.49 last Wednesday.

Sinarmas Harta took up the private placement at RM1.30 per share, a discount to the day’s trading prices of RM1.49 to RM1.52. It now has a 32.94% stake, or 969.92 million shares, in the property developer. The private company is a vehicle of Eco World Development’s deputy chairman Datuk Leong Kok Wah, who has 47.64% interest in Eco World by virtue of his interest in several private vehicles.

Over at Dagang NeXchange Bhd, Khoo Kok Seng ceased to be a substantial shareholder after disposing of 60 million shares on March 3. The counter rallied to a multi-year high of 44 sen the day before. Khoo sold his shares for 40.6 sen per share, a slight discount to the day’s trading range of 42.5 sen to 45 sen.

DNeX’s share price has run up in recent months given its improved earnings and several new projects it has in hand, including project consulting for a road charge vehicle entry permit system for Thailand’s borders. It also has a service contract for a eWork Permit System to issue permits to foreign workers.

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