Friday 29 Mar 2024
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This article first appeared in The Edge Malaysia Weekly, on May 23 - 29, 2016.

Notable filings

BETWEEN May 9 and 13, notable filings of shareholding changes with Bursa Malaysia included share dealings between Tadmax Resources Bhd’s two major shareholders.

Filings show Tadmax deputy executive chairman Datuk Faizal Abdullah selling just over 5.3 million shares or a 1.16% stake on May 11 to managing director Datuk Seri Anuar Adam. Anuar increased his stake to 30.21%, or 134.36 million shares, while Faizal is left with 67 million shares or a 15.06% stake in the construction, property and agriculture company.

Off-market data show the shares changing hands for RM1.96 million in total or 37 sen apiece, just below the 38.5 sen each they closed at on the open market that day. Tadmax shares traded between 26 sen and 43 sen in the past year.

Meanwhile, seasoned corporate investor Koon Yew Yin surfaced in Focus Lumber Bhd after acquiring a 6.71% stake or 6.93 million shares on April 11. This was only announced a month later on May 10.

He is now the fourth largest shareholder of the plywood manufacturer. Koon’s acquisition price was not disclosed but based on the day’s stock prices of RM2.16, the block is worth about RM14.96 million.

Efficient E-Solutions Bhd also welcomed a new substantial shareholder in Lim Hooi Teik, who emerged with an 8.84% stake on May 3. His 62.68 million shares made him the fifth largest shareholder in the business process outsourcing firm.

Efficient E-Solutions is run by the Cheah family, with managing director Vincent Cheah and executive director Victor Cheah jointly holding 32.54% equity interest in the firm. Interestingly, the single largest shareholder is Singapore Post Ltd’s unit Singapore Post Enterprise Pte Ltd, which has a 20.8% stake. Earlier this year, SingPost divested part of its stake in GD Express Carrier for S$78.4 million to a unit of Japan’s Yamato Holdings Co.

Elsewhere, filings showed 7-Eleven Malaysia Holdings Bhd buying back more of its shares from the open market even as two substantial shareholders sold.

At the time of writing, UK-based Genesis Investment Management LLP was still the fourth largest shareholder in 7-Eleven with 6.23% as at May 6 while US-based Franklin Resources Inc was no longer a substantial shareholder after selling 130,900 shares on May 10. In recent weeks, 7-Eleven’s share price has been hovering near its one-year low of RM1.31 on Dec 4, 2015. It closed at RM1.37 on May 17.


Notable movements


SapuraKencana Petroleum Bhd’s share price recently slid further in late April following the exit of its strategic partner, deep water drilling contractor Seadrill Ltd.

In a May 9 filing, SapuraKencana disclosed that Seadrill sold its remaining 490 million shares, or a 8.2% stake, in the former on April 29. Seadrill’s nominee to SapuraKencana’s board, Avend Anton Maier, also resigned as non-independent non-executive director.

SapuraKencana’s share price has fallen 9% from RM1.77 on April 27 to RM1.61 on May 17. Over the past year, its share price has receded 40.48%, from RM2.70 on May 15, 2015, to RM1.61 on May 17 — likely weighed down by pessimism over low crude oil prices globally.

Rev Asia Bhd shares closed at 55 sen last Tuesday, down 35% from its 52-week high of 85 sen on June 23, 2015. Filings show Absolute Investments Australia Pty Ltd ceased being a substantial shareholder after selling its entire 6.75% stake, or 9.09 million shares, in the online media company in a single direct deal off market for RM4.54 million on May 5.

Market data shows the stake was sold at 50 sen per share — a 52-week low for the stock and below the 51.5 sen it fetched on the open market that day on thin trade.

The stake is likely to have been taken up by Catcha Group Pte Ltd, which now has a 64.09% stake after buying 9.09 million shares on May 5. Co-founders Patrick Grove and Lucas Robert Elliott are deemed interested in Catcha Group. 

 

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