Friday 29 Mar 2024
By
main news image

This article first appeared in The Edge Malaysia Weekly, on April 25 - May 1, 2016.

Notable filings

BETWEEN April 11 and 15, notable filings of changes in shareholding on Bursa Malaysia included Sam Engineering & Equipment (M) Bhd’s ultimate controlling shareholder, Temasek Holdings (Private) Ltd, having a smaller holding after Singapore Precision Engineering Ltd sold 9.1 million shares or a 10.5% stake off market on April 11 at undisclosed prices.

Stock market data showed that 8.96 million shares changed hands in a flurry of direct deals at RM5.40 apiece on the same day, at below open market prices of between RM6.10 and RM6.23 apiece. The buyer was unknown at the time of writing. Post disposal, Temasek’s holding has been reduced to 56.46% or 43.75 million shares.

In 2012, Sam Engineering had issued 135 million four-year 4% irredeemable convertible unsecured loan stocks (ICULS) Ltd to Singapore Aerospace Manufacturing Pte Ltd, a wholly-owned subsidiary of Temasek, as part of the purchase consideration for the entire equity interest in Avitron Pte Ltd. Currently, Singapore Aerospace Manufacturing holds about 95.92% of the ICULS, which will expire in September 2017. Upon conversion, the public spread of Sam Engineering may narrow further.

Over at Luster Industries Bhd, its founder and managing director Lim See Chea sold 20 million shares or a 1.15% stake through off-market and open-market transactions on April 11.

bumi-armada_ml-global_chart_cap40_tem1107_theedgemarkets

Ten million shares were sold off market and another 10 million on the open market. Both disposals were transacted at 6.5 sen apiece on April 11, a slight discount to the closing price of seven sen that day. Post disposal, Lim’s direct stake in the company was reduced to 9.48% or 164.3 million shares, while he is deemed interested in another 0.27% stake.

For the fourth quarter ended Dec 31, 2015, Luster sank further into the red as net losses surged to RM14.34 million from RM902,000 a year earlier, despite a 31.7% rise in revenue to RM31.04 million from RM23.57 million previously. Luster attributed the steeper net loss to the goodwill on consolidation written off (RM12.1 million); the impairment loss on property, plant and equipment in the mining sector (RM1 million); and impairment loss on receivables in the manufacturing sector (RM1 million).

Meanwhile, CLIQ Energy Bhd saw Siva Kumar M Jeyapalan, formerly Masterskill Education Group Bhd’s executive chairman, emerge as a substantial shareholder on March 31, after he purchased 34.6 million shares or a 5.48% stake at undisclosed prices. CLIQ has traded between 67 sen and 70.5 sen year to date, averaging 69 sen.

The filing suggests that Siva Kumar bought shares even after CLIQ failed to get more time from the Securities Commission Malaysia (SC) on March 24, after its March 1 liquidation announcement, since it failed to complete a qualifying acquisition within its three-year deadline. CLIQ’s promoters have filed for a judicial review of the SC’s decision, but its independent directors said a liquidation process will proceed in the absence of a court order. On April 5, Crowe Horwarth was appointed to assist in pre-liquidation process.

 

Notable movements

Bumi Armada Bhd’s share price has shed about 31% between Feb 23 and April 15, falling to 72 sen from RM1.04 apiece. It had retraced some ground to close at 77 sen last Wednesday. Datuk Abdul Farish Rashid may have taken advantage of the firmer prices, selling 30 million shares through Ombak Damai Sdn Bhd on the open market at undisclosed prices from April 7 to 14, paring his holding to 6.56%.

Closing at 63 sen last Tuesday, ML Global Bhd’s share price is up 40% year to date. LBS Bina Group Bhd made an unconditional takeover offer for ML Global on April 11, after acquiring 17 million shares in the latter at 56 sen apiece, which bumped LBS Bina’s shareholding in ML Global to 50.9%.

The offer price for one ML Global share is 56 sen, a discount to the closing price of 59.5 sen on April 11. The shares were purchased from ML Global’s Datuk Beh Hang Kong for RM9.52 million. LBS Bina will also be buying up ML Global’s warrants at six sen apiece.

 

 

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.

      Print
      Text Size
      Share