FROM Oct 19 to Oct 25, some 1.318 billion shares worth RM1.344 billion changed hands off market in blocks of at least 350,000 shares.

The single largest transaction by volume was seen at Sinotop Holdings Bhd, where 300 million shares were sold at five sen apiece, or a total of RM15 million, on Oct 21.

Filings show that the 15.19% stake in the China-focused fabric manufacturer was sold by its largest shareholder, China-based Gifted Investments Ltd, to Noble Pinnacle Sdn Bhd, a vehicle of businessman Datuk Justin Soo Sze Ching that has just emerged as a substantial shareholder in Sinotop.

After the deal, Gifted Investment still has a 57.01% stake in Sinotop.

The price tag of five sen per share was a 21.14% discount to Sinotop’s average trading price of 6.34 sen on the day. For the last 12 months, Sinotop shares have been trading at a lacklustre four sen to six sen, before hitting a one-year high of 7.5 sen on Oct 24 following the entry of the new shareholder.

Meanwhile, the single largest transaction by value was seen at Reach Energy Bhd, where some 117.86 million shares worth RM89.58 million changed hands.

According to filings, the stake was sold by Pacific Alliance Group Ltd to MTD Capital Bhd, which has increased its shareholding in Reach Energy to 149.25 million shares or a 11.68% stake.

The 76 sen per share transaction price was a 7.04% premium over Reach Energy’s one-month average price of 71 sen and a 6.29% premium over the day’s closing price of 71.5 sen.

The stock has been on an upward trend from a one-year low of 62 sen in mid-December to a historical high of 72 sen on Oct 11.

There were also two large off-market trades at ECM Libra Financial Group and AirAsia X Bhd. What these two transactions have in common is that the stakes were held by corporate figure Lim Kian Onn, who is a substantial shareholder and director of both companies.

Lim is managing director of ECM Libra Financial Group and an independent director of AirAsia X.

The off-market trades in AirAsia X and ECM Libra arose as part of Lim’s move to transfer his equity interest in both companies to a trust fund set up by him and his spouse.

Lim had on Oct 20 transferred his 72.255 million ECM Libra shares at 29 sen a piece, bringing the total transaction value to RM20.95 million.

Lim has also transferred his 4.74% interest in AirAsia X or 196.783 million shares at 31 sen per share, or a total of RM61 million.

Newly listed BCM Alliance Bhd, a distributor of commercial laundry and medical imaging equipment, also saw substantial off-market trading activity following its debut on the ACE Market on Oct 24.

Some 21.98 million shares worth about RM5.08 million were traded at 22 sen to 28 sen per share on Oct 24 and 25, the first two days of trading in the stock.

These transaction prices were at a premium of 15.8% to 47.4% of BCM Alliance’s IPO price of 19 sen per share.

BCM Alliance recently posted a 32.24% increase in net profit for its 2Q2016 ended June 30 from a year ago to RM2.59 million on the back of a 4% rise in revenue to RM17.7 million in 2Q2016.

However, net profit for the first six months ended June 30 was down 10% to RM4.36 million and revenue dropped 14.05% to RM32.55 million.

BIMB Holdings Bhd also saw a flurry of off-market activity with 73.45 million shares sold for a combined value of RM308.93 million.

There were several transactions from Oct 19 to 24 at prices ranging from RM4.20 to RM4.28.

It is not known who were involved in the different transactions but filings show that during the period, pilgrim fund Lembaga Tabung Haji had acquired 35.65 million shares at an undisclosed price on Oct 21 while Amanahraya Trustees Bhd–Amanah Saham Bumiputera disposed of 4.73 million shares on Oct 19 and 20.

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