In the holiday-shortened, four-day trading week between Sept 28 and Oct 4, some 1.28 billion shares worth RM1.92 billion changed hands off market in blocks of at least 250,000 shares.

Notable transactions included those at oil and gas company Sumatec Resources Bhd. On Sept 29, there was a direct deal of 22 million shares at 8.5 sen apiece, which was the stock’s closing price on that day and its one-year low. This values the stake at RM1.87 million.

Sumatec also saw multiple block deals of about 39.82 million shares transacted at 8 sen to 9 sen each or RM3.48 million in total.

There was also a flurry of block trades at Perisai Petroleum Teknologi Bhd and Lion Corp Bhd, which made the headlines last Tuesday.

Perisai saw some 29.2 million shares transacted in multiple block deals during the period under review, with 16.4 million shares or 56% equity interest changing hands before last Tuesday — the day it announced that it had defaulted on its S$125 million (about RM377 million) bonds, which matured the day before. Bondholders had rejected a request to postpone the maturity date of the debt papers to Feb 3 next year. The block trades were done at 8.5 sen to 14.5 sen each, valuing them at RM3.42 million in total.

Lion Corp saw block deals before and after the Practice Note 17 company announced on Sept 29 that its shares would be suspended on Oct 10 and delisted on Oct 12 unless it appeals by Oct 7. Last Tuesday, it said it would not be appealing against the delisting. Between Sept 28 and Oct 4, some 30.9 million shares changed hands in block trades at 1 sen to 4.5 sen per share, or RM478,644 in total.

Over at Eka Noodles Bhd, there was a direct deal of some 17.52 million shares on Sept 30. The transaction price of five sen per share was slightly higher than the day’s closing price of 4.5 sen.

Other notable off-market transactions included those at companies that had previously announced sizeable share sales.

On Sept 30, Aluminium Co of Malaysia Bhd (Alcom) saw 78.23 million shares change hands at 61 sen apiece or RM47.72 million in total. At that price, the direct deal took place at a 37.1% discount to the 97 sen apiece the shares fetched on the open market that day.

The 59.16% block was sold by US-headquartered aluminium company Novelis Inc to Towerpack Sdn Bhd, pursuant to a sales and purchase agreement dated Aug 18 that resulted in a mandatory takeover offer for the rest of the company’s shares at 61 sen apiece. Alcom shares closed at 74 sen on Aug 18.

Towerpack is controlled by Yeoh Jin Hoe — managing director of Kian Joo Can Factory Bhd and Box-Pax (M) Bhd — who is also a major shareholder in Can-One Bhd.

Meanwhile, property developer Eastern and Oriental Bhd saw 125.97 million shares or a 10.02% stake change hands in a direct deal on Sept 29 for RM308.65 million or RM2.45 per share.

Paramount Spring Sdn Bhd bought the shares from Sime Darby Nominees Sdn Bhd pursuant to an agreement dated June 3, a filing dated Sept 30 shows. E&O executive deputy chairman Datuk Seri Terry Tham Ka Hon has a deemed interest in the stake held by Paramount Spring. Including interests held through other vehicles, Tham had a 17.27% indirect stake and 3.77% direct stake in E&O as at Sept 29.

Another large off-market trade was seen at Mieco Chipboard Bhd, where 119.19 million shares changed hands at 90 sen apiece or RM107.27 million in total last Tuesday.

The stake was acquired by Datuk Seri Ng Ah Chai, who emerged as Mieco’s new substantial shareholder with a 56.76% stake on the same day. Ng, who bought the stake from BRDB Developments Sdn Bhd pursuant to a June 30 agreement, is undertaking a mandatory takeover offer for all Mieco shares he does not already own at 90 sen apiece.

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