Insider Moves: Ancom Logistics Bhd, BCM Alliance Bhd, Milux Corp Bhd, Kejuruteraan Asastera Bhd, Vizione Holdings Bhd, XOX Bhd, Widad Group Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on August 31, 2020 - September 06, 2020.
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Notable filings

BETWEEN Aug 17 and 21, notable shareholding changes took place in several companies listed on Bursa Malaysia, including Ancom Logistics Bhd.

An Aug 19 filing showed that the company’s largest shareholder, Datuk Siew Ka Wei, had disposed of 19.2 million shares or a 4.05% stake on Aug 14 and 17. The tycoon sold the shares through his private investment vehicle Rhodemark Development Sdn Bhd.

Siew’s shareholding fell to 40.26% from 44.32%, and then to 39.84% after he sold another two million shares through Rhodemark on Aug 18.

Ancom Logistics is the target of a backdoor listing by S5 Holdings Ltd, which provides cybersecurity management systems for the customs and immigration departments as well as private companies.

In a July 16 report on the corporate exercise, Siew, who is executive chairman of Ancom Bhd, told The Edge that Ancom Group’s businesses would be reorganised by putting all of the logistics business under one roof and diversifying into a new business.

Ancom Logistics shares closed at 58 sen apiece on Aug 25, valuing the company at RM272 million. Year to date, the counter has rallied more than 850%. The backdoor listing involving S5 was announced in mid-July.

Over at BCM Alliance Bhd, a distributor of medical devices and commercial laundry equipment, two new substantial shareholders emerged between Aug 14 and 18.

On Aug 18, BCM Alliance announced that a shareholder, Lo Ling, had acquired 2.7 million shares or 0.64% of the company on Aug 14, increasing her stake to 5.24%. On the same day, Lo acquired another 10 million shares off market and 61,000 shares on the open market, increasing her stake to 7.63%.

Another individual, Koh Pee Seng, became a substantial shareholder on Aug 18 after acquiring 6.53 million shares in the company off market and 230,000 shares on the open market, increasing his stake to 6.43%. Koh is the former group managing director of Milux Corp Bhd, a home and kitchen appliances manufacturer.

BCM Alliance’s share price has risen more than 125% so far this year to close at 30.5 sen last Tuesday. Its market capitalisation stood at RM126 million.

During the week in review, Faith Chow Poh Ten disposed of 30 million shares or a 3.24% stake in Kejuruteraan Asastera Bhd (KAB) on Aug 18 through direct deals, reducing her stake to 13.07%.

The shares are believed to have been bought by Kington Tong Kum Loong, making him a substantial shareholder of KAB with a 5.31% stake. However, a day later, Tong disposed of 20 million shares or 2.16% equity interest, ceasing to be a substantial shareholder.

Since a two-for-five share split on Feb 25, KAB’s share price has climbed steadily from 89.5 sen to RM1.11 as at last Tuesday, up 24%. At RM1.11 per share, the company’s market value was RM1.03 billion.

At Vizione Holdings Bhd, Chow Zee Neng, the former chairman of Asia Media Group Bhd, emerged as a substantial shareholder after acquiring 10 million shares or a 1.32% stake in the company on Aug 18 as part of a private placement exercise to issue up to 30% of the total number of shares. Post-acquisition, Chow holds a 5.95% stake.

Notable movements

Between July 23 and Aug 10, mobile telecommunications service provider XOX Bhd acquired 21.73 million shares or a 3.37% stake in M3 Technologies (Asia) Bhd (M3Tech), making it a substantial shareholder with 11.26% equity interest. The purchases were announced on Aug 21.

The share price of the software developer had risen 3.85% during the week in review, closing at 13.5 sen on Aug 21. Last Tuesday, the stock closed at 16.5 sen, valuing the group at RM106 million.


Meanwhile, Widad Group Bhd saw the emergence of a substantial shareholder in Capital Pairing Sdn Bhd after it acquired 160 million shares or 6.5% equity interest in Widad via direct deals on Aug 13.

Capital Pairing is an Islamic private equity and debt financing company, chaired by former Malaysian ambassador to Saudi Arabia Datuk Prof Syed Omar Al-Saggaf. It was not mentioned in the announcement to Bursa who the seller of the stake was.

 

 

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