Insider Moves: Asdion Bhd, Benalec Holdings Bhd, Kanger International Bhd, Parlo Bhd, HB Global Ltd, Stella Holdings Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on November 22, 2021 - November 28, 2021.
Insider Moves: Asdion Bhd, Benalec Holdings Bhd, Kanger International Bhd, Parlo Bhd, HB Global Ltd, Stella Holdings Bhd
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Notable filings

FOR the week of Nov 8 to 12, notable changes in shareholding at Bursa Malaysia-listed companies included those at Asdion Bhd, where Asas Merdeka Sdn Bhd emerged as a new shareholder after the latter acquired 15 million shares, equivalent to a 7.4% stake, through a private placement.

The company also saw changes in its boardroom, with independent directors Hazimi Kassim, Datuk Zulkifli Alias as well as non-executive chairman Datuk Sri Mohd Jamidan Abdullah resigning.

Karmjit Kaur and Jamel Ibrahim were appointed as new independent directors, while Datuk Jagjit Singh was redesignated as non-executive chairman from independent director.

In August, a conditional voluntary takeover offer of the company by AT Systematization Bhd was called off. When the plan was first announced in March, AT Systematization had offered to take over Asdion at 50 sen per share.

At Benalec Holdings Bhd, substantial shareholder Oceancove Sdn Bhd disposed of 54.42 million shares in an off-market transaction on Nov 5, paring its stake in the company. Oceancove is linked to Benalec managing director Datuk Leaw Seng Hai and his brother Datuk Leaw Ah Chye.

Post-disposal, the Leaw brothers through Oceancove hold 10.22% of the company. The brothers have been actively disposing of their stake in Benalec via off-market transactions since the beginning of November — an indication that a new substantial shareholder could be emerging in the company soon.

The other party in the transaction has not been announced at this juncture.

On Nov 17, Benalec announced a proposal to undertake a private placement of up to 20% of the total number of issued shares of Benalec to independent third-party investors, who will be identified later, at an issue price to be determined and announced at a later date.

Over at Kanger International Bhd, substantial shareholder Sii Tung Nai disposed of 53.5 million shares in the company on the open market. Post-disposal, he owns 8.46% of the company.

Sii first emerged as a substantial shareholder on Sept 28, after Kanger bought a 51% stake in Sung Master Holdings Sdn Bhd — where Sii and his brother Sii Tung Aik as well as Lim Shwu Huey are shareholders — for RM94.8 million.

The acquisition was satisfied by a combination of cash amounting to RM52 million and the issuance of 713.2 million new Kanger shares at six sen apiece for the remaining RM42.8 million.

At Parlo Bhd, Chow Zee Neng ceased to be a substantial shareholder of the company after his private vehicle Ariv Capital Sdn Bhd disposed of 17 million shares during the week in review.

Parlo, which is principally engaged in tour services, posted a narrower net loss of RM1.78 million for the second quarter ended June 30, 2021 (2QFY2021), compared with RM2.52 million a year ago.

Revenue tumbled to RM19,000, from RM145,000 in the previous year.

Notable movements

During the period in review, HB Global Ltd’s share price gained 15%, inching up from 20 sen on Nov 8 to 23 sen on Nov 12.

Substantial shareholder Chee Chen Hao disposed of a total of 92.65 million shares in the company through a series of off-market transactions. Post-disposal, his stake in the company was reduced to 7.03%.

Chee first surfaced as a major shareholder of HB Global on July 9 with a 27.06% direct stake after subscribing for 208.413 million shares in a private placement. Subsequently, he was appointed as chief operating officer of the company.

Stella Holdings Bhd’s share price had been gaining momentum since the start of November. By Nov 8, the shares hit RM1.14, from 96 sen on Nov 1. However, the momentum slipped soon after, and the share price slid to RM1.09 by Nov 12.

Filings show that on Nov 8, Westiara Development Sdn Bhd ceased to be a substantial shareholder of the company after disposing of 16 million shares in the company.

Meanwhile, Nova Premium Sdn Bhd emerged as a new shareholder of the company after acquiring 15 million shares, equivalent to a 22.33% stake.

 

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