Thursday 28 Mar 2024
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This article first appeared in The Edge Malaysia Weekly, on August 8 - 14, 2016.

 

Notable filings

BETWEEN July 25 and 29, notable shareholding changes at companies listed on Bursa Malaysia included that at Hubline Bhd. According to filings, Richard Wee Liang Huat, chairman and non-executive director of the break-bulk shipping company, ceased to be a substantial shareholder on July 25.

Wee sold 75 million shares to the group’s largest shareholder, Billion Power Sdn Bhd, on July 22 at one sen apiece, reducing his stake to 4.89%. This was followed by the disposal of 300 million shares to the company on July 25 and 125 million shares on July 29 at one sen apiece. In total, Billion Power acquired 500 million shares or a 4.07% stake in Hubline from Wee during the period under review.

Prior to the acquisitions, Billion Power had 11.64% shareholding in the ailing shipping company. As at July 29, it held 14.26% equity interest in Hubline. Billion Power, which is controlled by the group’s managing director-cum-CEO Dennis Ling Li Kuang and his wife Christine Lau Swee Eng, has been increasing its stake in Hubline since late last year.

At Asia Poly Holdings Bhd, executive chairman Datuk Yeo Boon Leong disposed of 5.4 million shares or over 2% equity interest on July 22 at 20.2 sen apiece, filings dated July 25 show.

Yeo has been selling his shares on the open market since July 20. In total, he has pared down 10.4% of his stake in Asia Poly. He is still the group’s largest shareholder with an 18.71% stake, followed by its CEO Teoh Cheng Chuan with 8.67%.

In the nine months ended Dec 31, 2015, Asia Poly made a net profit of RM4.7 million, a huge jump from RM313,000 in the previous corresponding period. In the first quarter ended March 31, 2016, its net profit stood at RM1.4 million, compared with RM687,000 in the corresponding quarter of last year.

Datuk Freddy Lim Nyuk Sang disposed of 11 million shares or a 1.11% stake in engineering outfit Destini Bhd at 58 sen a share via an off-market transaction on July 26. However, he acquired a total of 1.02 million shares between July 27 and Aug 1, raising his holding to 8.09%.

As at March 31, the largest shareholder of Destini is BPH Capital Sdn Bhd with a 24% stake, followed by Ministry of Finance-owned Aroma Teraju Sdn Bhd with 21.72% and Destination Marine Services Sdn Bhd with 11.69%.

 

Notable movements

Loss-making Compugates Holdings Bhd saw its share price jump 12.5% between July 25 and 29. During that period, its largest shareholder and managing director Goh Kheng Peow acquired 4.66 million shares or 0.22% equity interest in the consumer electronics distributor at four sen apiece.

On July 29, Compugates’ share price closed at 4.5 sen. However, the counter has been trading in a tight band of between 4 sen and 5.5 sen over the last 12 months. As at last Wednesday, the counter closed at four sen.

JHM Consolidation Bhd saw its share price fall 6.1% during the period to RM1.23. The group, which designs and manufactures microelectronic components, had a share price rally of 165.2% over the last 52 weeks to RM1.22 last Wednesday.

On July 20 and 22, JHM’s largest shareholder and executive chairman Datuk Tan King Seng acquired 350,000 and 130,000 shares respectively at RM1.15 apiece, according to the group’s filing with Bursa. Tan held a 38.98% stake in JHM as at July 25. The transaction price was at least 5% lower than the prevailing market prices then.

E-government services provider My E.G. Services Bhd’s largest shareholder, Asia Internet Holdings Sdn Bhd, sold five million shares and pared its holding to 29.49% on 

July 27 at undisclosed prices. The stock traded at RM1.93 to RM1.99 that day but had gained 50.5% over the past year to settle at RM2.02 last Wednesday. 

 

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