Insider Moves: Avillion Bhd, BSL Corp Bhd, NWP Holdings Bhd, EcoFirst Consolidated Bhd, SMTrack Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on March 7, 2022 - March 13, 2022.
Insider Moves: Avillion Bhd, BSL Corp Bhd, NWP Holdings Bhd, EcoFirst Consolidated Bhd, SMTrack Bhd
-A +A

Notable filings

For the week of Feb 21 to 25, notable shareholding changes at Bursa Malaysia-listed companies included those at Avillion Bhd, whose substantial shareholder Datuk Seri Gan Chow Tee disposed of 10 million shares, or a 0.88% stake.

Post-disposal, Gan ceased to be a substantial shareholder as his equity interest in the company came to 4.26%, or 48.3 million shares. He had emerged as a substantial shareholder last November after taking up a 5.14% stake in a private placement.

For the third quarter ended Dec 31, 2021, Avillion registered a net profit of RM418,000 compared with a net loss of RM4.14 million a year earlier. However, for the nine months ended Dec 31, 2021, the property and hotel operator saw a net loss of RM11.53 million from RM11.62 million in the previous corresponding period.

At BSL Corp Bhd, three of its shareholders ceased to hold substantial shareholdings during the week in review. One of them, PNE PCB Bhd executive director Ho Jien Shuing, disposed of 28.35 million shares in the company on Feb 21.

It is worth noting that on June 23, 2021, Ho and Sanichi Technology Bhd managing director Datuk Seri Dr Pang Chow Huat made a takeover offer for the remaining shares of the company after acquiring 51.72% of BSL Corp from Esteem Role Sdn Bhd via direct transactions for RM57.48 million, equivalent to RM1.15 per share.

Ho acquired 17.54 million shares, or an 18.15% stake, while Pang bought 32.44 million shares, or a 33.57% stake. The duo managed to increase their equity interest in the company to 53.02% at the close of the unconditional mandatory takeover offer.

BCM Alliance Bhd also ceased to be a substantial shareholder of BSL Corp after disposing of 15.04 million shares in the company on Feb 17. It cited “market uncertainties” and the conflict between Russia and Ukraine as its rationale for the disposal without elaborating further.

Cita Realiti Sdn Bhd ceased to be a substantial shareholder of BSL Corp after disposing of 10.73 million shares during the week in review.

Over at NWP Holdings Bhd, Datuk Tan Lik Houe upped his stake in the company after acquiring 19.5 million shares on the open market. Post-acquisition, he had 46.11 million shares, or an 8.76% stake, in the manufacturer of timber products.

Meanwhile, Datuk Seri Kee Soon Ling pared down his stake in NWP, disposing of 12 million shares to reduce his equity interest to 7.81%, or 41.1 million shares. It is worth highlighting that Kee and NWP independent non-executive director Yew Onn Chong are being sued by the company’s new management over alleged fraudulent transactions that took place between 2016 and 2021, which resulted in NWP and its subsidiaries suffering losses and damages.

Notable movements

EcoFirst Consolidated Bhd’s share price fell 13.7% from 58.5 sen on Feb 21 to 50.5 sen on Feb 25. It slid further to 44 sen on March 1.

Filings with Bursa show that Datuk Tiong Kwing Hee disposed of a total of 22.5 million shares on Feb 18 and 21, leaving him with 63.66 million shares, or a direct stake of 5.47%, in the company.

For the second quarter ended Nov 30, 2021, EcoFirst reported a lower net loss of RM1.89 million from a net loss of RM1.98 million a year earlier. Revenue stood at RM3.67 million, down 53.1% from the previous corresponding period.

SMTrack Bhd saw its share price fall from 26 sen on Feb 21 to 21.5 sen on Feb 24 before recovering to 23.5 sen on Feb 25.

Filings with Bursa show that Datuk Seri Tan Choon Hwa sold 10.46 million shares on the open market on Feb 22. Post-disposal, he ceased to be a substantial shareholder of the company as his equity interest had fallen to 3.65%, or 24.99 million shares.

 

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.