Insider Moves: Berjaya Auto, Sarawak Consolidated Industries, Naim Indah Corp, Berjaya Assets

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This article first appeared in The Edge Malaysia Weekly, on July 11 - 17, 2016.

Notable filings

BETWEEN June 27 and 30, notable shareholding changes in companies listed on Bursa Malaysia included that at Berjaya Assets Bhd (BAssets), which saw its major shareholder Tan Sri Vincent Tan Chee Yioun acquire an additional 10 million shares through a direct transaction on June 24, raising his stake to 41.91%.

Filings show that Tan bought the shares at 70 sen apiece, a 9% discount to that day’s closing price.

Recently, BAssets’ wholly-owned subsidiary Aroma Kiara Sdn Bhd entered into an agreement with Oriental Holdings Bhd, Oriental Rubber & Palm Oil Sdn Bhd, Datuk Syed Mohamad Syed Murtaza and Datuk Seri Md Isahak Md Yusuf to purchase 100% equity interest in Oriental Assemblers Sdn Bhd for RM32.5 million cash.

Over at BLD Plantation Bhd, Law Kiu Kiong emerged as a substantial shareholder in the company after he acquired 5.73 million shares directly and indirectly on June 27. Subsequently, he holds a direct stake of 3.4% and an indirect stake of 2.72% in the firm.

In its first quarter ended March 31, 2016, BLD Plantation’s net profit surged seven times to RM10 million from a year ago. 

Revenue rose to RM326.2 million from RM303.67 million previously.

At Naim Indah Corp Bhd, group CEO Datuk Siaw Swee Hin acquired an additional 18 million shares in the company between June 27 and 29, raising his stake to 8.13%. The shares were purchased at between 7.6 sen and eight sen apiece.

Naim Indah recently announced the termination of a memorandum of understanding with United Pacific Development Co Ltd to build a 32-storey office tower in Yangon, Myanmar.

Naim Indah’s net profit for the first quarter ended March 31, 2016, increased 61.2% to RM108,000 from a year ago. Revenue rose to RM2.33 million from RM923,000 previously.

Oriental Interest Bhd saw the emergence of new substantial shareholders during the period in review. Tan Chang Tok Sdn Bhd and Goh Say Seah Realty Sdn Bhd acquired 11.78 million shares or an 8.13% stake and 7.12 million shares or a 5.58% stake respectively in the company.

The property developer’s net profit for the third financial quarter ended March 31, 2016, increased 4.4% to RM10.19 million from a year ago. However, revenue fell to RM54.01 million from RM82.01 million previously.

 

Notable movements

Berjaya Auto Bhd’s share price has seen some volatility over the last few weeks. It fell 8.02% to RM2.18 on June 23 and 24. Then, it rebounded  6.42% to RM2.32 from June 24 to 30, before falling 4.31% to RM2.22 between June 30 and July 5.

During that period, Dynamic Milestone Sdn Bhd acquired 116.9 million shares in the company, stemming from a share sale agreement with several parties on June 13, including Podium Success Sdn Bhd. Podium Success ceased to be a substantial shareholder of Berjaya Auto after it disposed of 73.07 million shares to Dynamic Milestone under the agreement.

Sarawak Consolidated Industries Bhd’s share price fell 6.67% to 70 sen between June 20 and 24 before rebounding 4.29% to 73 sen between June 24 and July 1. According to filings, Freddy Lim Nyuk Sang disposed of 4.18 million shares via an off-market transaction at 63 sen apiece on June 27.

In the first quarter ended March 31, 2016, the company posted a net loss of RM581,000, compared with a net profit of RM1.31 million a year ago. Revenue shrank to RM11.86 million from RM17.73 million previously.