This article first appeared in The Edge Malaysia Weekly, on July 18 - 24, 2016.
Notable filings
Between July 1 and 8, notable shareholder changes on Bursa Malaysia included the acquisition of 76 million Berjaya Auto Bhd (BAuto) shares by Dynamic Milestone Sdn Bhd, concluding the management buyout of the company.
Dynamic Milestone bought the 9% stake from Berjaya Group Bhd, giving it a 17.12% stake in BAuto, making it the largest direct shareholder of the company. However, Berjaya Group is still deemed to be the largest shareholder due to its 20.8% stake in Dynamic Milestone.
Chief executive Datuk Yeoh Choon San and non-executive director Datuk Lee Kok Chuan each control a 26.4% stake in Dynamic Milestone. Datuk Amer Hamzah also controls a 26.4% stake.
At Bumi Armada Bhd, former chairman, Datuk Seri Mahamad Fathil Mahmood, ceased to be a substantial shareholder following the disposal of his stake in Ombak Damai Sdn Bhd. Ombak Damai also ceased to be a substantial shareholder in Bumi Armada, disposing of three million shares on the open market on June 29.
As a result, former deputy chairman Datuk Ahmad Fuad Md Ali and Datuk Abdul Farish Abd Rashid — by virtue of their interests in Ombak Damai — also ceased to be substantial shareholders.
Another notable filing was the disposal of 45.4 million Felda Global Ventures Holdings Bhd (FGV) shares by Felda Asset Holdings Co Sdn Bhd on June 30.
Felda Asset is one of the substantial shareholders of FGV, with a 12.42% stake. The block of shares makes up a 1.24% stake in FGV with an estimated value of RM68.1 million. The shares involved a left-hand to right-hand transaction by the Federal Land Development Authority (FELDA), which controls Felda Assets. FELDA’s stake in FGV remained unchanged at 21.24%.
Hektar Real Estate Investment Trust saw 22.45 million shares transferred from Hektar Premier Sdn Bhd to Hektar Black Sdn Bhd. Both were previously the largest shareholders of the company.
Hektar Premier retains a 1.9% stake while Hektar Black has 38.2% equity interest.
Separately, Datuk See Teow Chuan has been gradually collecting Kian Joo Can Factory Bhd shares on the open market. According to an announcement on July 4, he accumulated 136,200 shares in June. He now has an 8.88% stake in the company. Recall that See was removed from the board of Kian Joo following a shareholders’ dispute that is under ongoing litigation.
At Sumatec Resources Bhd, director Datuk Ahmad Johari Abdul Razak disposed of five million shares at 10 sen apiece on the open market. Sumatec’s share price closed at 9.5 sen last week, a record low. He retains 17.4 million shares or 0.45% equity interest in the company.
Notable movers
Among the notable movers was Tiong Nam Logistics Bhd. The warehousing and logistics company saw its share price hit a record high of RM1.66 apiece last Thursday. Managing director Ong Yoong Nyock acquired 7.8 million shares on the open market at RM1.43 per share. His deemed interest has increased to 49.95% as at July 5.
Recall that Tiong Nam is looking to list a real estate investment trust, which is estimated to fetch RM528.6 million. That translates into a value per share of 50 sen.
Another notable mover last week was Panasonic Manufacturing Malaysia Bhd. The group’s share price touched a record high of RM32.92 on July 13, up 57.8% over the past one year.
Interestingly, the company’s second and third largest shareholders, Aberdeen Asset Management and the Employees Provident Fund (EPF), have been gradually trimming their holdings in the past month. Both have consistently sold several thousand shares a day or every other day.
Given the size of Panasonic’s share capital, at only 60.7 million shares, the disposals by Aberdeen and the EPF, while not very big in absolute terms, are not small either relative to the electrical goods maker’s share base.
Aberdeen retains a 16.8% stake while the EPF has a 6.61% stake in the company.
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