Friday 29 Mar 2024
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This article first appeared in Capital, The Edge Malaysia Weekly on January 28, 2019 - February 3, 2019

Notable filings

BETWEEN Jan 14 and 12, among the more notable shareholding changes  in companies listed on Bursa Malaysia was at KUB Malaysia Bhd.

During the week in review, Deepak Jaikishan Rewachand surfaced as a substantial shareholder in the company with 6.22% equity interest or 34.61 million shares.

From end-December last year to Jan 9, KUB’s stock surged 117% to 51 sen a piece buoyed by strong volume, but shed more than 30% over the next few trading days to close at 39.5 sen on Jan 14.

Checks on Bursa Malaysia indicate that Deepak, disposed of 6.47 million shares on Jan 14, reducing his stake to 5.06% and ceased to be a substantial shareholder on Jan 15, after selling close to four million shares.

Deepak was at one time close to former prime minister Datuk Seri Najib Razak’s family, but they had a falling out.

KUB closed last Wednesday at 47.5 sen a piece, gaining 12 sen, with a market capitalisation of RM264.3 million.

KUB is involved in information technology and education among others.

At Cuscapi Bhd,  Datuk Jayakumar Paneer Selvam acquired 14.18 million shares increasing his stake to 167.39 million shares or 19.48%. His vehicle, Ultimate Quality Success Sdn Bhd controls 14.31% of Cuscapi.

Cuscapi closed at 21.5 sen last Wednesday, with a market capitalisation of RM184.7 million.

Jayakumar was a substantial shareholder of Excel Force MSC Bhd, for a little more than a year, from February 2016.

Hong Kong-based Arich Holdings Inc ceased to be a substantial shareholder in Tatt Giap Group Bhd after selling 23.69 million shares or 15.28%. Arich surfaced in the steel player in June 2015, with a 18.28% stake.

Tatt Giap closed last Wednesday at 10 sen working out to a market capitalisation of RM24.9 million.

Tan Sri Chai Kin Kong ceased to be a substantial shareholder of Sanbumi Holdings Bhd, after selling 11.25 million shares.

His stake may have been acquired by Datuk Tan Kean Tet, both directly and via his vehicle Legacy 888 Sdn Bhd, which collectively have a 20.12%  stake or 50.09 million shares in Sanbumi.

Sanbumi’s stock hit a multiple- year high of 44.5 sen a piece on Jan 9, but tapered off, closing at 36 sen last Wednesday, giving it a market value of RM89.6 million.

 

Notable movements

Bermaz Auto Bhd hit its 52-week low of RM1.80 on Oct 12 last year. Since then,  the company’s stock has gained more than 20% and closed at RM2.20 last Wednesday, giving the company a market capitalisation of RM2.55 billion.

The company services, distributes and markets cars, including those under the Mazda banner.

For its six months that ended on Oct 31, 2018, Bermaz chalked up RM124.29 million in net profit on revenue of RM1.17 billion.

In its notes that accompany its financials, Bermaz says the 36.2% increase in revenue was largely due to a significant improvement in sales from the domestic operations as the change in Goods and Services Tax from the standard rate of 6% to nothing in June last year, coupled with, the group’s announcement to absorb sales tax for bookings received before Sept 1, 2018 boosted demand.

During the week in review, Kumpulan Wang Persaraan ceased to be a substantial shareholder in the auto company after it sold 1.72 million shares. The pension fund surfaced as a substantial shareholder in September last year.

Eco World Development Group Bhd hit a low of 89 sen a piece on Dec 21 last year. Since then it has picked up about 11%, closing at 96.5 sen last Wednesday.

Eco World Development Holdings Sdn Bhd, the vehicle of Tan Sri Abdul Rashid Abdul Manaf and Datuk Eddie Leong Kok Wah, sold 8.73 million shares, trimming its stake to 14.24% or 419.32 million shares.

Rashid is the founder and non-executive director of Eco World Development, while Leong is the non-executive deputy chairman.

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