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Notable filings
BETWEEN March 30 and April 3, among the notable shareholding changes filed by companies listed on Bursa Malaysia was that at Bertam Alliance Bhd (fundamental: 1.05; valuation: 1.2).

According to an April 2 filing, Bertam managing director Andrew Lim Nyuk Foh emerged as a substantial shareholder in the construction and property outfit after he bought 12 million shares or a 5.8% stake on March 31 at undisclosed prices. Stock market data shows 12 million shares changed hands in a direct deal at 86.5 sen apiece on that day, an 18.5% premium to the day’s closing price on a volume of 15,000 shares.

Lim has been accumulating Bertam shares since late February.

According to theedgemarkets.com, the likelihood of a corporate exercise at Bertam is high. Lim, 51, is managing director and founder of timber product maker Priceworth International Bhd. He also owns 29.28% of concrete product maker Sarawak Consolidated Industries Bhd. In April last year, he sold his entire stake in oil palm planter Kretam Holdings Bhd.

Meanwhile, Datuk Tiong Kwing Hee continued to mop up shares of EcoFirst Consolidated Bhd (fundamental: 0.7; valuation: 0.5) and Meda Inc Bhd (fundamental: 0.35; valuation: 0.6).

From March 30 to April 1, Tiong, who is CEO of EcoFirst, bought 1.55 million shares on the market, raising his holding to 16.15%. He also purchased one million Meda shares on March 30, raising his stake to 14.92%. The recent build-up of interest by Tiong in Meda has fuelled speculation of a potential merger with EcoFirst.

The two companies also have another common substantial shareholder in Datuk Dr Teoh Seng Foo and his brothers. The Teoh brothers together own 25.8% of Meda and 22.8% of EcoFirst.

Last Wednesday, EcoFirst and Meda closed at 33 sen and 63.5 sen respectively.

Notable movements
Closing at RM1.86 on March 27, shares of pesticide maker Imaspro Corp Bhd (fundamental: 1.45; valuation: 0.8) have risen 16.25% or 26 sen since savvy investor and chairman of YNH Property Bhd Datuk Dr Yu Kuan Chon emerged as a new substantial shareholder with a 5.5% stake on March 16.

Since then, Yu has purchased more Imaspro shares on the market, raising his holding to 14.59% or 11.67 million shares after buying 1.77 million shares on March 23, filings dated April 8 show.

Year to date, Imaspro’s share price has risen 52 sen or 41.6%, to close at RM1.77 last Wednesday.

Imaspro non-executive director Chan Weng Fui, who is reportedly a close associate of Yu, bought 880,000 shares on March 20 and 590,000 shares on March 23 via direct deals at RM1.70 apiece, giving him a 5.49% stake. Imaspro closed at RM1.54 on March 23. The likelihood of a corporate exercise at Imaspro is high, theedgemarkets.com says.

Over at Integrax Bhd (fundamental: 1.65; valuation: 1.4), which closed at RM3.18 last Wednesday, its share price has gained 39% or 90 sen year to date. It is up as much as 67% from its 52-week low of RM1.90 on Oct 16 last year.

The strong gains were due to a takeover mounted by Tenaga Nasional Bhd (fundamental: 1.3; valuation: 1.8), which on Jan 9 had offered to acquire a 77.88% stake it did not own in Integrax for RM644.23 million or RM2.75 a share.

Following resistance from Integrax co-founder and deputy chairman Amin Halim Rasip, who argued that Tenaga’s offer price was not high enough, the utility giant subsequently raised the offer price to RM3.25 a share. A subsequent filing on April 6 shows that Amin ceased to be a substantial shareholder in Integrax after he sold 60.68 million shares or a 20.18% stake at RM3.175 apiece, or RM192.6 million in total, after accepting Tenaga’s general offer.

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Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Visit www.theedgemarkets.com for more details on a company’s financial dashboard.

This article first appeared in Capital, The Edge Malaysia Weekly, on April 13 - 19, 2015.

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