Insider Moves: Bio Osmo Bhd, Barakah Offshore Petroleum Bhd, Hock Heng Stone Industries Bhd, PLS Plantations Bhd, Glomac Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on April 22, 2019 - April 28, 2019.
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Notable filings

BETWEEN April 8 and 12, notable shareholding changes in companies listed on Bursa Malaysia included the emergence of Impiana Sdn Bhd as the new majority shareholder of Bio Osmo Bhd with 2.98 billion shares or a 53.22% stake.

The shareholding change on April 9 marks Bio Osmo’s shift into the hospitality business via the injection of Impiana Group’s hotel assets into the company. Shareholders approved the deal at an extraordinary general meeting on Feb 21.

Bio Osmo had previously sold its loss-making bottled drinking water business for RM2.5 million. On April 16, the company said it was changing its name to Impiana Hotels Bhd on April 18.

Last Wednesday, Bio Osmo’s share price fell one sen, or 13.33%, to seven sen, giving the company a market capitalisation of RM363.7 million. Its market value has risen 30% over the past year.

An April 9 filing shows that 7.2 million shares of oil and gas firm Barakah Offshore Petroleum Bhd were sold by major shareholder Nik Hamdan Daud.

Nik Hamdan stepped down as president-cum-CEO of the company on April 15, reportedly to make way for the debt-laden firm to restructure its debt.

On March 18, the company informed Bursa that its debt, including that of its subsidiaries, stood at RM335.6 million. It also said the amount of debt to be restructured was still being worked out.

Following the April 9 disposal, Nik Hamdan still owns 275.36 million shares or a 32.95% stake. Four months ago, his shareholding was 39.81%.

Over the past 12 months, Barakah has shed 62.75% of its value and was worth some RM79.4 million as at last Wednesday.

On April 12, filings show that two new substantial shareholders have surfaced in dimension stone manufacturer Hock Heng Stone Industries Bhd. Shi Ji Dong Fang (M) Sdn Bhd emerged with a 29.78% stake and Paddington Hospitality Sdn Bhd, a 13.64% stake.

Both acquired their stakes on April 10, six days after the appointment of two new independent directors to the company’s board.

At the same time, Jasa Maju Sdn Bhd, which used to hold a 45.47% stake, ceased to be a substantial shareholder.

As Jasa Maju is the holding vehicle of the Low family, managing director Low Kim Hock and executive directors Low Kim Joo and Low Kim Ong ceased to be substantial shareholders of Hock Heng following the disposal.

Last Wednesday, the counter closed at 57 sen. It has risen 36.14% over the past 12 months.

 

Notable movements

After hitting its one-year high of RM1.12 last August, PLS Plantations Bhd’s share price has rarely breached the RM1 threshold. Over the past 12 months, it has risen 23.1%. The stock closed last Wednesday at 96 sen.

Ekovest Bhd has been slowly accumulating PLS Plantations’ shares since it acquired 76.5 million shares or a 23.42% stake from Ekovest executive chairman Tan Sri Lim Kang Hoo in mid-March.

During the period under review, Ekovest added 2.1 million shares. As at April 17, its stake in PLS Plantations stood at 23.38% or 81.99 million shares. Lim was appointed executive chairman of PLS Plantations on Feb 14.

Last month, Ekovest said its entry into PLS Plantations was part of a plan to transform itself into a diversified conglomerate.

Last August, PLS Plantations acquired a 70% stake in durian trader Dulai Fruits Enterprise Sdn Bhd. On March 31, it said it had secured four deals to ship durian products to China.

Over at property developer Glomac Bhd, group managing director Datuk Seri Fateh Iskandar Mohamed Mansor, also known as F D Iskandar, acquired 117,000 shares of the company on April 11, in his first dealing since last August, according to filings.

Following the acquisition, Fateh Iskandar directly holds 135.77 million shares or a 17.39% stake. He is deemed to be interested in another 20.66% owned by his father, Tan Sri Mohamed Mansor Fateh Din.

Glomac shares have been under downward pressure because of the soft property market conditions. Over the past 12 months, the counter has lost 24.16% of its market value.

For the nine-month period ended Jan 31, Glomac reported a cumulative profit of RM3.5 million on revenue of RM192.4 million, compared with a profit of RM7.3 million on RM308.8 million revenue in the previous corresponding period.

Last Wednesday, its share price closed at 37 sen, valuing the company at RM284.9 million.

 

 

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