This article first appeared in Capital, The Edge Malaysia Weekly on July 20, 2020 - July 26, 2020

Notable filings

BETWEEN July 7 and 10, notable filings of companies listed on Bursa Malaysia included that of Bonia Corp Bhd, which saw Singapore’s Albizia Asean Opportunities Fund cease to be a substantial shareholder after it disposed of 15.23 million shares on July 8.

On the same day, Bonia founder and group CEO Chiang Sang Sem acquired 10 million shares in the company, increasing his direct stake to 7.5% while his indirect stake stood at 46.9%.

For the third quarter ended March 31, 2020, the fashion retail company sank further into the red as net loss increased to RM2.65 million from RM167,000 in the previous corresponding period. Revenue shrank 26.3% to RM86.18 million, from RM116.92 million the year before.

Green Packet Bhd saw its managing director and founder, Puan Chan Cheong, dispose of 30 million shares off market. Post-disposal, his direct stake in the company was reduced to 9.28%, or equivalent to 92.93 million shares. His indirect stake remained at 16.89%.

The company recorded a net loss of RM34.07 million for the first quarter ended March 31, 2020, steeper than the net loss of RM13.88 million in the previous corresponding period. Revenue grew, however, to RM147.05 million, from RM97.93 million the year before.

At chemical company Hextar Global Bhd, 20 million shares were disposed of by executive director Datuk Ong Choo Meng through Hextar Holdings Sdn Bhd. Post-disposal, his indirect stake in the company stood at 63.71% while his direct stake was 3.87%.

Last week, the company announced the completion of the sale of its industrial freehold land in Johor worth RM30 million. The proceeds from the sale will be used to pare down borrowings, namely a bank loan for which the property had been charged as collateral. The surplus cash will be used for future working capital.

During the week in review, Dinersty Group Sdn Bhd raised its holding in Ikhmas Jaya Group Bhd by 27.5 million shares to 61.66 million shares, or a 10.48% stake.

Ikhmas Jaya saw several changes at the management and board levels recently. On July 12, Tham Fook Sun resigned as chief financial officer, owing to “unforeseen circumstances and personal reasons”, according to filings with Bursa.

Earlier in the month, Ang Wei Zhen resigned as executive director to “strengthen objectivity and independent deliberation at the board”. The company also announced the appointment of Datuk Tan Choon Hwa as independent and non-executive director.

Notable movements

The share price of Anzo Holdings Bhd fell 15.22% to 19.5 sen on July 10, from 23 sen on July 6. The slide continued further to 15.5 sen on July 13.

During that period, substantial shareholder CSTME Resources Sdn Bhd sold all its shares in the timber door manufacturer. CSTME, which is linked to Kevin Tan Yean Khim, Albert Tan Yean Heong and Chu Boon Lin, emerged as a substantial shareholder in Anzo after acquiring 103.2 million shares on June 23.

A few days later, Anzo announced that it had entered into a supply agreement with CSTME, which agreed to purchase birch/cliff copper scrapes or berry/candy copper scrapes from the company.

The listed company agreed to supply 60,000 tonnes of products to CSTME at RM23,000 a tonne for a period of 40 months.

Anzo had earlier diversified into the construction sector but ceased such operations in October last year.

Meanwhile, the share price of PDZ Holdings Bhd gained a whopping 127.7% to 20.5 sen on July 10, from nine sen on July 7. Subsequently, the counter continued to climb, closing at 23.5 sen on July 13 for a new peak, before sliding to 15.5 sen two days later.

Filings with Bursa show that Pelaburan Mara Bhd, its largest shareholder, ceased to be a shareholder after disposing of 50.62 million shares, or a 5.71% stake, on July 3.

The company received an unusual market activity (UMA) query from Bursa on July 10, following the sharp spike in its share price. It said it was not aware of any reason that could explain the recent steep rise in its share price and volume.

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