Insider Moves: Brite-Tech Bhd, K-Star Sports Ltd, Panpages Bhd, D&O Green Technologies Bhd, QES Group Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on October 1, 2018 - October 07, 2018.
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Notable filings

BETWEEN Sept 18 and 21, notable filings included those at Brite-Tech Bhd, an integrated water purification and wastewater treatment company, which saw former executive director Chan Ah Kien cease to be a substantial shareholder after disposing of 20.74 million shares in an off-market transaction.

Filings with Bursa Malaysia show that Chan is left with a 1.77% stake or 4.47 million shares after the sale.

In February, Chan filed a lawsuit against Brite-Tech for allegedly divulging his personal data — contained in a letter from the Inland Revenue Board — to certain employees. He also alleged that the content of the letter was also negligently divulged to a tax agent between June 19 and 20 last year.

At this juncture, there is no further update on the legal proceedings.

Sports shoe maker K-Star Sports Ltd saw Ace Credit (M) Sdn Bhd emerge as a substantial shareholder after acquiring 95.15 million shares during the period in review.

Data from Bloomberg shows that the transactions were done in 11 tranches at 14 sen per share or a total of RM13.32 million. This means that K-Star’s shares were bought at a three sen per share premium to its closing price of 11 sen per share on Sept 20.

The other party involved in the transaction is unknown at this point. However, it is worth noting that K-Star executive chairman Ding Jianping has been reducing his stake in the company in recent times.

As at April 30, Ding’s stake amounted to 18.59%. The other substantial shareholder is Datin Tan Siew Ching with an 18.5% stake.

Over at Panpages Bhd, Innofarm Sdn Bhd ceased to be a shareholder of the business data and marketing services provider after disposing of 47 million shares during the period in review. Innofarm is the private vehicle of Lay Hong Bhd chairman Yap Hoong Chai.

Meanwhile, Lim Siew Ping and Lim Siew Eng emerged as substantial shareholders of Panpages through MMAG Holdings Bhd after acquiring 70 million shares, or a 26.37% stake.

Panpages has seen a change in its boardroom after shareholders did not re-elect its independent non-executive chairman Tengku Farith Rithauddeen and independent non-executive director Yap Kien Ming.

Subsequently, filings with Bursa show that Fong Wai Leong, the company’s executive director and CEO, resigned. This was followed by Wong Mun Wai’s resignation as independent non-executive director. Both cited personal reasons for their departure.


Notable movements

D&O Green Technologies Bhd’s share price gained 14.19% from 74 sen to 84.5 sen between Sept 19 and 25. On Sept 20, Datuk Mohammed Azlan Hashim disposed of 31.05 million shares on the open market and through off-market transactions.

Post-disposal, his direct stake in the manufacturer of opto semiconductor products was reduced to 7.4% or 77 million shares.

For the second quarter ended June 30, D&O Green’s net profit more than doubled to RM8.13 million from RM3.71 million a year ago. This came on the back of a government grant, net gain in settlement from a civil suit and foreign-exchange gain during the period.

Over at QES Group Bhd — which makes inspection, test, measuring, analytical and automated handling equipment — its share price has been on the rise since August. More recently, between Sept 6 and 19, the counter gained 25.49% from 25.5 sen to 32 sen. It dipped slightly to 31 sen on Sept 21 before rebounding 11.29% to 34.5 sen by the close of Sept 25.

Bursa filings reveal that QES executive director Liew Soo Keang disposed of 21.09 million shares on Sept 14. Post-disposal, his stake is now 26.09%.

For the first quarter ended March 31, QES made a net profit of RM1.51 million on the back of revenue of RM37.68 million. There are no comparative figures given that the company just debuted on the stock exchange in March.


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