Insider Moves: Country Heights Holdings Bhd, Euro Holdings Bhd, Iris Corp Bhd, UCrest Bhd, Nextgreen Global Bhd, Yinson Holdings Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on October 8, 2018 - October 14, 2018.
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Notable filings

BETWEEN Sept 24 and 28, notable shareholding changes in companies listed on Bursa Malaysia included that at Country Heights Holdings Bhd (CHHB), which plans to embark on an initial coin offering (ICO).

Lim Wee Hang, an individual investor from Penang, ceased to be a substantial shareholder after disposing of 15.52 million shares or a 5.67% stake on Sept 21. He emerged as a substantial shareholder with a 6% direct stake on Aug 25, 2009.

While the transaction price was not revealed, Country Heights International Sdn Bhd (CHISB) — the private vehicle of tycoon Tan Sri Lee Kim Yew — is believed to be the buyer.

According to a Bursa Malaysia filing, CHISB mopped up 15.52 million shares on Sept 21 and 24, raising its direct stake in CHHB to 16.77%.

Following the stake acquisition, Lee — founding chairman and CHHB’s single largest shareholder — saw his total shareholding increase to 63.94%.

Notably, on Sept 21, CHHB announced a plan to issue its own cryptocurrency called Horse Currency, backed by the group’s existing assets.

At office furniture maker Euro Holdings Bhd, Chan Yok Peng has emerged as a substantial shareholder after acquiring 28 million shares or a 10.47% direct stake via a business transaction on Sept 21.

The seller is likely to be executive director Datuk Tong Yun Mong, who disposed of 28 million shares, also via a business transaction on the same day.

Founded by Lew Fatt Sin, Euro Holdings was listed on Bursa Malaysia in January 2005 and subsequently taken over in 2014 by Tong and his brother, Datuk Seri Jeffrey Tong Yuen Keong.

Berjaya Corp Bhd CEO and executive director Datuk Seri Robin Tan Yeong Ching emerged as a substantial shareholder of Iris Corp Bhd after subscribing for 247.19 million shares or an 8.33% direct stake through a private placement on Sept 21.

On the same day, Iris president and managing director Datuk Paul Poh Yang Hong also subscribed for 197.19 million shares or a 6.64% stake via a private placement. To date, he holds 465.9 million shares or 5.7% equity interest in the company.

Poh, 45, is CEO of Caprice Capital International Ltd and has held various positions in Hong Leong Group, including managing director of GuocoLand (Malaysia) Bhd.

After divesting 1.2 million shares on the open market, Lee Kin Hin has ceased to be a substantial shareholder of UCrest Bhd. Although the disposal was made on June 5, the company only received notice about the matter on Sept 28.

Neither the transaction price nor the buyer had been disclosed at press time. UCrest, previously known as Palette Multimedia Bhd, is a mobile health and cloud platform developer and provider.

 

Notable movements

Magazine and book printing firm Nextgreen Global Bhd — formerly known as BHS Industries Bhd — posted a 12% jump in share price year to date to close at 42 sen last Wednesday, boosting its market capitalisation to RM188.6 million.

Pelaburan MARA Bhd — a strategic investment and asset management house wholly-owned by Majlis Amanah Rakyat — ceased to be a substantial shareholder of Nextgreen after disposing of 37.06 million shares or an 8.25% stake in a direct deal on Sept 20.

Another bourse filing shows Hong Kong-based Multiway Trading Ltd emerging as a substantial shareholder of Nextgreen after acquiring 45 million shares or an 8.9% direct stake on Sept 20.

Yinson Holdings Bhd has recorded a 21% spike in its share price year to date, closing at RM4.85 last Wednesday for a market capitalisation of RM5.25 billion.

According to a filing with Bursa Malaysia on Sept 28, insurer AIA Bhd ceased to be a substantial shareholder of the floating, production, storage and offloading service provider after disposing of 2.36 million shares or a 0.2% stake on Sept 25. The transaction price had not been revealed at press time.

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