Insider Moves: Daibochi Bhd, Muhibbah Engineering Bhd, Top Glove Corp Bhd, Seacera Group Bhd, Dayang Enterprise Holdings Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on March 4, 2019 - March 10, 2019.
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Notable filings

OVER the week of Feb 18 to 22, there was a notable shareholding change at packaging company Daibochi Bhd. Scientex Bhd surfaced as a substantial shareholder with 139.06 million shares, or a 42.41% stake, after buying out several individual shareholders who owned a controlling block.

Scientex paid RM222.5 million, or RM1.60 per share, satisfied via the issue of one new Scientex share for every 5.5 Daibochi shares held.

Daibochi closed at RM1.57 last Wedneday, giving it a market valuation of RM513.9 million, while Scientex ended at RM8.73, giving it a market capitalisation of RM4.49 billion.

At Muhibbah Engineering Bhd, London-based Prudential plc ceased to be a substantial shareholder after selling 175,700 shares. In a filing with Bursa Malaysia on the shareholding changes, Prudential said after the disposal, it held a 4.98% stake, or 23.98 million shares, in Muhibbah. Bursa filings show that shortly after that, Prudential resurfaced as a substantial shareholder.

Muhibbah’s share price has been volatile over the past month, trading at between RM2.78 and RM3.02. Last Wednesday, it closed at RM2.95, valuing the company at RM1.42 billion.

Kumpulan Wang Persaraan (Diperbadankan) (KWAP) ceased to be a substantial shareholder of Top Glove Corp Bhd after it sold 1.05 million shares. However, filings with Bursa reveal that after the week under review, KWAP re-emerged as a substantial shareholder. The movements indicate that the pension fund is likely trading the glovemaker’s shares.

Other than KWAP, the Employees Provident Fund has also been trading Top Glove’s stock. It sold 5.64 million shares during the week, trimming its shares to 142.7 million shares, or 5.58% interest.

Top Glove’s share price hit a 52-week high of RM6.36 at the end of November last year but it has since tapered off to close at RM4.68 last Wednesday, giving it a market capitalisation of RM11.94 billion.

At tile maker Seacera Group Bhd, Mohamed Fahmi Mohamed Ilyas ceased to be a substantial shareholder after he sold five million shares. In early November last year, Mohamed Fahmi emerged as a substantial shareholder with 21 million shares, or just above the 5% threshold deemed substantial. In late October, Seacera hit a 52-week low of 15.5 sen.

Since then, the stock has spiked about 122%. It closed at 34.5 sen last Wednesday, giving the company a market capitalisation of RM149.8 million.

 

Notable movements

The share price of oil and gas outfit Dayang Enterprise Holdings Bhd has gained more than 87% since mid-December. It saw a 52-week high of RM1.06 on Feb 25 but ended last Wednesday at RM1. It was among the most actively traded counters that day. Last Monday, more than 152 million Dagang shares changed hands.

Much of the excitement surrounding Dayang stems from its return to profitability in the financial year ended December 2018, when it registered a net profit of RM164.22 million against a net loss of RM144.89 million in FY2017. Revenue increased more than 30% to RM937.64 million from RM694.99 million in FY2017.

During the week under review, KWAP sold 28.63 million shares in Dayang, paring down its shareholding to 83.76 million shares, or a 8.59% stake. Filings with Bursa show that KWAP ceased to be a substantial shareholder late last month.

Time dotCom Bhd’s shares have gained more than 4%, or 33 sen, since mid-December last year. It closed at RM8.19 last Wednesday.

The telecommunication company’s shares have been actively traded by KWAP and the Employees Provident Fund. During the week under review, KWAP sold 7.96 million shares, trimming its shareholding to 56.43 million shares, or 9.67% interest. On the other hand, EPF acquired 248,500 shares, nudging its ownership to 56.69 million shares, or 9.71% interest.

 

 

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