Insider Moves: D’nonce Technology Bhd, KIP Real Estate Investment Trust, Mlabs Systems Bhd, Green Packet Bhd, Scanwolf Corp Bhd, Tiger Synergy Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on September 27, 2021 - October 03, 2021.
Insider Moves: D’nonce Technology Bhd, KIP Real Estate Investment Trust, Mlabs Systems Bhd, Green Packet Bhd, Scanwolf Corp Bhd, Tiger Synergy Bhd
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Notable filings

FOR the week of Sept 13 to 17, notable shareholding changes at Bursa Malaysia-listed companies included those at packaging box manufacturer D’nonce Technology Bhd, where AT Systematization Bhd emerged as a substantial shareholder following the acquisition of 81.2 million shares, or a 25.93% stake. The shares were acquired at 80 sen apiece or a total of RM64.96 million cash.

In the acquisition, AT Systematization — which ventured into glove manufacturing last year — entered into a share sale agreement with vendors Blackstream Investments Pte Ltd and Scoria Pte Ltd, which now own 21.67% and 4.26% of D’Nonce respectively.

At KIP Real Estate Investment Trust (KIP REIT), Datuk Eddie Ong Choo Meng emerged as a substantial unitholder following the acquisition of 51 million units, representing a 10.09% stake. Ong, who is executive director at agrochemicals manufacturer Hextar Global Bhd, bought the stake in the retail-focused REIT via Hextar Rubber Sdn Bhd.

The units were acquired from the estate of the late Datuk Chew Lak Seong and KIP REIT co-founder and non-independent executive director Datuk Eric Ong Kook Liong. Chew, co-founder and former managing director of KIP REIT, died on June 25.

Over at Mlabs Systems Bhd, which is involved in web conferencing solutions, Netx Holdings Bhd emerged as a substantial shareholder of the company following an acquisition of 80 million shares, representing a 5.5% stake. The shares — acquired via First United Technology Ltd — were purchased for a total of RM3.62 million, or an average of 4.5 sen per share.

The acquisition brought Netx’s total shareholding in Mlabs to 104.46 million or 7.21% as at Sept 17. MLabs and NetX have a common director in Tan Sik Eek, who owns 0.08% of the former and 7.25% of the latter.

At Green Packet Bhd, which was recently awarded a conditional investment bank licence by the Labuan Financial Services Authority, group managing director and CEO Puan Chan Cheong disposed of 42.75 million shares, representing a 3.29% stake in the company, on Sept 13. Following the disposal, he holds 124.85 million shares or a 9.6% stake.

Notable movements

Since closing at 47.5 sen on Sept 13, the share price of Scanwolf Corp Bhd — which is involved in plastic extrusion manufacturing, vinyl floor manufacturing and property development — had surged 26% to 60 sen on Sept 17.

On Sept 14, PEG Capital Sdn Bhd emerged as a substantial shareholder of Ipoh-based Scanwolf following an acquisition of 13.8 million shares or a 8.73% stake. PEG Capital is the vehicle of Datuk Seri Dr Sherwin Chew Chen Yee, founder and managing director of private equity group Potential Excelerate Group Ltd. Post-acquisition, Chew’s shareholding in Scanwolf — held via PEG — amounts to 16 million shares or 10.16%.

The share price of another Ipoh-based property developer Tiger Synergy Bhd surged 25% last week, from four sen on Sept 13 to five sen on Sept 17.

Its largest shareholder Goh Ching Mun, who is co-founder of restaurant chain OldTown Bhd, disposed of 19.2 million shares or a 0.75% stake. As at Sept 17, his total shareholding in the company amounted to 251.75 million shares or 9.8%.

On Sept 17, Tiger Synergy announced that it had entered into a memorandum of understanding with Razally Affandy Abdul Rahim to purchase a majority stake in OHGA Yakkyoku (Malaysia) Sdn Bhd. OHGA Yakkyoku, which is involved in the wholesale of pharmaceutical and medical goods, has a pharmaceutical master licence agreement with OHGA Corp Co Ltd, whose parent company is Japan-based OHGA Pharmacy Co Ltd.

OHGA Pharmacy runs 109 drugstores in Japan, predominantly in Fukuoka. Tiger Synergy will work together with OHGA Pharmacy to establish Malaysia as a hub for OHGA’s franchise expansion into Southeast Asia.

 

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