Insider Moves: Dolomite Corp Bhd, Kronologi Asia Bhd, Securemetric Bhd, Superlon Holdings Bhd, Bumi Armada Bhd, Globetronics Technology Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on January 27, 2020 - February 02, 2020.
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Notable filings

ONE of the more notable changes in shareholding between Jan 13 and 17  occurred at Dolomite Corp Bhd. The company, whose core business is construction and property development, saw the emergence of Peninsular Concord Sdn Bhd — the private vehicle of Harun Ibrahim — as a substantial shareholder.

Peninsular Concord undertook a share placement of 28.49 million, or 9.09% equity interest, at 63.9 sen each, as part of a debt settlement by wholly owned Dolomite Technology (HK) Ltd to the company.

Interestingly, the issue price of 63.9 sen was at a 429.41% premium to Dolomite’s five-day weighted average market price up to Dec 13. The stock closed at 11 sen last Tuesday, giving the company a market capitalisation of RM34.5 million.

Law Chee Yii ceased to be a substantial shareholder of Kronologi Asia Bhd, an ACE Market-listed on-site and off-site enterprise data management and data storage solutions outfit, after selling 16.5 million shares in an off-market deal. He first emerged as a substantial shareholder in the company with 30.61 million shares or 9.33% equity interest in December 2017.

Kronologi Asia’s share price hit a 52-week high of 96 sen on Jan 10, gaining more than 59% over the year. The stock was trading at between 89.2 sen and RM1.02 in December 2017, when Law first acquired the shares. It closed at 89 sen last Tuesday, giving the company a market capitalisation of RM435.46 million.

Also during the week in review, Securemetric Bhd CEO Law Seeh Key sold 15 million shares in the company, trimming his holding to 101.34 million shares or 41.6% equity interest from more than 51% previously.

Law had co-founded Securemetric, which is involved in digital security, in 2007. He is an executive director of the company, which was listed on Bursa Malaysia in November 2018. 

Other than his recent disposal, Law sold 10 million shares at the end of May last year.

The stock, which was adjusted for a recent bonus issue of 243.6 million shares, closed at 22 sen last Tuesday, giving the company a market value of RM107.2 million.

Kumpulan Wang Persaraan (Diperbadankan), or KWAP, ceased to be a substantial shareholder of Superlon Holdings Bhd after disposing of 144,800 shares. KWAP had been a substantial shareholder of the company since July 2017, when it acquired 1.5 million shares and nudged its holding to 8.86 million shares or a 5.58% stake.

Superlon, which manufactures nitrile butadiene rubber foam for insulation purposes, ended trading at 86 sen last Tuesday, for a market value of RM137.6 million.
 

Notable movements

Oil and gas stalwart Bumi Armada Bhd’s stock hit a 52-week high of 55.5 sen on Jan 2, gaining more than 115% since the end of August last year. The stock closed at 47 sen last Tuesday, which translated into a market capitalisation of RM2.76 billion for the company.

In the last few months, when Bumi Armada’s share price was climbing, the Employees Provident Fund (EPF) trimmed its stake in the company. During the period in review, the retirement savings fund sold 15.03 million shares, which left it with 294.43 million shares or 5.01% equity interest.

In early September, the EPF had a 5.45% stake in Bumi Armada or 320.33 million shares.

Globetronics Technology Bhd’s stock hit a 52-week high of RM2.47 on Jan 2, gaining more than 45% since the end of August last year.

The EPF has been accumulating shares in the company, acquiring 2.59 million during the period in review. Its holding now stands at 70.85 million shares or 10.58% equity interest.

KWAP has also been accumulating Globetronics shares and during the period in review, it bought 86,800, increasing its holding to 34.41 million or a 5.14% stake.

Globetronics closed at RM2.37 last Tuesday, giving the company a market value of RM1.59 billion.

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