This article first appeared in Capital, The Edge Malaysia Weekly on March 30, 2020 - April 5, 2020

Notable filings

DURING the week of March 16 to 20, notable changes in shareholding included that at Dolphin International Bhd.

Low Teck Yin, the company’s managing director since 2012, ceased to be a substantial shareholder after disposing of 12 million Dolphin shares.

Low had a 13.57% stake, or 33.13 million shares, as at the end of last year, but he has been divesting his shares.

Hoh Yeong Cherng, an executive director, ceased to be a substantial shareholder in January. In the same month, Asia Poly Holdings Bhd surfaced as a substantial shareholder of Dolphin with 26.86 million shares, or 11% equity interest.

Dolphin closed last Wednesday at three sen apiece, which translates into a market capitalisation of RM7.33 million.

At safety equipment manufacturer Fitters Diversified Bhd, independent director Datuk Low Keng Kok sold 17.91 million shares, or 3.87% equity interest, leaving him with a little more than a 0.3% stake. Earlier this month, Low ceased to be a substantial shareholder after selling four million shares.

Filings with Bursa Malaysia indicate that Datuk Ho Shu Keong, who was appointed to Fitters’ board in July last year, surfaced as a substantial shareholder on March 20, after acquiring 10 million shares and nudging his shareholding up to 27.68 million shares or 6.38% equity interest.

Fitters ended trading last Wednesday at 23 sen apiece, valuing the company at RM110.5 million.

During the week in review, My E.G. Services Bhd managing director Wong Thean Soon acquired 42 million shares, or a 1.21% stake, in the company after buying the shares from his private vehicle, Asia Internet Holdings Sdn Bhd. After the acquisition, Wong’s direct shareholding in MyEG rose to 10.49%, or 362.94 million shares, and his indirect shareholding was 706.11 million shares, or 20.41%.

The counter hit a 52-week low of 76.5 sen on March 19, but closed at 93 sen last Wednesday, for a market value of RM3.22 billion.

Signaland Sdn Bhd, a company controlled by billionaire Tan Sri Quek Leng Chan, sold 15 million shares in Southern Steel Bhd, trimming its shareholding to 63.97 million shares, or 10.73% equity interest.

Quek, via Signaland and other entities, still owns 417.25 million shares, or a 69.97% stake, in Southern Steel. Southern Steel ended trading on Wednesday at 38 sen per share, valuing the company at RM226.6 million.

Notable movements

Ekovest Bhd’s stock hit 28.5 sen on March 19, its lowest since November 2015. But the counter gained some ground to finish at 37.5 sen last Wednesday. Nevertheless, year to date, the counter has shed more than 50% of its value.

During the week in review, executive chairman Tan Sri Lim Kang Hoo acquired six million Ekovest shares to increase his shareholding to 828.03 million, or 31.19% equity interest.

Lim Seong Hai Holdings Sdn Bhd, meanwhile, acquired five million shares, nudging its stake up to 136.6 million shares, or 5.14%. Lim Seong Hai Holdings is the private vehicle of Kang Hoo’s nephew Tan Sri Lim Keng Cheng, who is Ekovest managing director.

Keng Cheng owns 5.44% equity interest in Ekovest via his private vehicle and a direct stake.

Other Ekovest directors, Datuk Lim Hoe and Lim Chen Thai, also acquired shares during the period under review, albeit in smaller amounts.

Meanwhile, AMMB Holdings Bhd, the holding company for AmBank Group, hit RM2.82 apiece on March 17, its lowest since the third quarter of 2009. Year to date, the company’s stock has shed more than 25% of its value.

The Employees Provident Fund has been mopping up AMMB shares and, during the week in review, bought 15.93 million to increase its shareholding to 284.24 million, or 9.46% equity interest.

AMMB closed last Wednesday at RM2.93, for a market capitalisation of RM8.81 billion.
 

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