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This article first appeared in The Edge Malaysia Weekly on March 16, 2020 - March 22, 2020

Notable filings

NOTABLE shareholding changes in Bursa Malaysia-listed companies between March 2 and 6 included that at EA Technique (M) Bhd, which saw Sindora Bhd increase its stake in the marine transport provider by 2% or 10.5 million shares on March 2 as a result of a private placement arrangement.

The shares were subscribed by Sindora at 47 sen apiece, or RM4.94 million in total. EA Technique’s share price closed at 27 sen on March 10, giving the company a market capitalisation of RM143.24 million.

Sindora, which is EA Technique’s largest shareholder, had 255 million shares or a 50.6% stake as at Dec 31, 2018. According to EA Technique’s 2018 annual report, Sindora — which is 100% owned by Kulim (M) Bhd — emerged as EA Technique’s holding company with 51% equity interest in early 2007. Kulim, in turn, is a wholly-owned subsidiary of Johor Corp.

Stock exchange data also shows that EA Technique group managing director Datuk Abdul Hak Md Amin acquired one million shares, or a 0.2% stake, at 47 sen apiece in a direct deal on the same day. Abdul Hak has been accumulating EA Technique shares on the open market since last October. He owned 108.56 million shares or a 21.54% stake in the company as at Dec 31, 2018.

Over at Borneo Oil Bhd, Datuk Lim Nyuk Sang @ Freddy Lim ceased to be a substantial shareholder after disposing of 55 million shares at three sen apiece, or RM1.65 million in total, in an off-market deal on March 5. Borneo Oil is a diversified group with operations in oil and gas, mining, restaurants and franchising, and is involved in machinery trading.

Lim emerged as a substantial shareholder in Borneo Oil after acquiring 55.56 million shares via an off-market transaction on July 19 last year, raising his stake to 5.99% or 320.04 million shares.

Filings also show that Ekovest Bhd executive chairman Tan Sri Lim Kang Hoo has been accumulating the construction, infrastructure concession and property company’s shares on the open market during the period in review.

Lim bought 2.15 million shares on March 5 and another five million shares the following day. Ekovest’s share price closed at 61 sen and 59 sen on March 5 and 6 respectively. Even after the period in review, stock market data shows that the tycoon went on to purchase 10.5 million Ekovest shares on March 9 and another five million shares the next day. Post-acquisitions, he holds 814.03 million shares or a 30.66% stake in the company.

 

Notable movements

Tiger Synergy Bhd’s share price has been declining since Feb 21, down 47% from seven sen to close at three sen on March 10, giving the company a market capitalisation of RM43.94 million. Recently, the property developer was embroiled in a boardroom tussle between its current directors and Safari Alliance Sdn Bhd, whose shareholders had at the time an 11.83% stake in Tiger Synergy. Safari Alliance is the private vehicle of Goh Ching Mun.

Safari Alliance had sought to convene an extraordinary general meeting (EGM) to remove all seven existing directors and appoint five members to the company’s board of directors. However, Safari Alliance failed to garner shareholders’ support at the EGM on March 2.

Since then, Goh has been paring down his direct stake in Tiger Synergy. As at March 6, he owned 91.86 million shares or 6.27% equity interest. He also holds another 98.09 million shares or a 6.7% indirect stake in Tiger Synergy through Safari Alliance.

Filings show that Tiger Synergy executive chairman Datuk William Tan Wei Lian has also been disposing of his shares in the company since last month. On March 2, he sold 20 million shares via a direct deal and 5.01 million shares on the open market. Post-disposals, Tan holds 122.75 million shares or an 8.38% stake.

Yong Tai Bhd saw its CEO and executive director, Datuk Wira Boo Kuang Loon, dispose of 3.4 million shares in the property development company on March 2 through his private investment vehicle, Falcon Pace Sdn Bhd. Between March 3 and 5, he sold 14.7 million shares of his direct interest in Yong Tai.

Between March 2 and 6, Yong Tai’s share price fell 22% from nine sen to seven sen. The stock closed at five sen on March 10, giving the company a market capitalisation of RM47.17 million. Post-disposals, Boo holds a direct 7% stake and an indirect 4.89% stake in the company, the latter via Falcon Pace.

 

 

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