Insider Moves: Fintec Global Bhd, Kumpulan Perangsang Selangor Bhd, T7 Global Bhd, Milux Corp Bhd, Opcom Holdings Bhd, Sarawak Consolidated Industries Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on June 4, 2018 - June 10, 2018.
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Notable filings

BETWEEN May 21 and 25, notable changes in shareholding in companies listed on Bursa Malaysia included that at technology incubation outfit Fintec Global Bhd.

According to filings with Bursa, Pelaburan Mara Bhd, a financial service and asset management company owned by Majlis Amanah Rakyat, ceased to be a substantial shareholder in Fintec Global after it sold 25.74 million shares or a 4.38% stake on May 18. Majlis Amanah Rakyat is a statutory agency.

As at end-June last year, Pelaburan Mara had almost 28 million shares or a 6.78% stake in the company, according to Fintec Global’s 2017 annual report.

When Pelaburan Mara first surfaced as a substantial shareholder in Fintec Global in September 2014, the company’s share price averaged 46.7 sen. The counter hit a low of eight sen last Wednesday.

Lembaga Tabung Haji (TH) ceased to be a substantial shareholder in Selangor state-controlled Kumpulan Perangsang Selangor Bhd (KPS) after it sold 376,100 shares on May 17.

The pilgrim fund first surfaced as a substantial shareholder in KPS in end-March with a 5.01% stake or 25.01 million shares. Since then, KPS’ share price has gained more than 35%. It closed at RM1.69 last Thursday.

TH also ceased to be a substantial shareholder in oil and gas outfit T7 Global Bhd after disposing of one million shares. While the sale was concluded in January, the announcement to the local bourse was only made in May.

At electrical appliance manufacturer Milux Corp Bhd, privately held Dinamik Hartaniaga Sdn Bhd ceased to be a substantial shareholder after selling 1.85 million shares or a 3.4% stake on May 23. Angkasa Venture Sdn Bhd acquired 1.85 million shares on the same day and surfaced as a substantial shareholder in Milux with 4.35 million shares or an 8% stake.

Dinamik Hartaniaga is equally owned by Lee Kee Choong and Lee Siow Vern, while Angkasa Venture is 50% controlled by Yap Seng Siang, 25% by Ang Joo Kang, 10% each by Nioo Yew Teck and Lai Kian Leong, and 5% by Pung Tiong Seng.

During the period under review, the Employees Provident Fund (EPF) ceased to be a substantial shareholder in budget airline AirAsia Bhd, wood panel manufacturer HeveaBoard Bhd and electronic government solution and service provider MyEG Services Bhd, among others.


Notable movements

Fibre-optic system manufacturer Opcom Holdings Bhd’s share price has gained nearly 64% since the beginning of May, closing at 64.5 sen last Wednesday.

Much of the euphoria stemmed from Datuk Seri Mukhriz Mahathir — a son of Prime Minister Tun Dr Mahathir Mohamad — being the company’s largest shareholder with a 22.88% stake or 36.89 million shares.

During the period under review, Rezeki Tegas Sdn Bhd ceased to be a substantial shareholder in Opcom after selling 29.55 million shares or an 18.33% stake.

Rezeki Tegas, which is the vehicle of Ahmad Sabri Abdul Manas, surfaced as a substantial shareholder last July with 31.3 million shares or a 19.42% stake.

Concrete product manufacturer Sarawak Consolidated Industries Bhd’s (SCIB) share price has been volatile. It gained upward momentum in mid-May, rising about 20% to last Wednesday’s close at 72 sen.

Corporate player Datuk Freddy Lim Nyuk Sang ceased to be a substantial shareholder after selling 12 million shares or a 14% stake during the period under review.

Interestingly, corporate player Koh Pee Seng and Datuk Zainal Abidin Ahmad surfaced as substantial shareholders in the Sarawak-based company with 5.97 million shares or a 6.95% stake and 5.14 million shares or a 5.98% stake respectively.

According to SCIB’s latest annual report, as at April, Lim was its second largest shareholder with a 17.68% stake. Other substantial shareholders included Tan Sri Hamid Bugo and his family (18.15%); Halijah and Marinah Harris, the daughters of former Sabah chief minister Tan Sri Harris Salleh, (8.29%); and Sarawak Economic Development Corporation (7.55%).



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