Insider Moves: Formosa Prosonic Industries Bhd, Ranhill Holdings Bhd, Tune Protect Group Bhd, Widad Group Bhd, Hartalega Holdings Bhd, Gabungan AQRS Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on December 2, 2019 - December 08, 2019.
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Notable filings

FOR the week of Nov 18 to 24, notable changes in shareholding included that at Formosa Prosonic Industries Bhd. Permodalan Nasional Bhd (PNB) ceased to be a substantial shareholder in the audio system manufacturer after selling 3.33 million shares.

PNB started selling Formosa shares in mid-October, when it held 18.12 million shares or a 7.32% stake in the company, in which it had been a substantial shareholder since the late 1990s, holding a 15% stake until mid-2018.

Formosa’s stock hit a 52-week low of RM1.48 in intraday trading on Nov 19. Last Wednesday, the counter closed at RM1.50, giving the company a market capitalisation of RM371 million. At its current price, Formosa has an indicated gross dividend yield of 6.67%.

At Ranhill Holdings Bhd, Cheval Infrastructure Fund LP, acting via its general partner Tael Management Co (Cayman) Ltd Cayman Islands, sold 26.6 million shares or a 2.49% stake on Nov 14, reducing its shareholding to 17.91% or 190.87 million shares.

Cheval Infrastructure has been a substantial shareholder of Ranhill since 2015 but had never traded the stock before this disposal.

Ranhill’s shares hit a 52-week high of RM1.44 on Aug 26 but has shed about 19% since. At last Wednesday’s close of RM1.16, the company had a market capitalisation of RM1.24 billion.

At Tune Protect Group Bhd, pension fund Kumpulan Wang Persaraan Diperbadankan (KWAP) ceased to be substantial shareholder after disposing of two million shares.

KWAP had been a substantial shareholder of Tune Protect since April 2015, and had been actively trading the stock since September last year.

Tune Protect’s shares hit a 52-week low of 52.5 sen on Dec 18 last year. At last Wednesday’s close of 54.5 sen, the insurer was valued at RM409.7 million.

During the week in review, Tan Sri Muhammad Ikmal Opat Abdullah, via his vehicle Widad Business Group Sdn Bhd, sold 18.89 million shares or 0.7% of Widad Group Bhd, leaving him with a 64.39% stake.

Widad Group has its mainstay in contracting services, piling works, sewerage systems, water-retaining structures and sanitation services.

Since early September, the company’s share price has gained more than 130%. The bullish sentiment could stem from the RM5.3 billion offer by Muhammad Ikmal Opat’s Widad Business Group to buy the entire equity of highway operator PLUS Malaysia Bhd, even though it would entail assuming as much as RM30 billion in debt.

The stock hit a 52-week high of 50.5 sen last Wednesday, translating into a market capitalisation of RM1.24 billion.


Notable movements

Since August, the share price of Hartalega Holdings Bhd has gained 9.5%. It closed at RM5.30 at last Wednesday, translating into a market capitalisation of RM17.87 billion for the company.

During the week in review, Kuan Kam Peng sold 5.97 million shares or 0.18% in the rubber glove maker, reducing his stake to 49.76% or 1.68 billion shares.

Kuan is one of the shareholders of Hartalega Industries Sdn Bhd, which owns more than 48% of Hartalega. He is the brother of Kuan Kam Hon, Hartalega’s executive chairman, who is also a shareholder of Hartalega Industries.

Gabungan AQRS Bhd’s stock has shed about 18% over the past five months. During the week under review, investor Brahmal Vasudevan sold 2.8 million shares, cutting his stake in the construction and engineering company to 26.27 million shares or 5.32%.

While Brahmal was paring his stake, the Employees Provident Fund and Kumpulan Wang Persaaran Diperbadankan were net buyers of AQRS over the same period, acquiring three million and half-a-million shares respectively. KWAP nudged its shareholding to 6.35% or 31.35 million shares, and the EPF increased its stake to 6.17% or 30.46 million shares.


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