Insider Moves: Gabungan AQRS Bhd, PUC Bhd, Berjaya Corp Bhd, Nextgreen Global Bhd, Symphony Life Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on April 19, 2021 - April 25, 2021.
Insider Moves: Gabungan AQRS Bhd, PUC Bhd, Berjaya Corp Bhd, Nextgreen Global Bhd, Symphony Life Bhd
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Notable filings

DURING the week under review, Datuk Kamisah Johan, founder of Rembawang Holdings Sdn Bhd, emerged as a substantial shareholder of Gabungan AQRS Bhd, following her subscription for 49.34 million shares, or a 9.09% stake, placed out by the construction outfit on April 1.

Post-acquisition, Kamisah is the second-largest shareholder of AQRS after its CEO Datuk Azizan Jaafar, who holds an 11.5% stake. Rembawang is a small property developer with a niche in small luxury landed developments.

The shares were placed out at 61.1 sen apiece, representing a discount of about 3.22 sen, or 5%, to the five-day volume-weighted average price (VWAP) of AQRS shares up to and including March 29 of 64.33 sen.

AQRS raised gross proceeds of RM30.15 million from the exercise.

Meanwhile, Wan Hazreek Putra Hussain Yusuf emerged as a substantial shareholder of PUC Bhd after acquiring 77.8 million shares through off-market transactions on April 7. The shares represent 8.75% of PUC’s share base.

Wan Hazreek is a shareholder of MHY-Animal Industries Development Consultants Sdn Bhd, which in turn is the holding company of Darabif Sdn Bhd, a manufacturer of halal premium processed meat products.

PUC is a digital lifestyle technology service provider with an e-commerce platform and is also involved in fintech.

Following the acquisition, Wan Hazreek is now believed to be the largest shareholder of PUC after its managing director, Cheong Chia Chou, disposed of his entire stake in the group held through RedHot Media International Ltd on the same day.

At Berjaya Corp Bhd, Hotel Resort Enterprise Sdn Bhd, one of Tan Sri Vincent Tan’s investment holding companies, disposed of 45 million shares, or a 0.85% stake, in the diversified group on April 9, reducing its stake to 11.78% through direct business transactions.

The buyer’s details were not listed in filings with Bursa Malaysia. However, BCorp’s new CEO, Abdul Jalil Rasheed, has been acquiring shares in the group from Tan’s holding companies since March 24, also through direct business transactions.

As at March 31, Jalil held 136 million shares, or a 2.72% stake, in BCorp. Tan’s holding in the group stood at 48.98% as at April 12. Since Jalil’s appointment as the CEO of BCorp on March 16, the group’s share price has rallied, rising from 18 sen to close at 40 sen last Tuesday.

 

Notable movements

The share price of Nextgreen Global Bhd rose 16% during the week under review, from 53 sen to 61.5 sen. As at last Tuesday’s closing price of 67 sen, Nextgreen was valued at RM458 million.

On April 8, Ling Siew Luan disposed of 10.23 million shares, or a 1.5% stake, in the manufacturer of renewable pulp and paper products through off-market transactions, which reduced her holding to 5.57%.

The largest shareholder of Nextgreen is Datuk Gan Kong Hiok with a 16.6% stake, followed by Lim Kah Yen (13.22%) and Kenanga Investors Bhd (9.7%).

The share price of Symphony Life Bhd shed 14.85% during the week under review, declining from 87.5 sen to 74.5 sen on April 9. The property developer’s shares were trading at 78 sen apiece last Tuesday, valuing the group at RM493 million.

On April 5, Gajahrimau Capital Sdn Bhd — the investment holding company of Tan Sri Azman Yahya — disposed of 22 million shares, or a 3.48% stake, through direct business transactions. Azman also disposed of 15 million shares directly on the same day.

Muar Ban Lee Group Bhd emerged as a substantial shareholder of Symphony Life on the same day after acquiring 27 million shares, or a 4.28% stake, through Theron Holdings Sdn Bhd.

In total, Muar Ban Lee had a 7.9% stake in Symphony Life as at April 7 while Azman had 23.1% as at April 8.

 

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