Friday 29 Mar 2024
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This article first appeared in Capital, The Edge Malaysia Weekly on May 15, 2017 - May 21, 2017

Notable filings

GADANG Holdings Bhd managing director and CEO Tan Sri Kok Onn adding to his holding was among the shareholding changes filed with Bursa Malaysia between April 28 and May 5.

Kok bought one million shares on the open market for RM1.29 per share on May 5, raising his direct holdings to 0.51%, and is deemed interested in another stake of 25.81%.

Gadang’s share price climbed to a five-year high recently, touching RM1.34 on May 4, before retracing to RM1.28 on May 9, which was when it announced that its wholly-owned unit’s 51%-owned joint venture had won a RM327.9 million road upgrade contract from TRX City Sdn Bhd.

Over at Industronics Bhd, Yeoh Eng Keong is no longer a substantial shareholder after disposing of 815,600 shares on the open market on April 27 and 28. This comes just as the loss-making company rallied to a two-year high of 38 sen on May 3.

Yeoh first emerged as a substantial shareholder in mid-November when Industronics’ shares were trading at around 10 sen. He then slowly began to buy more shares, growing his stake to 10.73% as at April 17 before starting to pare down his stake to 5.18%.

Investor and philanthropist Koon Yew Yin has been raising his stake in Jaks Resources Bhd recently, adding 1.23 million more shares between April 28 and May 3, at prices ranging from RM1.65 to RM1.66. Jaks hit a recent multi-year high of RM1.72 on May 4, but its share price has since retraced to RM1.63 last Tuesday.

Koon now has just over a 20% stake in Jaks, from 5.45% as at end-February, and is now listed as the single largest shareholder, followed by Jaks managing director and group CEO Ang Lam Poah, who has 8.37% equity interest.

Koon has also made moves in two other companies — Lii Hen Industries Bhd and Eversendai Corp Bhd — where he is the second single largest shareholder.

 

Notable movements

MTD Capital Bhd is no longer a substantial shareholder of Perak Transit Bhd after selling 45 million shares on the open market on May 4.

The transaction price was not disclosed but stock market data show 45 million shares changing hands in a single direct deal off market for RM8.78 million or 19.5 sen apiece that day. The latter was below the 25 sen and 26 sen the stock was fetching on the open market the same day.

MTD Capital was previously the fourth largest shareholder in Perak Tansit with 100 million shares or a 15.6% stake. The company was one of the cornerstone investors in Perak Transit’s ACE Market listing last October and can now sell its shares after the six-month moratorium lapsed.

According to TA Research, MTD Capital’s average cost per share was 12 sen. Based on that, it would have gained RM3.38 million or 62.5% from selling the 45 million shares.

The disposal comes a few weeks after another substantial shareholder and cornerstone investor, Muamalat Venture Sdn Bhd, sold 40.48 million shares on April 12. Muamalat Venture is now the third largest shareholder with 150 million shares.

Perak Transit has gained 73% since listing at 15 sen per share. It closed at 26 sen last Tuesday.

Meanwhile, Tiger Synergy Bhd, which recently hit a one-year high, welcomed a new substantial shareholder in Huam Hong Ping, who bought in as the stock climbed to a one-year high of 8.5 sen on May 3. For most of the past 12 months, Tiger Synergy has been trading at between four and six sen.

On April 25, Huam bought 80.23 million shares on the open market, making him the second largest shareholder with a 5.77% stake. According to filings, the Perak-based Huam bought into the furniture manufacturer and property developer at an average price of 4.92 sen apiece, which is a 36.1% discount to the day’s trading average of around 7.7 sen.

 

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