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This article first appeared in Capital, The Edge Malaysia Weekly, on February 22-28, 2016

 

MMAG_DBE-Gurney_Chart_CAP36_TEM1098_theedgemarketsNotable filings

BETWEEN Feb 5 and 11, notable shareholding changes in companies listed on Bursa Malaysia included that at courier delivery firm GD Express Carrier Bhd (GDex).

The company’s substantial shareholder, Japan-based Yamato Asia Pte Ltd, increased its stake to 22.85% after purchasing 35.7 million shares from GDex group CEO and managing director Teong Teck Lean. Correspondingly, Teong — who is still the company’s largest shareholder — saw his interest reduced marginally to 36.1%.

Filings show the shares changed hands in an off-market direct deal on Feb 12 at RM1.74 apiece, a 4% premium to what they would have fetched on the open market. Japanese parcel delivery service provider Yamato first emerged as a substantial shareholder on Jan 29 after it paid RM217.3 million for 124.9 million new placement shares at RM1.74 each. Yamato is now GDex’s second largest shareholder, ahead of Singapore Post Ltd.

D.B.E. Gurney Resources Bhd (DBE Gurney) executive chairman Datuk Ding Chong Chow sold three million of the company’s shares through his private vehicle Fortune Junction Sdn Bhd in an off-market deal, leaving him with a 5.8% stake. The buyer was group managing director Ding Seng Huat, who has increased his stake marginally to 10.14%.

In November 2015, DBE Gurney said it expected to rake in RM50 million in revenue for FY2016 from three agreements to supply poultry to fast food chain Kentucky Fried Chicken for 12 months from Jan 1, 2016. In the nine months ended Sept 30, 2015, the company saw revenue of RM95.7 million but a net loss of RM5.58 million.

Meanwhile, Firstwide Success Sdn Bhd has increased its holdings in MMAG Holdings Bhd (MMAG), formerly known as Ingenuity Consolidated Bhd. Through off- and open-market transactions, Firstwide Success bought 31.73 million MMAG shares or a 3.3% stake at 6.5 sen each to increase its direct interest to 13.04%. Firstwide Success is the private vehicle of MMAG’s managing director Wong Eng Su, who in April 2015 bought a 9.22% stake from Chin Boon Long, a former managing director of the ACE Market-listed business software solutions provider.

 

Notable movements

Priceworth International Bhd share price has been on a decline in the past year. Closing at 12 sen last Wednesday, the wood products maker’s shares has fallen 40% from their 52-week high of 20 sen on April 21, 2015.

During this period, the company’s founder, managing director and largest shareholder Lim Nyuk Foh regularly traded Priceworth shares. He had a direct stake of 12% as at Feb 5 after selling 18.05 million shares or a 3% block on the open market for RM2.16 million or 11.96 sen apiece. That day, 20.63 million Priceworth shares changed hands at 11.5 sen to 12.5 sen before closing the day at 12 sen. On Feb 15, Lim bought 12.25 million shares or a 2% stake for RM1.47 million or 12 sen apiece, separate filings show.

At Time dotCom Bhd (TdC), Kumpulan Wang Persaraan (Diperbadankan) (KWAP) ceased to be a substantial shareholder on Jan 26 when it sold 10.6 million shares or a 1.8% stake at undisclosed prices.

Stock market data shows 13.9 million shares were done in cross trades at RM7.80 apiece on Jan 26, near the upper end of the RM7.60-to-RM7.85 band they fetched on the open market that day. Stock market data also show 7.77 million shares done in cross trades at RM7.60 apiece on Jan 21 and another 2.36 million shares at RM7.61 each on Jan 22.

Incidentally, the Employees Provident Fund emerged as TdC’s substantial shareholder with 35.67 million shares or a 6.2% stake on Jan 26.

KWAP, which had been a substantial shareholder since TdC’s watershed IPO in 2001, held 6.05% of TdC as at March 18, 2015, according to the latter’s 2014 annual report. Closing at RM7.23 last Wednesday, the stock had retraced 7.3% from its 52-week high of RM7.80 on Dec 29, 2015, but is still up 64% compared with the RM4.40 apiece it started 2015 at.

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