Insider Moves: Hong Leong Capital Bhd, ES Ceramics Technology Bhd, Excel Force MSC Bhd, MAG Holdings Bhd, NetX Holdings Bhd, SC Estate Builder Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on November 23, 2020 - November 29, 2020.
Insider Moves: Hong Leong Capital Bhd, ES Ceramics Technology Bhd, Excel Force MSC Bhd, MAG Holdings Bhd, NetX Holdings Bhd, SC Estate Builder Bhd
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Notable filings

BETWEEN Nov 9 and 13, notable filings with Bursa Malaysia included that by Hong Leong Capital Bhd (HLCAP), which announced that Hong Leong Financial Group Bhd (HLFG) had disposed of 27 million shares or a 10.94% stake in HLCAP in a move to increase the company’s public shareholding spread. Following the disposal, HLFG’s stake in HLCAP has been reduced to 173.8 million shares or 70.396%.

The shares were disposed of via a private placement, but the party or parties involved in the placement exercise were not revealed. The private placement has increased HLCAP’s public shareholding spread to 29.6%, thus meeting the 25% minimum requirement under the listing rules.

HLCAP shares resumed trading last Friday, after a suspension of more than five years. It is the investment holding company of the investment banking and asset management business group under HLFG. The company’s key operating subsidiaries are Hong Leong Investment Bank Bhd and Hong Leong Asset Management Bhd.

Over at ES Ceramics Technology Bhd, which manufactures hand formers or glove moulds, its non-executive director Datuk Kamal Y P Tan ceased to be a substantial shareholder after disposing of his remaining 47.18 million shares or 10.46% stake in the company. The shares were sold on Nov 5 at 57.5 sen per share for a total consideration of RM27.1 million.

Kamal was formerly the CEO of Singapore Exchange-listed food and beverage group Envictus International Holdings Ltd, which owns the Texas Chicken and San Francisco Coffee franchise in Malaysia, among others.

Meanwhile, on Nov 9, ES Ceramics group CEO Wong Fook Lin acquired another 2.2 million of the company’s shares, raising his total holding to 71.38 million shares or 15.8%.

At Excel Force MSC Bhd, which provides systems solutions for stockbroking companies and investment banks, Datuk Jayakumar Panneer Selvam disposed of 8.1 million shares, or a 1.5% stake, on Nov 6 and ceased to be a substantial shareholder. He had emerged as a substantial shareholder on July 18 last year.

Jayakumar is also the chairman of restaurant management and business management solutions provider Cuscapi Bhd.

Over at MAG Holdings Bhd (formerly known as XingHe Holdings Bhd), Hsu Ching-Fu ceased to be a substantial shareholder of the company involved in the marketing of edible vegetable oil and prawn aquaculture, after he sold 8.36 million shares or a 1.2% stake on Nov 5. The disposal took place slightly over a month after he emerged as a substantial shareholder on Sept 30.

Notable movements

Since closing at 10 sen on Nov 2, shares in technology company NetX Holdings Bhd have surged by 75% to 17.5 sen on Nov 17.


On Nov 6, NetX executive director Tan Sik Eek disposed of 39.66 million shares or a 4.7% stake at 14 sen per share, for a total transaction value of RM5.5 million. The disposal price was a 12% premium to NetX’s closing price of 12.5 sen on Nov 5.

Post disposal, Tan’s holding in the company stood at 60.5 million shares or 7.2%. On Oct 27, Tan had emerged as a substantial shareholder in NetX with an 11.98% stake, following a subscription of shares pursuant to the company’s rights issue with warrants exercise.

The share price of construction firm SC Estate Builder Bhd has surged 44% from 4.5 sen on Nov 2 to 6.5 sen on Nov 17.

On Nov 10, Vantage Matrix Sdn Bhd subscribed for 75 million SC Estate shares or a 7.8% stake via a private placement exercise. Vantage Matrix is the vehicle of Lee Ghee Ming and Tan Chai Leng, both of whom have emerged as substantial shareholders of SC Estate via their indirect stakes in Vantage Matrix.

 

 

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