NOTABLE filings

Between Dec 29, 2014, and Jan 2, 2015, notable shareholding changes included those at Hubline Bhd, whose shares have been actively traded on Bursa Malaysia of late.

Billion Power Sdn Bhd, one of Hubline’s substantial shareholders, sold some 221.7 million shares or 6.8% equity interest.

According to filings with Bursa, Billion Power disposed of the block of shares between Dec 22 and 24, and on Dec 26 through off-market transactions. After the share sales, Billion Power is left with 308.93 million shares or a 9.53% stake in the shipping firm.

Hubline’s share price has been hovering between 3.5 sen and 5 sen in the past three months.

Diversified group Boustead Holdings Bhd saw its controlling shareholder, Lembaga Tabung Angkatan Tentera (LTAT), purchase an additional 25.57 million shares or a 2.47% stake on Dec 23. LTAT is the single largest shareholder of Boustead with 58.84% equity interest. The stock had been on a decline since April last year, falling from a peak of RM5.65. However, it rebounded from a three-year low of RM4.65 last month to close at RM4.71 last Thursday.

Malaysia Steel Works (KL) Bhd’s major shareholder, Datuk Seri Tai Hean Leng @ Tek Hean Leng, who is also the company’s CEO and managing director, has trimmed his direct stake by disposing of 4.12 million shares or 1.74% equity interest at 80 sen apiece on Dec 30. The transaction price was the lowest since April 2013. The steel stock closed at 89 sen last Thursday.

Juara Sejati Sdn Bhd, a wholly-owned unit of Berjaya Corp Bhd, continued to accumulate shares in REDtone International Bhd. It appears that tycoon Tan Sri Vincent Tan wants to tighten his grip on the telecommunication firm. Juara Sejati bought 300,000 shares, raising its shareholding to 160.24 million shares or 30.7%.

REDtone’s share price drifted to a low of 70 sen from a high of 82.5 sen in September last year. It closed at 73.5 sen last Thursday.

Notable movements

The share price of the hardly traded Lien Hoe Corp Bhd has recouped some losses, rebounding from a low of 29 sen to close at 31.5 sen last Thursday. The stock had retreated from a high of 40 sen in August 2014.

Interestingly, its substantial shareholder Belastra Sdn Bhd seems to have taken advantage of the low share price to raise its shareholding in the company, which is involved in building construction and hotels.

Filings show that Belastra bought 1.36 million shares in loss-making Lien Hoe between Dec 23 and 31, lifting its equity interest to 11.88%.

Belastra has been gradually raising its shareholding, from 3.23% in May last year to the current level. It is now the second largest shareholder after managing director Datuk Yap Sing Hock, who has a 30.67% stake.

Over at Weida (M) Bhd, the company saw its share price almost halved, from RM2.044 to a 3½-year low of RM1.22 in mid-December 2014. However, it has reversed the downward trend since then, climbing to RM1.56 last Thursday.

Lembaga Tabung Haji emerged as a substantial shareholder in Weida at the start of the year. The pilgrim fund has been accumulating shares in the company, which is involved in the manufacturing of polyethylene-based building materials, provision of environmental engineering services, construction of telecommunication infrastructure, environmental and building works, and property development.

Meanwhile, its largest shareholder, Weida Management Sdn Bhd, also bought more shares in the company. On Dec 29 and 30, Weida Management bought 343,000 shares, bringing its equity interest to 20.9%.

This article first appeared in The Edge Malaysia Weekly, on January 12-18, 2015.

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