Insider Moves: Ideal Jacobs (Malaysia) Corp Bhd, Serba Dinamik Holdings Bhd, SCH Group Bhd, Seacera Group Bhd, Cahya Mata Sarawak Bhd, Handal Resources Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on July 30, 2018 - August 05, 2018.
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Notable filings

BETWEEN July 16 and July 20, notable filings included that of the emergence of a new majority shareholder at Ideal Jacobs (Malaysia) Corp Bhd. Tan Sri Muhammad Ikmal Opat Abdullah, via his vehicle Widad Business Group Sdn Bhd, now controls 72.62% of the industrial labels manufacturer after concluding a RM520 million reverse takeover using cash and shares.

In August last year, Ideal Jacobs said it was acquiring Widad from Muhammad Ikmal to diversify into integrated facilities management and construction, a segment that the enlarged Ideal Jacobs expects to contribute over 25% to its net profit.

Muhammad Ikmal’s emergence saw executive chairman Andrew Conrad Jacobs and managing director Datuk Meng Bin cease to be indirect substantial shareholders. Over the past year, Ideal Jacobs has fallen 48%, closing at 26 sen last Wednesday with a market capitalisation of RM638.2 million.

On July 19, engineering firm Serba Dinamik Holdings Bhd expanded into Laos after bagging a RM268.5 million contract for engineering, procurement, construction and commissioning (EPCC) works.

Group managing director Datuk Mohd Abdul Karim Abdullah picked up 81,000 shares on July 18. The stock closed at RM3.80 last Wednesday, having risen 20.6% since June 26 and nearly doubling over the past year.

Meanwhile, Hextar Holdings Sdn Bhd emerged as a substantial shareholder in SCH Group Bhd on July 16 with 60 million shares or a 12.7% stake following a private placement exercise.

Hextar, Malaysia’s largest pesticide producer, is the flagship of the Ong family, led by Datuk Ong Soon Ho and his son Datuk Eddie Ong Choo Meng, who are also directors of Halex Holdings Bhd.

Last Wednesday, quarry machinery and equipment supplier SCH Group closed at 18 sen, having risen 3 sen or 20% over two weeks after a 34% decline in February.

Duta Global Sdn Bhd is paring down its stake in tiles manufacturer Seacera Group Bhd a year after surfacing as its major shareholder. It sold 14.5 million shares on July 13, filings show.

Duta Global is controlled by Datuk Ismail Othman and Datin Zainab Mansor. Seacera had issued 90 million shares or a 26.81% stake to Duta Global on Aug 29, 2017, for RM1 per share as partial payment for a 250-acre Semenyih land parcel it had bought from Duta Global. Over the past year, the counter has fallen about 67.3% to close at 46 sen last Wednesday.


Notable movements

After the 14th general election, conglomerate Cahya Mata Sarawak Bhd’s share price took a beating. The counter fell 53.5% over two weeks to a multi-year low of RM1.92 on May 21.

Substantial shareholder Datuk Seri Sulaiman Abdul Rahman Abdul Taib began trading on May 25. He had never traded in Cahya Mata shares prior to that, Bloomberg data shows.

Sulaiman is the brother of interim group chairman Datuk Seri Mahmud Abu Bekir Taib and brother-in-law to group executive director Datuk Syed Ahmad Alwee Alsree. They are family members of Sarawak governor Tun Abdul Taib Mahmud.

Bursa Malaysia filings show that Sulaiman sold 129,500 shares on July 17 and 141,100 shares on July 19. The stock closed at RM3.20 on Wednesday, 66.67% higher than its multi-year low of RM1.92.

Over at Handal Resources Bhd, new substantial shareholder Borneosea Offshore Sdn Bhd scooped up 70,000 shares, a July 16 filing shows. Borneosea Offshore first surfaced on June 28 after acquiring 11.68 million shares or a 7.31% stake. It is a subsidiary of Seaoffshore Capital Sdn Bhd.

According to Borneosea Offshore’s website, the oil and gas (O&G) outfit specialises in vessel support, well services and weather reporting. Handal manufactures and refurbishes cranes for offshore O&G activities. Since closing at 24 sen on March 12, Handal’s share price has more than doubled to close at 49 sen last Wednesday, giving it a market capitalisation of RM78.2 million and a one-year return of 122%.


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