This article first appeared in Capital, The Edge Malaysia Weekly on August 3, 2020 - August 9, 2020
Notable filings
BETWEEN July 20 and 24, notable shareholder filings with Bursa Malaysia included those by Inix Technologies Holdings Bhd, where Encoral Digital Solutions Sdn Bhd ceased to be a substantial shareholder after disposing of 11.2 million shares on July 20. Post-disposal, Encoral has 4.65 million shares in the company.
Inix saw the emergence of a new substantial shareholder during the week in review. Tan Mei Teng had converted 26.97 million shares under the employees share option scheme, giving her an 8.29% stake in the company.
Meanwhile, managing director Zhang Yang acquired three million shares during the same period, increasing his direct stake in Inix to 6.54%.
Recently, the company announced that its director Mohd Anuar Mohd Hanadzlah, who had been suspended from his position as group managing director, was suing the company for defamation and claiming general damages of RM1 million as well as other damages to be determined by the court.
Mohd Anuar was suspended pending an independent investigation by the company.
Over at Malayan United Industries Bhd (MUI), substantial shareholder Noble Faith Foundation Inc disposed of 49.5 million shares via a direct business transaction. Post-disposal, Noble Faith Foundation is left with a 5.71% stake in MUI.
The other party involved in the transaction has not been disclosed at this juncture.
According to MUI’s 2019 annual report, Noble Faith Foundation held a total stake of 14.22% in the company as at October 2019.
MUI’s net loss widened in its third quarter ended March 31, 2020, to RM138.47 million — seven times the RM19.63 million net loss recorded a year ago. Revenue was down by 32.6% to RM59.95 million from RM88.92 million previously.
At Scanwolf Corp Bhd, substantial shareholder Bernadette Jeanne De Souza purchased 16.2 million shares in the company via an off-market transaction. She is the spouse of Lau Tiang Hua who, following the purchase, has been redesignated as non-independent director from independent director.
The other parties involved in the transaction are likely to be Yii Long Ging, who had disposed of 8.2 million shares; director Abdul Hamid Abdul Shukor, who had sold one million shares; and Cedric Wong King Ti, who had pared down his stake by seven million shares. All three individuals disposed of their shares, which cumulatively totalled 16.2 million, via off-market transactions.
Solarvest Holdings Bhd’s substantial shareholder, Atlantic Blue Holdings Sdn Bhd, disposed of 10 million shares in the company during the week in review. Atlantic Blue is the private vehicle of Solarvest managing director Lim Chin Siu and Tan Chyi Boon.
The 10 million shares were transferred from the private vehicle to the two individuals, in equal lots of five million each. Post-transaction, Lim and Tan each have a direct interest of 1.28%.
Notable movements
Over at Green Ocean Corp Bhd, the share price of the company more than doubled to 27 sen on July 28 from 12 sen on July 22.
During the week in review, filings with Bursa show that Datuk Seri Chiau Beng Teik ceased to be a shareholder of the company after disposing of 39.46 million shares at 20 sen apiece.
Meanwhile, Mak Siew Wei emerged as a substantial shareholder after acquiring 49.45 million shares, equivalent to a 17.07% stake. Mak has been appointed executive director of the company.
Shares of XOX Bhd have been on an upward trend of late, gaining more than fourfold from their closing price of six sen on July 14 to 28 sen on July 28.
The company saw the emergence of a new shareholder, Daniel Tam Ping Kuen, after he took up 120 million shares in a private placement on July 22. Tam further upped his stake by 20 million shares from the open market the next day. Post-acquisition, his total stake in the company is 8.22%.
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