Notable filings

AMONG notable shareholding changes in companies listed on Bursa Malaysia that took place between April 6 and 10 was the acquisition of 81.03 million shares in Integrax Bhd by Tenaga Nasional Bhd as part of its takeover exercise.

The utility giant bought the shares before the April 13 deadline for the takeover and privatisation bid. Tenaga had raised its offer price of RM2.75 to RM3.25 last month, prompting substantial and minority shareholders to accept the offer.

A large portion of the share sale to Tenaga was made by substantial shareholder Amin Halim Rasip, who held 74.49 million shares. He was initially opposed to the new offer price but changed his mind after Perak Corp Bhd, another substantial shareholder, opted to sell its 15.74% stake in Integrax.

With Tenaga holding 97% equity interest in Integrax as at April 13, it has become compulsory for it to acquire the remaining shares that it does not own. Integrax shares are set to be delisted on April 21.

Meanwhile, ConnectCounty Holdings Bhd saw Datuk Ng Aik Kee snap up five million of its shares. According to a filing dated April 8, the purchases were made on April 6 and 7, raising his holding in the company to 20 million shares or a 9.7% stake.

Ng appears to be a new substantial shareholder as his name did not appear in the company’s latest annual report.

Shares of ConnectCounty were actively traded recently after the company announced a new round of fundraising in an April 3 filing. The rights issue is intended to partly fund its proposed acquisition of electrical, mechanical and telecommunications company Kejuruteraan Asastera Sdn Bhd.

Over at MCT Bhd, Regent Wise Investments Ltd (Hong Kong) emerged as a substantial shareholder after it acquired 122.22 million shares in the newly listed property company, according to an April 6 filing.

Regent Wise is a wholly-owned subsidiary of Philippines-based Ayala Land Inc, which seeks to expand its property footprint in Southeast Asia.

MCT made its debut on Bursa on April 6 following a backdoor listing through a reverse takeover of GW Plastics Holdings Bhd. At its initial public offering price of RM1.28 per share, the company has successfully raised RM384 million, which it said would be used to fund its development of properties.

Notable movements

HSC Healthcare Sdn Bhd sold 3.18 million shares in Signature International Bhd on April 9, paring down its stake to 7.01%. HSC held a 19.25% stake last December but has been selling down its holding gradually since then.

The disposal may have been due to Signature’s substantial improvement in earnings, which in turn triggered a rally in its shares. In its latest quarterly results for the period ended Dec 31, 2014, Signature posted a net profit of RM12.18 million, compared with RM2.91 million in the previous corresponding quarter.

Shares of the kitchen system production and installation company have rallied strongly this year. The stock has gained 23% since

Jan 2, outperforming the 4% increase seen in the benchmark FBM Kuala Lumpur Composite Index. It closed at RM2.31 last Thursday.

Another notable movement was seen at Niche Capital Emas Holdings Bhd, where Julian Foo Kuan Lin acquired 32.4 million of its shares, according to an April 10 filing.

The purchase, which translates into a 13.9% stake in Niche Capital, raised Foo’s holding to 31.71% — close to the 33% mandatory general offer threshold. Foo is a director of Le’ Proton Metal Works Sdn Bhd, an investment holding company.

Talk of a takeover bid may have triggered the uptick in Niche Capital’s trading volume and share price. At its closing price of 18.5 sen last Wednesday, the stock has gained 32% this year.

This article first appeared in Capital, The Edge Malaysia Weekly, on April 20 - 26, 2015.

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.