Insider Moves: Iskandar Waterfront City Bhd, MNC Wireless Bhd, N2N Connect Bhd, Silver Ridge Holdings Bhd, Transocean Holdings Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on May 10, 2021 - May 16, 2021.
Insider Moves: Iskandar Waterfront City Bhd, MNC Wireless Bhd, N2N Connect Bhd, Silver Ridge Holdings Bhd, Transocean Holdings Bhd
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Notable filings

BETWEEN April 26 and 30, notable shareholding changes at Bursa Malaysia-listed companies included those at Iskandar Waterfront City Bhd (IWCity), in which businessman Ong Yoong Nyock emerged as a substantial shareholder with the acquisition of 53.57 million shares or 5.82% equity interest via a private placement.

In an April 19 bourse filing, the property development and construction outfit announced the placement of 83.74 million new shares, or 10% of its share base, to Ong and four other parties to raise RM40.2 million, of which RM38 million will be used to pay contractors, subcontractors, suppliers and creditors, and the remaining RM1.7 million for working capital and expenses for the placement exercise.

Ong is managing director and a major shareholder of Tiong Nam Logistics Holdings Bhd and a major shareholder of Wong Engineering Corp Bhd. He is also executive chairman and a major shareholder of Hong Kong-listed Linocraft Holdings Ltd.

Ong had agreed to subscribe for the 53.57 million shares for RM25.71 million. The other four who participated in the private placement are Datuk Kong Tiam Ming (13.5 million shares), Datuk Koon Poh Tat (11.91 million shares), Yick Hoe Ferrous Steel Sdn Bhd (2.38 million shares) and Orando Equity Sdn Bhd (2.38 million shares).

During the period in review, UBS AG London emerged as a new substantial shareholder of MNC Wireless Bhd with 90 million shares or a 5.12% stake in the mobile and digital solutions company.

UBS AG London is wholly-owned by UBS AG which, in turn, is owned by Swiss multinational investment bank UBS Group AG.

It is worth noting that MNC had announced in a March 9 filing its plans to raise about RM20.26 million through a private placement to develop a lifestyle e-commerce platform and for working capital. Under the proposed private placement, it would issue up to 527.6 million new shares, or 30% of its existing issued shares, to an independent third party. It said the exercise would be completed by the second quarter of this year (2Q2021).

Over at N2N Connect Bhd, Hundsun Holdings Ltd emerged as a substantial shareholder following the acquisition of 132.1 million shares or 23.66% equity interest in the software company.

Hundsun had entered into an agreement with SBI Holdings and Japannext Co Ltd to purchase from them 55.57 million shares and 76.48 million shares respectively as they disposed of their stakes by way of a direct business transaction and ceased to be substantial shareholders of N2N.

N2N’s share price rose 20.8% to 87 sen on April 27 from 72 sen on April 20.

Notable movements

The share price of Silver Ridge Holdings Bhd slipped 6.7% to 91 sen on May 5 from RM1.04 on April 21. The telecommunication systems solution provider’s shares had risen substantially since Oct 7 last year, when they were trading at 34 sen apiece. At the closing price of 91 sen, the company had a market capitalisation of RM153.5 million.

Silver Ridge announced the emergence of a new substantial shareholder in Sapphire Pavilion Ltd following its purchase of 11.1 million shares or a 6.5% stake in the company on the open market. Sapphire Pavilion is a Labuan-licensed asset and fund management company.

Logistics services outfit Transocean Holdings Bhd saw its share price skyrocket 787% to a record high of RM6.65 on May 5 from 75 sen on April 12, prompting an unusual market activity query from Bursa. It is worth noting that the company made an offer to acquire 400,000 ordinary shares or 40% equity interest in Enfrasys Solutions Sdn Bhd for RM20 million on April 14 and announced a private placement on April 15.

Transocean, which is venturing into the cloud service management business, saw the emergence of a new substantial shareholder in RHB Trustees Bhd For Areca Dynamic Growth Fund 7.0, following its acquisition of 3.5 million shares or a 7.76% stake in the company via a private placement.

 

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