Insider Moves: Kian Joo Can Factory Bhd, Iris Corp Bhd, JMR Conglomeration Bhd, Muda Holdings Bhd, Straits Inter Logistics Bhd, Alam Maritim Resources Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on April 8, 2019 - April 14, 2019.
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Notable filings

BETWEEN March 25 and 29, notable shareholding changes in companies listed on Bursa Malaysia included that of aluminium can maker Kian Joo Can Factory Bhd, the privatisation target of savvy entrepreneur Yeoh Jin Hoe.

Filings with Bursa show that the Employees Provident Fund (EPF) ceased to be a shareholder of Kian Joo after it disposed of its entire 10.13% stake on March 20. Prior to its acceptance of a mandatory general offer by Yeoh’s Can-One Bhd, the EPF was Kian Joo’s second largest shareholder.

Can-One, which plans to take Kian Joo private at a premium price of RM917.2 million or RM3.10 per share, already owns an 82.7% stake in the latter.

Interestingly, Can-One is not only acquiring Kian Joo’s shares via its mandatory takeover offer but also mopping up shares on the open market.

Iris Corp Bhd president and managing director Datuk Paul Poh Yang Hong further divested 15 million shares or a 0.5% stake in the technology firm on March 27.

A filing with Bursa shows that Poh had offloaded the shares at 15.33 sen apiece on the open market. At present, he still owns 66.11 million shares or a 2.22% stake in Iris.

Poh, who first surfaced in Iris in July 2017, had ceased to be its substantial shareholder in February this year.

A former Hong Leong Group executive, he held a number of positions in the group, including as managing director of GuocoLand (M) Bhd and managing director of corporate and private equity department, group investment office of HL Management Co Sdn Bhd.

Over at JMR Conglomeration Bhd, Penang-based construction material manufacturer Global Legacy Partners Sdn Bhd ceased to be a substantial shareholder after disposing of six million shares or a 4.7% direct stake on the open market on March 21.

KL-based Legacy Fiduciary Sdn Bhd is the likely buyer as it acquired six million shares on the open market on the same day. However, the transaction price was not disclosed.

At present, Legacy Fiduciary — owned by Leslie Tan Yick Yea — has 18 million shares or a 14.19% direct stake in JMR Conglomeration.

Datin Cheong Koon Hooi has emerged as a substantial shareholder of Muda Holdings Bhd with a 39% stake, after acquiring shares in its holding company, Hartaban Holdings Sdn Bhd.

Hartaban Holdings is the single largest shareholder of Muda Holdings — a pioneer in paper milling and packaging in Malaysia, having built its first paper mill in Tasek, Penang, in 1964, and a corrugator plant in Petaling Jaya in 1971.

 

Notable movements

The share price of Straits Inter Logistics Bhd, a manufacturer and trader of cleanroom filters and other water filtration products, has risen 28% year to date. It closed last Wednesday at 27.5 sen — valuing the company at RM171.8 million — up from its 52-week low of 21.5 sen on Jan 18.

A filing with Bursa on March 28 shows that Rithauddin Hussein Jamalatiff Jamaluddin ceased to be a substantial shareholder of Straits Inter Logistics after disposing of 29.6 million shares or a 4.7% direct stake on March 26.

Rithauddin Hussein Jamalatiff, 54, is the independent non-executive chairman of ES Ceramics Technology Bhd. He is also an independent non-executive director of Ni Hsin Resources Bhd.

Meanwhile, managing director Datuk Seri Ho Kam Choy mopped up 1.15 million shares or a 0.18% direct stake in Straits Inter Logistics between March 26 and 28. The shipping industry veteran now owns 12.14% equity interest in the company.

Offshore marine firm Alam Maritim Resources Bhd has seen a 69% appreciation in its share price year to date at its close of 13.5 sen last Wednesday. Now valued at RM124.8 million, the stock has more than doubled from its 52-week low of 6.5 sen on Dec 20 last year.

Iris’ Poh divested 12.68 million shares or a 1.37% stake between March 22 and 28. He still owns 45.15 million shares or a 4.88% stake in the company.

 

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