Insider Moves: LBS Bina Group, M3 Technologies(Asia), CLIQ Energy, Sarawak Consolidated Industries, Sunzen Biotech

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This article first appeared in The Edge Malaysia Weekly, on June 27 - July 3, 2016.

Notable filings

BETWEEN June 13 and 17, notable shareholding changes in companies listed on Bursa Malaysia included that at CLIQ Energy Bhd.

Filings show that shareholder Siva Kumar M Jeyapalan bought 1.19 million CLIQ Energy shares on the open market on May 28. He is now the special purpose acquisition company’s (SPAC) third largest shareholder with a 5.67% stake.

Siva Kumar’s transaction price was not disclosed. CLIQ Energy’s shares were trading at 69 sen to 69.5 sen intra-day on May 27. The counter has traded at between 65 sen and 70 sen in the past year.

Interestingly, Siva Kumar is increasing his stake amid the SPAC’s winding-up proceedings, which are being contested in court by its largest shareholder, Best Oracle Sdn Bhd. The latter is attempting to block CLIQ Energy’s liquidation.

To recap, CLIQ Energy filed a petition to wind up its business on April 25 after failing to get an extension from Securities Commission Malaysia to complete its proposed qualifying acquisition. It had earlier proposed to buy a 51% stake in a special purpose vehicle, which will host Phystech Firm LLP’s two onshore oilfields in Kazakhstan, for US$110 million.

Over at Sarawak Consolidated Industries Bhd, director Lim Nyuk Foh sold 11 million shares to his brother Freddy Lim Nyuk Sang in an off-market deal on June 14.

Filings show that the shares were transacted at 63.5 sen apiece, a discount to the day’s trading price of 70 sen. This values the block at RM6.98 million.

After the deal, Nyuk Sang has a direct stake of 14.95% in the concrete products manufacturer while Nyuk Foh has a direct 7.67% stake and a deemed interest of 4.95%.

Meanwhile, Sunzen Biotech Bhd saw its CEO and executive director, Hong Choon Hau, increase his holding in the company after buying 8.93 million shares in an off-market deal on June 15. Hong now holds some 140.24 million shares, or a direct 29.3% stake, in addition to a small deemed interest of 0.046%.

It is unclear who sold the shares to Hong and how much they were transacted for. On the transaction day, Sunzen’s share price had been trading at between 24 sen and 24.5 sen.

Hong’s purchase comes at a time when the counter is trading near a one-year low — it reached 24 sen on June 16 and June 21, compared with a one-year high of 46.3 sen almost a year ago on June 24, 2015.


Notable movements

LBS Bina Group Bhd executive director Datuk Lim Hock Seong has sold one million shares in the pro­perty developer at a time when its share price is near multi-year highs.

The stock hit a one-year high of RM1.63 on April 4 and has since hovered at the RM1.55 to RM1.60 range. The last time its share price breached the RM1.60 level was on Oct 3, 2013, when it hit RM1.652.

Filings show that Lim sold his shares at RM1.57 apiece on June 10.

He still holds some 9,500 shares or a direct interest of 0.002% in the company. However, he has a deemed interest of 50.993% by virtue of his family’s shareholding in LBS Bina.

Meanwhile, Quek Soon Tiang has ceased to be a substantial shareholder of M3 Technologies (Asia) Bhd, which develops and provides mobile content and applications, after selling his shares in the midst of a share price plunge.

Quek sold 10.2 million shares, representing a 5.17% stake in the loss-making company, on the open market on June 8.

He had purchased over half of it on Nov 12 last year when he picked up some 5.8529 million shares via a private placement, filings show.

The timing is curious as Quek dumped his shares amid a price plunge. The stock reached a one-year high of 28.5 sen on June 6, before halving to 13.5 sen on June 8 — the day Quek sold his shares.