This article first appeared in Capital, The Edge Malaysia Weekly on March 18, 2019 - March 24, 2019

Notable filings

BETWEEN March 4 and 8, notable shareholding changes in companies listed on Bursa Malaysia included that at Marco Holdings Bhd, which distributes Casio watches, calculators, digital cameras and musical instruments from Japan.

A March 8 filing with Bursa Malaysia shows that Tan Sri Robert Tan Hua Choon — the elusive tycoon widely known as the Casio King — had acquired 62.48 million shares, or a 5.93% direct stake, in the open market as well as off market on March 7. Following the acquisitions, Tan’s equity interest rose to 25.64% from 19.71%.

Notably, this is Marco’s first announcement on substantial changes in its shareholding since January 2013. Neither the transaction price nor the seller was disclosed.

Over at AmFirst REIT, Amcorp Group Bhd has emerged as a substantial shareholder with 36.168 million shares, or a 5.27% stake, after acquiring 8.868 million shares, or a 1.29% stake, on Feb 28. The seller and transaction price were unknown at press time.

Amcorp Group is ultimately owned by veteran banker Tan Sri Azman Hashim, who directly owns 849,076 shares, or 0.12%, of AmFirst REIT.

British Virgin Islands-incorporated Penta Investment Advisers Ltd has surfaced as a substantial shareholder of Berjaya Corp Bhd after acquiring 291.333 million shares, or a 5.64% stake, on March 5.

While the identity of the seller and transaction price were not revealed, it was stated that it was a “direct business transaction to UBS Securities Malaysia Sdn Bhd”.

Penta Investment, however, ceased to be a substantial shareholder of Berjaya Corp three days later after divesting 52.257 million shares, or 1.01%, of the multi-industry conglomerate controlled by prominent tycoon Tan Sri Vincent Tan Chee Yioun. To date, the offshore firm still owns 4.63% of Berjaya Corp.

Kota Kinabalu-based Wisma Jutamas Sdn Bhd is no longer a substantial shareholder of Bertam Alliance Bhd after offloading 22.4 million shares, or a 10.83% stake, off market between March 5 and 8.

The Sabah firm still holds nine million shares, or a 4.35% stake, in the property developer classified as an affected listed issuer under Practice Note 17 (PN17).

Former director Chang Choon Ming has ceased to be a substantial shareholder of ConnectCounty Holdings Bhd after disposing of 23.35 million shares, or a 7.09% stake, in the interconnect and cable solutions provider via off-market transactions on March 8.

Chang, 41, who joined ConnectCounty’s board of directors on Oct 21, 2016, resigned as non-executive director on March 8.

Notable movements

KUB Malaysia Bhd saw its share price gain 81% year to date to close at 42.5 sen last Wednesday, giving it a market capitalisation of RM236.5 million. The share price has almost doubled from its 52-week low of 22.5 sen on Dec 5 last year.

JAG Capital Holdings Sdn Bhd — an investment holding company linked to the family of former finance minister Datuk Seri Johari Abdul Ghani —emerged as the single largest shareholder of KUB Malaysia after acquiring a 31.99% stake from Anchorscape Sdn Bhd on March 1 for RM121.09 million.

According to Bloomberg, the block of 178.07 million shares was traded at 68 sen apiece — a significant premium to the closing price of 39.5 sen that day.

Based on Companies Commission of Malaysia data, Anchorscape is an investment holding company linked to Darhim Dali Hashim and Datuk Abdul Rahman Mohd Redza.

Berjaya Land Bhd saw its share price advance 22% year to date at its close of 27.5 sen last Wednesday, valuing the company at RM1.37 billion. According to a filing with the bourse on March 5, Penta Investment ceased to be a substantial shareholder of Berjaya Land after offloading 230 million shares, or 4.6% equity interest, that day.

In a bid to venture into Iceland’s property market, Berjaya Land proposed last month to acquire a 100% stake in Geirsgata 11 EHF and settle the Iceland-based company’s loan of US$13.99 million.

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