Insider Moves: Masterskill Holdings, Bright Packaging Industry, IDimension Consolidated, Goodway Integrated Industries and Nova MSC

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NOTABLE filings

Substantial shareholder Masterskill Holdings (MHL) Ltd’s sale of 37.92 million shares or a 9.85% stake in Masterskill Education Group Bhd (MEG) was one of the notable shareholding changes seen in the week of Sept 22 to 26.

Filings with Bursa Malaysia indicate that the shares were sold on Sept 18 at 34.3 sen apiece. The purchasing party was not disclosed.

MHL was the second largest shareholder in the education provider, with a shareholding of 11.34% as at April. With the sale, it ceased to be a substantial shareholder. However, MEG bought back 23.3 million of its own shares at between 34 and 35.5 sen apiece on Sept 18.

On Sept 19, MEG’s Executive Chairman Siva Kumar M Jeyapalan purchased 8.56 million shares in the company or 2.22% equity interest. This bumps up his stake in MEG to 30.3%, which is near the mandatory general offer trigger of 33%.

In March, Siva Kumar signed a call and put option agreement with Gary How Soong Khong, that could have given him a gain of RM134 million from the sale of 122 million shares or a 29.76% stake in MEG at RM1.10 per share.

However, the agreement was terminated on Sept 17. Siva Kumar has yet to reveal his future plans.

Over at Bright Packaging Industry Bhd, substantial shareholder Demi Maju Sdn Bhd sold 9.89 million shares or a 6.92% stake in the company.

Filings with the exchange indicate that Demi Maju sold the block privately on Sept 17 and ceased to be a substantial shareholder. The buyer was unknown at press time.

As at December last year, Demi Maju held a 20.54% stake in the company, according to its 2013 annual report.

Bright Packaging’s largest shareholder is Wong SK Holdings Sdn Bhd, with a 32.81% shareholding as at February 2014. The company packs tobacco, liquor and confectionery products.

Elsewhere, IDimension Consolidated Bhd saw 20 million shares or a 5.06% stake crossed off market on Sept 22. The transaction saw the entry of Eclub Interactive Sdn Bhd as a shareholder in the e-manufacturing solutions provider.

Notable movements

There has been keen interest in the shares of Goodway Integrated Industries Bhd this year. The share price gained some 70% at its peak of 62.5 sen in late September.

The rubber compound manufacturer and tyre retreader’s share price began its upward momentum in April, when it announced a diversification into property development. It rose more than 40% over one month, before normalising.

Renewed interest in late August sent the share price up again, peaking at 62.5 sen on Sept 24. It has since retreated to 57 sen as at Oct 1(Wednesday)’s close.

On Sept 23, businessman Oh Kim Sun sold 2.99 million shares, equivalent to 2.7% equity interest, in Goodway. The transaction leaves him with 6.5 million shares or a 5.88% stake in the company.

Nova MSC Bhd’s share price has more than doubled over the last four months, to a seven-year high of 14.5 sen in September.

Over three days in July, its price spiked over 40% before plateauing. However, there was no apparent catalyst for the rise.
Shares in the IT firm have declined since, and closed at 12.5 sen on Oct 1.

On Sept 19 and 22, Au Sai Chuen sold 7.01 million shares on the open market, amounting to a 1.73% stake in Nova MSC; and he ceased to be a substantial shareholder in the company.

This article first appeared in The Edge Malaysia Weekly, on October 6-12, 2014.