Insider Moves: MCE Holdings Bhd, Metronic Global Bhd, Mesiniaga Bhd, Compugates Holdings Bhd, Straits Inter Logistics Bhd, Ta Win Holdings Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on March 15, 2021 - March 21, 2021.
Insider Moves: MCE Holdings Bhd,  Metronic Global Bhd, Mesiniaga Bhd, Compugates Holdings Bhd, Straits Inter Logistics Bhd, Ta Win Holdings Bhd
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Notable filings

Between March 1 and 5, notable shareholding changes at companies listed on Bursa Malaysia included those at MCE Holdings Bhd. Dulcet One Holdings Sdn Bhd became a substantial shareholder of the car alarm system manufacturer after acquiring 11.8 million shares or a 24.1% stake off market on March 1. On the same day, Eng Sam Tiang ceased to be a substantial shareholder of MCE Holdings after disposing of 3.29 million shares or a 6.7% stake in the company off market.

In a March 8 filing with the exchange, MCE Holdings said its wholly-owned subsidiary Multi-Code Electronics Industries (M) Bhd had secured contracts worth RM10.2 million to supply mechanical parts for new Perodua car models. The supply of these parts is expected to commence in the first quarter of the financial year ending July 31, 2022, for a duration of six years. The estimated total investment cost to undertake the contracts is RM510,000.

Meanwhile, Metronic Global Bhd saw the emergence of Ho Jien Shiung as a substantial shareholder of the company after he acquired 188 million shares or an 11.6 % stake on March 1 via a private placement. However, the parties involved in the placement exercise were not revealed.

Through his vehicles Alliance Group Nominees (Tempatan) Sdn Bhd and MIDF Amanah Investment Nominees (Tempatan) Sdn Bhd, Ho previously held 24 million shares or 3.9% equity interest in the engineering and technology total solutions provider. On March 3, he ceased to be a substantial shareholder of Metronic Global after he disposed of 34.78 million shares or a 2.1% stake. He had offloaded 97.53 million shares or 6.1 % of the company the day before.

Over at Mesiniaga Bhd, oil and gas service provider Shapadu Capital Sdn Bhd emerged as a substantial shareholder of the information and communications technology solutions provider following the acquisition of 13.14 million shares or a 21.76% stake via a direct business transaction on March 1.

Two days later, Shapadu Capital made a second acquisition, bringing its equity interest in the company to 21.9% or 13.26 million shares.

On March 4, Compugates Holdings Bhd, a distributor of electronics products, saw the emergence of Curate Holdings as a substantial shareholder of the company following its acquisition of 200 million shares or 6.9% equity interest in the company.

The acquisition by Curate Holdings is believed to be a direct business transaction with Compugates Holdings CEO Goh Kheng Peow as the latter disposed of an equal number of shares on the same day. He now holds 159 million shares or a 5.5% stake in the company.

Notable movements

The share price of Straits Inter Logistics Bhd, which manufactures and sells cleanroom filters and other filtration products, has jumped 37.5% year to date. The stock closed at 21 sen last Tuesday to give the company a market capitalisation of RM167.87 million. On March 19 last year, the counter was trading at a 52-week low of 14 sen.

On March 2, Raja Ismail Raja Mohamed ceased to be a substantial shareholder of Straits Inter Logistics after disposing of 78.1 million shares or a 10% stake. Avarga Investment Pte Ltd is believed to be the buyer of that block of shares as it emerged as a substantial shareholder of the company with a 10% stake during the same period. Avarga is an investment holding company listed on the main board of the Singapore Exchange. Its core businesses are paper manufacturing, power generation and the distribution of building materials.

The share price of Ta Win Holdings Bhd, which is involved in the manufacture and sales of copper wires and copper rods, is up 171% year to date. At last Tuesday’s closing price of 36 sen, the company was valued at RM224.77 million.

On March 1, travel company Trillion Oscar Sdn Bhd emerged as a substantial shareholder of Ta Win after it received 72 million shares or an 11.9% stake as consideration for the latter’s acquisition of 51% equity interest in Sin Line Tek Electronic Co Sdn Bhd.

 

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