Tuesday 19 Mar 2024
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NOTABLE filings

Between June 1 and 5, notable shareholding changes in companies listed on Bursa Malaysia included that at Metronic Global Bhd (fundamental: 1.25; valuation: 0.30).

James Chan Yoke Peng, a close associate of tycoon Tan Sri Halim Saad, surfaced as a substantial shareholder in the engineering and technology solutions firm with a 5.01% stake.

Tekad Mulia Sdn Bhd acquired 35 million Metronic shares off market on May 26 at 10 sen apiece — slightly higher than the stock’s closing price of 9 sen the same day, according to a Bursa filing dated June 1.

A quick check with the Companies Commission of Malaysia reveals that Tekad Mulia is owned by Chan, who is also a director in the private limited outfit. Chan is a former managing director of Sumatec Resources Bhd (fundamental: 2.00; valuation: 0.9), in which Halim owns a 24.5% stake. According to theedgemarkets.com, the likelihood of a corporate exercise and stock volatility in Metronic is high.

Meanwhile, Azmi Zainudin emerged as a substantial shareholder with a 16.53% stake in ACE Market-listed CWorks Systems Bhd (fundamental: 2.25; valuation: 0) on June 2, a June 4 filing shows.

This was after Azmi, 47, purchased 20 million shares off market at undisclosed prices. Stock market data shows that 20 million shares changed hands in a single direct deal at 26 sen apiece on June 2. The stock was not traded on the open market the same day and closed at 27 sen on May 26, with 100 shares done, and at 23.5 sen on May 25 on a volume of 59,600 shares. CWorks closed at 22.5 sen last Wednesday.

In another development, Dr Tony Tan Cheng Kiat ceased to be a substantial shareholder of Raya International Bhd (fundamental: 0.85; valuation: 0), after divesting 2.5 million shares off market on June 4. Tan is also founding director of Bina Puri Holdings Bhd, a locally-listed civil and building construction firm.

Ang Tun Young, who emerged as a substantial shareholder in the loss-making air and water filter maker on May 21, is believed to be the buyer of Tan’s block of shares. Ang raised his stake to 8.05% after buying 2.5 million shares in Raya International, previously known as Envair Holdings Bhd, on June 4. Stock market data shows 2.5 million shares changed hands in a direct deal on June 4 at 14 sen apiece, just below the 15 sen and 16 sen the shares were trading at on the open market.

Notable movements

Closing at 67 sen on June 3, shares of China-based shoemaker Xingquan International Sports Holdings Ltd (fundamental: 1.95; valuation: 3.00) have advanced 26.2 sen or 64.2% since the start of the year. The stock has since shed some of the gains, ending at 52 sen last Wednesday.

It is interesting to note that Chinese investor Xie Zhidong sold 5 million shares or a 1.48% stake on May 29, paring his holdings to 16.38 million shares or 4.84%. Five million shares change hands in a single direct deal on May 29 at 49 sen apiece, 18.3% below the 60 sen apiece it fetched on the open market.

Meanwhile, shares of Scanwolf Corp Bhd (fundamental: 0.55; valuation: 0.30) continued to slide on the back of a boardroom tussle and “possible irregularities” in the company’s affairs. Closing at 52 sen last Wednesday, the stock has tumbled 44.7% from its recent high of 94 sen on April 10 and is down 12% year to date.

Filings dated May 25 showed Yii Long Ging acquiring 243,100 shares between May 14 and 25, raising her stake to 5.87 million shares or 6.77%. Yii and two others — Abdul Hamid Abdul Shukor and Cedric Wong King Ti — are seeking to remove nine Scanwolf directors, including managing director and substantial shareholder Datuk Ch’ng Kok San. The EGM is scheduled for June 17.

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Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Visit www.theedgemarkets.com for more details on a company’s financial dashboard.

This article first appeared in Capital, The Edge Malaysia Weekly, on June 15 - 21, 2015.

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