Insider Moves: Milux Corp Bhd, Tiger Synergy Bhd, D’Nonce Technology Bhd, RGT Bhd, Johore Tin Bhd, NWP Holdings Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on May 20, 2019 - May 26, 2019.
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Notable filings

BETWEEN May 6 and 10, notable shareholder movements in companies listed on Bursa Malaysia included the takeover of Milux Corp Bhd by Datuk Wira Ling Kah Chok and Asia Capital Fund Ltd.

On May 3, Ling — via his private vehicle Topspike Holding Sdn Bhd — together with Asia Capital’s subsidiary Asia New Venture Capital Holdings Sdn Bhd, acquired 25.48 million Milux shares or 46.83% equity interest at 80 sen per share for a total cash value of RM20.39 million.

The joint offerers raised their stake in the company to 58.21% or 31.67 million shares as at May 7.

Following the acquisition, Ling, who is CEO of Linbaq Holding Sdn Bhd, a property developer with a mixed-use project in Iskandar Malaysia, now owns 34.24% of Milux. Meanwhile, private fund company Asia Capital has a 23.97% stake in the household appliance manufacturer.

Milux non-executive directors Chua Seong Seng and Yap Seng Siang ceased to be substantial shareholders. On May 3, Chua’s private company RGF Land Sdn Bhd disposed of 7.5 million Milux shares or a 13.8% stake while Angkasa Venture Sdn Bhd, in which Yap has an interest, disposed of 6.26 million shares or an 11.5% stake on May 6.

Over at property developer Tiger Synergy Bhd, a total of 68.21 million shares or a 5.4% stake was disposed of by its executive chairman Datuk Tan Wei Lian.

After the disposals, Tan and his wife, Tiger Synergy executive director Datin Sek Chian Nee, collectively own 83.83 million shares or a 6.6% stake.

Goh Ching Mun acquired five million Tiger Synergy shares on May 9, bringing his total shareholding in the company to 315.49 million shares or a 24.86% stake. Goh, who is the co-founder of the Oldtown Group of Companies, is the largest shareholder of Tiger Synergy, after emerging as a substantial shareholder in November last year.

At Penang-based company D’Nonce Technology Bhd, Tan Than Kau disposed of 7.5 million shares or a 2.98% stake via BM Synergy Holding Sdn Bhd.

BM Synergy is still the second largest shareholder in D’Nonce with 33.37 million shares or a 13.25% stake, after Blackstream Investments Pte Ltd’s unitholders with 25.6%.

Meanwhile, at moulded plastic products manufacturer RGT Bhd, Goodwill Hexagon Sdn Bhd ceased to be a substantial shareholder with the disposal of 16.66 million shares, representing a 2.89% stake on May 6.

Goodwill Hexagon is the private company of RGT managing director See Teck Wah.

 

Notable movements

The price of Johore Tin Bhd’s shares fell 1.4% during the period under review to RM1.41 apiece. Year to date, the counter has risen 48% to close at RM1.42 last Wednesday.

The group’s executive director Lim Hun Swee disposed of six million shares, or a 1.93% stake, on May 6. On the same day, managing director Edward Goh Swee Wang acquired six million shares, bringing his total shareholding in the company to 22.65 million shares or a 7.3% stake.

With the acquisition, he became the third largest shareholder, behind Ng Keng Hoe (13.09%) and Goh Mia Kwong (11.46%).

NWP Holdings Bhd’s share price rose 13% to 13.5 sen apiece.  The timber products company’s share price has surged 71% year to date, closing at 12 sen last Wednesday.

Sabah-based businessman Tan Su Haw emerged as a substantial shareholder on May 3 with the acquisition of 35 million shares or an 8.19% stake by private placement.

Tan acquired the shares at 12 sen apiece for a total consideration of RM4.2 million and is now the third largest shareholder of NWP after Wong See Ming (24.79%) and Datuk Seri Kee Soon Ling (9.74%).

 

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