Insider Moves: N2N Connect Bhd, CN Asia Corp Bhd, Lembaga Tabung Haji, Unisem (M) Bhd, Asia Media Group Bhd, Meda Inc Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on January 7, 2019 - January 13, 2019.
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Notable filings

BETWEEN Dec 24 and 28, notable shareholding changes at companies listed on Bursa Malaysia included those at N2N Connect Bhd, which provides e-commerce securities trading solutions to local stockbroking firms and banks.

A series of filings with the stock exchange on Dec 26 and 27 show that Tokyo-based SBI Japannext Co Ltd has surfaced as a substantial shareholder of N2N Connect after acquiring 65.27 million shares, or an 11.64% stake, via direct business transactions with N2N Connect Holdings Sdn Bhd on Dec 26.

N2N Connect Holdings — owned by the group’s Singaporean founder and managing director Tiang Boon Hwa — remains a substantial shareholder with 91.62 million shares or a 16.35% direct stake.

Over at engineering firm CN Asia Corp Bhd, CN Asia Engineering Sdn Bhd ceased to be a substantial shareholder after divesting one million shares or a 2.2% stake to Ho Cheng San on Dec 26. A check with Bursa Malaysia shows that Ho acquired the shares off market at 38 sen apiece, which represents a discount of 11.6% to the closing price of 43 sen on that day. Following the acquisition, Ho, who is the managing director of CN Asia Corp, now has 42.47% equity interest in the company.

Meanwhile, New Orient Resources Sdn Bhd, owned by Adrian Yong Kwet On, disposed of a total of 3.8 million shares or a 0.9% stake in Johor-based plastic flexible packaging producer Tomypak Holdings Bhd on Dec 26 and 27.

Filings with Bursa Malaysia show that Yong, who is a non-executive director of Tomypak, sold 800,000 shares at 45 sen apiece, one million shares at 57 sen apiece and two million shares at 58 sen apiece.

Following the divestment, New Orient Resources’ shareholding in Tomypak was reduced to 22.55%, compared with 25.39% as at March 1, 2017.

Executive director Francis Chia Mong Tet and Singaporean independent director Ang Chye Hock sold 1.72 million shares and 383,500 shares respectively in semiconductor assembly and test services provider Unisem (M) Bhd on Dec 24 after accepting a takeover offer.

To recap, independent adviser Public Investment Bank Bhd had advised shareholders of Unisem to reject the takeover offer from its managing director John Chia and China’s Tianshui Huatian Technology Co Ltd, saying that their offer price of RM3.30 was unfair and unreasonable.

Numerous filings with Bursa Malaysia show that Lembaga Tabung Haji transferred shares in several companies to its special purpose vehicle, Urusharta Jamaah Sdn Bhd, as part of its restructuring exercise. The stocks include Dayang Enterprise Holdings Bhd, Icon Offshore Bhd, IJM Corp Bhd, Integrated Logistics Bhd, KSL Holdings Bhd, Lion Industries Bhd, Mah Sing Group Bhd, Malakoff Corp Bhd, MCT Bhd, Naim Holdings Bhd, Parkson Holdings Bhd, Pintaras Jaya Bhd and Puncak Niaga Holdings Bhd.

 

Notable movements

Asia Media Group Bhd, a digital out-of-home transit TV company, saw its share price gain 78% from a year ago to close at 16 sen last Wednesday, giving it a market capitalisation of RM38.3 million. The stock has risen from its 52-week low of 7.5 sen on Feb 6 last year.

A filing with Bursa Malaysia on Dec 24 shows that Wong SK Holdings Sdn Bhd divested 12 million shares in Asia Media or a 5.01% stake off market on Dec 20.

Wong SK Holdings — co-owned by group CEO Datuk Wong Shee Kai and Teh Sew Wan — remains a substantial shareholder of Asia Media with 34.84 million shares or a 14.55% stake.

Meanwhile, Meda Inc Bhd, which is involved in property development, saw its share price fall 38% from its 52-week high of 49.5 sen on March 7 last year after closing at 29.5 sen last Wednesday, giving it a market capitalisation of RM142.5 million.

According to a filing with Bursa Malaysia on Dec 26, turnaround specialist Datuk Tiong Kwing Hee sold 77.3 million shares or a 16% stake in Meda Inc on Dec 21.

 

 

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