Insider Moves: Perduren, SEGi, Protasco and IGB REIT

-A +A

NOTABLE filings

Between Dec 8 and 17, notable shareholding changes in companies listed on Bursa Malaysia included that at Perduren (M) Bhd. Former prime minister Tun Abdullah Ahmad Badawi’s son Datuk Kamaluddin Abdullah, together with Datuk Mazlin Md Junid and other parties, acquired 93.5 million of its shares or a 69.3% stake from TS Law Group Sdn Bhd, the vehicle of Tan Sri Law Tien Seng.

In a filing with Bursa on Dec 8, Perduren announced that the parties concerned, which include Masterskill Education Group Bhd director Siva Kumar M Jeyapalan, have made a mandatory takeover offer for the remaining 30.7% stake they do not own in the property developer.

They have concluded eight share purchase agreements with the price per share at RM1.60. Accordingly, they have offered to buy the remaining Perduren shares at the same price, valuing the entire block at RM66.27 million.

News of the corporate exercise sent Perduren shares soaring almost 45% over the week to RM2.60 at the close of Dec 12. The stock has moderated somewhat and closed at RM2.09 last Monday.

Over at SEG International Bhd (SEGi), managing director and CEO Tan Sri Clement Hii more than halved his stake in the company when he sold 29.84 million shares on Dec 11 and 12. The disposal brought his shareholding down to 29.85%.

For its nine months ended Sept 30, 2014, the higher education provider saw its net profit fall 24% year on year to RM18.69 million, although revenue grew 4.8% y-o-y.

However, this came about because of a high base as SEGi’s corresponding nine months in 2013 included gains of RM15.8 million from the sale of land.
Mobile and digital service provider MNC Wireless Bhd saw its director Yeoh Eng Kong dispose of 2.97 million of its shares or a 3.14% stake on Dec 11, reducing his holding to 0.44%.

Yeoh had made an off-market trade at 30 sen apiece while the stock closed at 25.5 sen that day. MNC shares have traded above 30 sen only once since early August.

Notable movements

Protasco Bhd’s share price has been highly volatile since it became involved in a shareholder tussle, disputes and suits in September.

The stock lost as much as 19% in value over three weeks to close at a low of RM1.42 on Oct 16. Then, it regained 31% in a month. It took another beating to close at a 52-week low of RM1.30 on Dec 15. Protasco closed at RM1.47 last Monday.

In late September, the company filed a suit against substantial shareholders and former directors Tey Por Yee and Ooi Kock Aun, and Indonesian company PT Anglo Slavic Utama for the US$22.2 million (RM71.9 million) it had paid in a failed attempt to buy a 63% stake in PT Anglo Slavic Indonesia.

During the week, Protasco chairman-cum-managing director Datuk Seri Chong Ket Pen acquired 424,000 shares or a 0.13% stake in the company, at prices ranging from RM1.29 to RM1.50 apiece.

Chong now has a 12.98% direct stake and a 9.57% indirect stake, compared with 12.63% and 8.98% respectively in early November.

IGB Real Estate Investment Trust’s share price rose as much as 19.6% to hit its peak in late November. It then shed 6.7% to close at RM1.25 on Dec 17, before regaining some traction to close at RM1.27 last Monday.

Goldis Bhd sold 31.95 million shares or a 0.93% stake in the REIT on Dec 11 and 12, cutting its stake to 51.87%.

Of that, 20 million shares were sold to Wah Seong (Malaya) Trading Co Sdn Bhd and 10 million to Tan Chin Nam Sdn Bhd. Both were direct transactions and the prices were not disclosed. The remaining 1.95 million shares were sold on the market.

Cap1047_Insider_ProtascoIGBReit_theedgemarkets

This article first appeared in The Edge Malaysia Weekly, on December 29, 2014 - January 4, 2015.