Insider Moves: SMTrack Bhd, Kejuruteraan Asastera Bhd, Pasukhas Group Bhd, PUC Bhd, ACME Holdings Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on January 17, 2022 - January 23, 2022.
Insider Moves: SMTrack Bhd,  Kejuruteraan Asastera Bhd, Pasukhas Group Bhd, PUC Bhd, ACME Holdings Bhd
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Notable filings

AT SMTrack Bhd, Datuk Seri Tan Choon Hwa and Datuk Wira Justin Lim Hwa Tat emerged as substantial shareholders of the radio-frequency identification solutions provider on Jan 6 and 7 respectively, joining Tan Sri Lee Kim Tiong @ Lee Kim Yew who had emerged as a substantial shareholder on Dec 29, 2021.

Tan and Lim acquired 20 million and 29 million shares respectively on the open market, giving the former a 5.4% stake and the latter 5.14% equity interest in the group. Lee held a 5.05% stake in SMTrack as at the latest filing on Dec 30, 2021.

Tan is a businessman with experience in various industries, including timber, mining, hotel and resorts, housing and land development. He is deputy chairman of CN Asia Corp Bhd and TCH Resources Group, a privately held group involved in duck farming.

Lim is managing director of SerSol Bhd and a non-executive director of AppAsia Bhd. Both businessmen have been appointed to the board of SMTrack — Lim as executive director and Tan as non-executive director and vice-president of the group.

However, SMTrack said on Jan 12 that all three ceased to be substantial shareholders as their interests were diluted following the conversion of the company’s redeemable convertible notes.

Kejuruteraan Asastera Bhd (KAB) saw shareholding changes during the week of Jan 3, with Faith Chow Poh Ten ceasing to be a substantial shareholder after disposing of 20 million shares, or 1.125% of the group’s share base, on Jan 6. Group executive director Choong Gaik Seng had disposed of 20 million shares on Jan 3.

Kington Tong Kum Loong is believed to have acquired the shares as he bought a similar number of shares during the week in review. Together with another 20 million shares that he acquired on Dec 29, 2021, and the subsequent 6.55 million shares that he acquired on Jan 7, he now has 10.73% equity interest in KAB. The stock was trading at 27.5 sen last Tuesday, valuing the group at RM489 million.

At mechanical and electrical engineering contractor Pasukhas Group Bhd, Lim Pak Hong emerged as a substantial shareholder and then ceased to be one within the week.

On Dec 29, 2021, Lim became a substantial shareholder, and possibly the largest shareholder, of Pasukhas after subscribing for 231.48 million shares, or a 16.7% stake, through a private placement. However, between Jan 4 and 6, he disposed of 170 million shares, or 11.8%.

The shares were placed out at 1.9 sen apiece. In the first week of January, Pasukhas’ shares were trading at two to three sen per share. As at last Tuesday, the counter was trading at three sen, valuing the group at RM43 million.

Notable movements

PUC Bhd’s share price increased 10.34% to 16 sen during the week in review. As at last Tuesday, the omnichannel marketing and advertising group was valued at RM229 million, given its share price of 15.5 sen.

On Jan 4, KH Lim Capital Sdn Bhd emerged as a substantial shareholder of the group after it acquired 87.5 million shares, or a 5.93% stake, through a share issuance exercise. The company is the investment vehicle of Datuk Lim Kim Hai.

PUC is one of the bidders of a digital banking licence, which is slated to be awarded by Bank Negara Malaysia this quarter. It has formed a consortium with the Pahang and Sabah governments to bid for the licence.

ACME Holdings Bhd’s share price jumped 24.3% to 23 sen during the week in review. As at last Tuesday, its shares were traded at 20.5 sen, valuing the group at RM75 million.

On Jan 5 and 6, Inspire Sense Sdn Bhd disposed of 8.6 million shares in ACME on the open market. It then disposed of another 3.6 million shares, reducing its stake in the plastic kitchenware manufacturer and property developer to 9.08% as at Jan 10.

 

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