Thursday 28 Mar 2024
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This article first appeared in Capital, The Edge Malaysia Weekly, on April 11 - 17, 2016.

Notable filings

Between March 28 and April 1, notable shareholding changes included the disposal of 11.39 million shares in SMTrack Bhd by its CEO, Yow Lock Sen.

Yow ceased to be a substantial shareholder after selling the 3.6% block at seven sen apiece. It is noteworthy that this is the second time he has emerged as and then ceased being a substantial shareholder.

Yow first emerged as a substantial shareholder in May 2014, accumulating up to 8.16% in the company. He then disposed of his shares gradually over a 1½-year period and ceased to be a substantial shareholder.

Last December, he re-emerged as a substantial shareholder after acquiring 36.5 million shares via an exercise of options in a share issuance. This gave him a 13.07% stake, which he once again sold off.

Meanwhile, Insas Plaza Sdn Bhd sold 28.7 million shares in Ho Hup Construction Co Bhd to Gryphon Asset Management Sdn Bhd in an off-market direct business transaction on April 1. The shares were traded at 75 sen apiece, or at a 15.3% discount to the closing price of 88.5 sen that day.

Insas Bhd is the ultimate shareholder of Insas Plaza and Gryphon Asset Management, hence the result of the left hand to right hand transaction has had no impact on it. Before the disposal, Insas Plaza had 39.09 million shares or an 11.2% stake in Ho Hup.

Insas Bhd executive deputy chairman-cum-CEO Datuk Seri Thong Kok Khee, who has a 32.55% stake in the company, has a deemed interest of 14.52% or 50.54 million shares in Ho Hup. Thong is also a non-independent non-executive director of Ho Hup.

Another notable filing was the disposal of nine million shares in CME Group Bhd by Jewel View Sdn Bhd, which resulted in the latter ceasing to be a substantial shareholder. Jewel View is 70% held by Faizah Hassan and 30% by Shariffudin Shawal. It still retains about 14.6 million shares or a 3.76% stake in CME.

At Kejuruteraan Samudra Timur Bhd, Trance Equity Sdn Bhd ceased to be a substantial shareholder after selling 3.72 million shares on the open market last week. Trance Equity is 90% controlled by Mohd Yusof Nurin and 10% by Khong May May.

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Notable movements

Rubber wood furniture manufacturer Len Cheong Holding Bhd was queried by Bursa Malaysia for unusual market activity on March 7 after its share price nearly doubled from 18 sen on Feb 29 to 31 sen on March 4, before reaching a high of 34.5 sen on March 29.

Interestingly, while the sudden movement in share price was underway, the company made several disclosures on March 28 with regard to Swiss Hotel Sdn Bhd. They show Swiss Hotel emerging as a substantial shareholder on Nov 27 last year with a 6.58% stake and ceasing to be a substantial shareholder on Feb 2 this year after selling two million shares at 16.5 sen each. Swiss Hotel is 99% held by Green Living World Sdn Bhd, which is, in turn, 90% controlled by Abd Razad Ahmad and 10% by Nazaruddin Ahmad.

It is also noteworthy that Len Cheong Holding proposed to change its name to Sand Nisko Capital Bhd on April 5, subject to shareholders’ approval.

Axis Real Estate Investment Trust, which over the past year slipped some 14% to a 52-week low of RM1.50 on March 7, closed at RM1.60 on April 6.

An April 1 filing shows the cessation of Kumpulan Wang Persaraan (Diperbadankan) as a substantial shareholder in Axis REIT after it sold 1.83 million units on March 17. Separate filings show the Employees Provident Fund (EPF) and Lembaga Tabung Haji to be buyers of Axis REIT in the last two weeks of March. At the time of writing, the latest filings show the EPF bought 987,700 units on March 31, raising its holding to 12.51%, while Lembaga Tabung Haji acquired five million units on March 31, raising its interest to 6.08%. 

 

 

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