Insider Moves: Spring Gallery, Bertam Alliance, Golden Initiative, PUC, Asia Poly, MQ Technology

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Notable filings

BETWEEN May 5 and 8, notable shareholding changes in companies listed on Bursa Malaysia included those at Spring Gallery Bhd, which saw the entrance of Greenfield Hills Sdn Bhd with a 30.91% stake.

According to filings with Bursa, Greenfield Hills bought 32.3 million shares at 42 sen apiece on May 5 in a direct transaction, a discount to the day’s closing price of 57.5 sen.

On the same day, Spring Gallery (fundamental: 1.7; valuation: 0.3) announced a private placement of 9.5 million shares or a 9.09% stake to Kuan Poh Huat.

The transaction was done on April 27 at 52.5 sen per share while the stock closed at 52 sen. Then on May 6, the clay product manufacturer appointed Kuan as executive director.

Over at Bertam Alliance Bhd, Bond Resources Sdn Bhd has sold 17.4 million shares or an 8.42% stake in the property developer.

In a May 8 filing, Bertam (fundamental: 1.05; valuation: 0.9) says the shares changed hands in two direct deals on March 26 and 31. Bertam’s share price closed at 70 sen and 73 sen on the respective dates.

Golden Initiative Sdn Bhd ceased to be a substantial shareholder in Integrax Bhd after it sold 40.87 million shares or a 13.59% stake in the port operator. Golden Initiative had accepted Tenaga Nasional Bhd’s general offer to take Integrax private.

Integrax (fundamental: 1.65; valuation: 1.4) was delisted from the Main Market of the local bourse on May 12 following a tussle between Tenaga and Integrax co-founder Amin Halim Rasip, in which the former emerged the victor.

Elsewhere, PUC Founder (MSC) Bhd’s controlling shareholder RedHot Media International Ltd disposed of 50 million shares or a 4.7% stake on May 5. It still holds a 46.39% stake in the e-payment and biometric services developer.

According to filings the next day, the shares were traded off-market at 14 sen apiece. The stock closed at 14.5 sen on May 5.

Cheong Chiah Chieh, managing director of PUC Founder (fundamental: 2.15; valuation: 1.1), indirectly controls RedHot Media by virtue of his shareholding in its holding company, RHM Ltd.

Notable movements

Asia Poly Holdings Bhd’s shares have seen a rally over the past month, surging as much as 116% to a high of 53 sen on May 6. The stock closed at 52 sen last Tuesday.

On May 6, Asia Poly managing director Teoh Cheng Chuan disposed of 10 million shares or an 11.38% stake in the cast acrylic sheet maker at 43 sen apiece.

According to filings, Michael Foong Ka-Meng has ceased to be a substantial shareholder in Asia Poly (fundamental: 0.55; valuation: 0.5) after he sold 5.25 million shares or a 5.98% stake at 43 sen apiece.

In mid-April, the company saw the emergence of a new owner, Datuk Yeo Boon Leong, who mopped up 25 million shares or a 27.61% stake.

At MQ Technology Bhd, its shares have been heavily traded since March. The stock’s price had surged almost 48%, hitting a 52-week high of 17 sen on March 20. However, much of those gains have since been wiped out, closing at 13 sen last Tuesday.

A May 6 filing shows that Zhang Li ceased to be a substantial shareholder in MQ Tech (fundamental: 1.35; valuation: 0.3) after he sold 7.77 million shares or a 3.06% stake on March 25.

Zhang had sold the shares on the market, and would have likely caught the high as the stock closed at 17 sen that day.

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Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Visit www.theedgemarkets.com for more details on a company’s financial dashboard.

This article first appeared in Capital, The Edge Malaysia Weekly, on May 18 - 24, 2015.