Notable filings

BETWEEN Oct 31 and Nov 4, notable shareholding changes in companies listed on Bursa Malaysia included that at The Store Corp Bhd, which saw the emergence of Tan Sri Kong Hon Kong as its second largest shareholder and the exit of Tan Sri Vincent Tan from the company.

Kong, founder and CEO of bereavement services group Nirvana Asia Ltd, bought 9.51 million shares or a 13.88% stake in the department store, supermarket and hypermarket operator on Nov 1 and 2 at undisclosed prices.

Nonetheless, he could have paid RM30.4 million for the stake as stock market data shows 9.51 million shares changed hands in eight direct deals on Nov 1 and 2 at RM3.20 apiece. On the open market, only 1,100 shares were traded at RM2.95 apiece on Nov 1 and none was traded on Nov 2.

Coincidentally, Tan, who is Berjaya Group founder, disposed of 7.25 million shares or a 10.5% stake in The Store directly and through disposals by entities he is deemed interested in on Nov 1.

Over at Century Logistics Holdings Bhd, Chai Mee Young exited the company after she disposed of her entire 20.59 million shares or a 5.36% stake on Oct 31. This was part of the deal to pave the way for the entry of a South Korean shareholder.

According to filings with Bursa, CJ Korea Express Asia Pte Ltd had agreed to buy a 31.36% stake in Century Logistics for RM174.79 million or RM1.45 a share. Apart from Chai’s stake, the Korean company also bought 99.95 million shares from Century Logistics executive chairman Datuk Phua Sin Mo and his family. After the sale, Phua resigned as executive chairman.

The purchase price, which represents 1.85 times book value, is at a 66.67% premium to the stock’s six-month average price of 87 sen.

Kin Kee Holdings Sdn Bhd, one of Tan Sri Pheng Yin Huah’s private vehicles, sold 75.53 million Kinsteel Bhd shares between Oct 31 and Nov 3. Pheng is the managing director of Kinsteel, which is now controlled by Tan Sri Abu Sahid Mohamed, who serves as chairman.

After the transactions, Pheng is left with an 8.89% stake in Kinsteel through his direct and indirect holdings.

Kinsteel’s share price almost halved to three sen — a one-year low — on Oct 28 from 5.5 sen the previous day. It has since rebounded somewhat, closing at four sen on Nov 9.

Notable movements

Destini Bhd’s substantial shareholder Freddy Lim Nyuk Sang sold a block of five million shares in an off-market deal on Oct 27, just three days after the stock hit a five-year high of 88 sen.

The disposal price was not disclosed but Lim could have got RM4.25 million for the stake as Bursa data shows five million shares changed hands that day at 85 sen apiece, a slight discount to the 86.5 sen they fetched on the open market. Lim remains Destini’s fourth largest shareholder with a direct stake of 4.955% and an indirect interest of 0.216%.

Also on Oct 27, Asia Poly Holdings Bhd executive director Teoh Cheng Chuan sold a block of 3.5 million shares in the plastics manufacturer at an undisclosed price. The stock closed at 17 sen that day after trading between 17 sen and 18 sen. On Nov 9, it dropped to a one-year low of 15 sen.

Filings show that Teoh has been paring down his holding in recent months, from 11.38% on April 1 to 5.27% in end-October.

Asia Poly executive chairman Datuk Yeo Boon Leong, meanwhile, has been increasing his stake. On Oct 27, he acquired 500,000 more shares, bringing his holding to 50.97 million shares or a 16.81% stake. He bought the block of shares for RM85,000 or 17 sen apiece, the day’s closing price.

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