This article first appeared in Capital, The Edge Malaysia Weekly, on March 13 - 19, 2017.
Notable filings
BETWEEN Feb 27 and March 3, shareholding changes filed with Bursa Malaysia included that at IGB Real Estate Investment Trust, which owns Mid Valley Megamall and The Gardens Mall.
On Feb 24, IGB REIT managing director and executive director Datuk Seri Robert Tan Chung Meng picked up 500,000 more units in the REIT at an undisclosed price. The stock traded at between RM1.67 and RM1.70 that day.
IGB REIT touched RM1.78 on March 6, skyrocketing 20% from its six-month low of RM1.48 registered on Nov 21 last year. It closed at RM1.73 last Wednesday.
Tan, who is also the group managing director of the REIT’s sponsor, IGB Corp Bhd, directly holds 10.64 million units, which make up 0.3% of the REIT. He is also deemed interested in 53.27% of the REIT via IGB Corp’s 49.56% stake and equity interest held by family members and other vehicles.
On Feb 22, Tadmax Resource Bhd’s former deputy executive chairman, Datuk Faizal Abdullah, sold 15 million shares on the open market. The transacted price was not disclosed but the stock traded at between 40.5 sen and 41.5 sen that day. Also Tadmax’s former managing director, Faizal remains its second largest shareholder with a roughly 12% stake. Tadmax hit a one-year high of 53.5 sen on July 22 last year but has since hovered at around 40 sen.
Over at Euro Holdings Bhd, Singaporean investor Tee Wee Sien halved his stake after selling 15 million shares off market at 20 sen apiece on Feb 27. This represented a 9.1% discount to the 22 sen the stock fetched on the open market that day.
After the transaction, Tee is still the third largest shareholder with 6.175% equity interest or 15 million shares in the company. His shares appear to have been picked up by another Singaporean investor, Ching Chiat Kwong, according to filings.
Meanwhile, JAKS Resources Bhd CEO Ang Lam Poah added two million shares or a 0.46% stake to his name. Filings show that he bought one million shares on Feb 28 for RM1.065 million and another million on March 1 for RM1.16 million, giving him a 9.159% direct stake. JAKS traded at between RM1.01 and RM1.19 on the open market on those two days.
Notable movements
T7 Global group CEO and executive director Rahmandin@Rahmanudin Md Shamsudi sold a large block of shares as the stock rallied to a one-year high of 47.5 sen on March 6 — up 50.8% from 31.5 sen on Feb 16. T7, formerly known as Tanjong Offshore Bhd, last saw these share price levels in June 2015.
Rahmandin ceased to be a substantial shareholder of the company after selling 19.077 million shares at 42 sen apiece on Feb 28. Filings also show that Rahmandin sold a total of 11 million shares on March 3 and 6 at 45 sen each As at March 7, he still held 5.92 million T7 Global shares or a 1.44% stake.
The provider of oil and gas services ended FY2016 in the black, posting a net profit of RM5.06 million, compared with a net loss of RM76.26 million a year ago. Revenue grew 37.23% year on year to RM83.28 million, driven by contracts secured from Petroliam Nasional Bhd.
Meanwhile, Cahya Mata Sarawak Bhd (CMS) deputy chairman Datuk Seri Mahmud Abu Bekir Taib sold a total of 2.92 million shares between Feb 28 and March 2, during which time the stock traded at between RM4.17 and RM4.25 on the open market.
According to filings, Mahmud sold the shares at RM4.203 apiece, valuing the block of shares at RM12.27 million. He sold another 4.14 million shares between March 3 and 7 at between RM4.189 and RM4.203 each.
Mahmud, the son of Sarawak Yang diPertua Negeri Tun Abdul Taib Mahmud, has been paring down his stake in CMS since late December. His 7.66% stake as at March 3 was down from 8.15% at end-2016. CMS shares are staging a comeback after plunging to a one-year low of RM3.23 on May 18 last year. They have been trading above the RM4 level since the start of the year.
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