Insider Moves: TSH Resources Bhd, CWG Holdings Bhd, Media Prima Bhd, Green Packet Bhd, YTL Power International Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on October 7, 2019 - October 13, 2019.
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Notable filings

BETWEEN Sept 20 and 27, notable filings on shareholding changes in companies listed on Bursa Malaysia included that of plantation group TSH Resources Bhd, which saw Embun Yakin Sdn Bhd cease to be a substantial shareholder after disposing of 7.3 million directly-held shares, or a 0.53% stake, on Sept 26.

Embun Yakin is a private company whose two shareholders are listed as Aminuddin Harin and Wong Shea Nee, according to a company search. Embun Yakin was TSH’s fourth largest shareholder as at March 29 with a 5.48% stake (75.7 million shares), based on its latest annual report.

TSH’s largest shareholder, non-executive chairman Datuk Kelvin Tan Aik Pen, has been actively accumulating shares in the Main Market-listed company in recent months. In September alone, he acquired 823,000 shares or a 0.06% stake. He went on to add 36,000 shares on Oct 1, giving him a 12.4% stake.

Tan is also the managing director of Main Market-listed Innoprise Plantations Bhd, in which Embun Yakin has a marginal 0.72% stake.

TSH reported an 11% drop in net profit to RM19.6 million in the first half of the financial year ending Dec 31, 2019, mainly because of lower crude palm oil prices.

Over at CWG Holdings Bhd, ANB Equity Sdn Bhd pared down its shareholding in the stationery maker to 10.19% on Sept 27, after disposing of 5.25 million shares or a 4.17% stake in an off-market trade. ANB Equity is the vehicle of Indonesian, Lai Tjhin Tjhin. CWG’s latest annual report says ANB Equity held a 14.35% direct stake in CWG as at Sept 28 last year.

Main Market-listed CWG saw its net profit fall 21.1% to RM5.19 million in the year ended June 30, 2019 (FY2019) mainly because of lower revenue from the export market. It anticipates a challenging FY2020 due to the uncertain macro-economic outlook but, nevertheless, expects to remain profitable.

Meanwhile, Media Prima Bhd announced to Bursa Malaysia on Sept 24 that Altima Inc, a company incorporated in the British Virgin Islands, had disposed of its 7.9% stake (or 88.29 million shares) in the media group to Aurora Mulia Sdn Bhd, a company linked to tycoon Tan Sri Syed Mokhtar Al-Bukhary, on Sept 19 in a direct business transaction.

Aurora’s acquisition of the Media Prima shares, which made it the single largest shareholder with a 31.22% stake, was widely reported last month. While the seller was unknown, it was speculated to be Umno-linked Altima.

 

Notable movements

In the period under review, Singapore-based private equity firm Kendall Court emerged as a substantial shareholder in Green Packet Bhd. Its wholly-owned unit, Summit Synergy Ltd, acquired 65 million shares in the company, representing a 7.19% stake, via a direct business transaction on Sept 27 for RM45.5 million, or 70 sen a share.

Green Packet’s shares closed at a five-year high of 75.5 sen that day. The loss-making group, which ventured into the fintech space three years ago, is confident that its e-wallet business and payment gateway solutions unit, Kiplepay Sdn Bhd, will put it back on the road to profitability in 2021.

Meanwhile, the Employees Provident Fund ceased to be a substantial shareholder in YTL Power International Bhd after selling 6.575 million shares on Sept 19.

On Sept 20, the day the EPF notified the company, the counter was actively traded on the stock market with 78.38 million shares changing hands, about 15 times more than the previous day. It was the most active the counter had been since May 31 last year.

The share price rose that day by 0.5 sen to 73.5 sen.

 

 

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