Insider Moves: Vortex Consolidated Bhd, Datasonic Group Bhd, XingHe Holdings Bhd, Tiger Synergy Bhd, Focus Dynamics Group Bhd, Impiana Hotels Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on February 10, 2020 - February 16, 2020.
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Notable filings

BETWEEN Jan 24 and 31, notable shareholding changes in companies listed on Bursa Malaysia included that at Vortex Consolidated Bhd, where 39.75 million shares, or an 8.4% stake, were acquired by Master Knowledge Sdn Bhd, the private vehicle of Vortex managing director Choo Peng Hung.

Following the acquisition, Choo’s indirect stake in Vortex rose to 14.04% as at Jan 24, making him the company’s largest shareholder. In a Jan 6 filing with Bursa, Vortex said it is currently in talks to buy a stockbroking firm, but has yet to enter into any definitive agreements.

During the period under review, Datasonic Group Bhd saw two substantial shareholding movements. Hallmark Epitome Sdn Bhd, the private vehicle of Datasonic deputy managing director Chew Ben Ben, acquired 95.42 million shares, or a 7.07% stake, in the company.

Enrich Epitome Sdn Bhd, another private of vehicle of Chew’s, ceased to be a substantial shareholder in the company following the disposal of 3.85 million shares, or a 0.29% stake.

As at Feb 4, Chew held a 27.99% stake in Datasonic via direct and indirect shareholdings.

At XingHe Holdings Bhd, 30 million shares, or a 4.94% stake, were sold by Testa Holdings Ltd for 10 sen apiece, or RM3 million in total. Testa is the private vehicle of Li Huijun, the executive deputy chairperson of XingHe, and her spouse, XingHe managing director Ma GuoLiang.

Post-disposal, the couple own 89.27 million shares, or a 14.95 % stake, and remain the largest shareholders of the peanut oil producer.

Over at Impiana Hotels Bhd, Impiana Group of Hotels executive chairman and founder Datuk Seri Ismail @ Farouk Abdullah disposed of 100 million shares, or a 1.5% stake, in the company. Post-disposal, Ismail owns a 61.93% stake via direct and indirect shareholdings, and remains the largest shareholder of the group.

 

Notable movements

Property developer Tiger Synergy Bhd’s share price dipped 16% to 8 sen on Jan 31 from 9.5 sen on Jan 24. During the period under review, Tiger Synergy executive director Datin Sek Chian Nee disposed of 5.25 million shares, or a 0.36% stake. At the same time, her husband, executive chairman Datuk Tan Wei Lian, sold 105,000 shares in the company.

Following the disposals, the couple control 12.5% of the company via direct and indirect shareholdings.

Tiger Synergy’s extraordinary general meeting, to be held on Feb 20, will be closely watched as one of the resolutions is to remove Tan, Sek and Tan Lee Chin — the managing director of Tiger Synergy and sister of Wei Lian — from their positions.

The EGM also seeks to appoint Goh Ching Mun to the board of Tiger Synergy. Goh owns an 11.85% stake and is the largest shareholder of the company.

He is one of the founders of restaurant chain OldTown Bhd and was reported to have been dissatisfied with some of the corporate deals Tiger Synergy had undertaken in the past.

Focus Dynamics Group Bhd, whose share price has risen 35% from 50.5 sen on Dec 31 to a record high of 68 sen on Jan 24, saw some of the gains erased during the period under review.

Its share price declined 7.3%, from 68 sen on Jan 24 to 63 sen on Jan 31.

During the period under review, Fintec Global Bhd — via its subsidiary, Asiabio Capital Sdn Bhd — acquired 2.66 million shares, or a 0.13% stake, in the company, bringing its total equity interest in the company to 24.94%.

ACE Market-listed Focus Dynamics operates food and beverage brands Chaze, Lavo and Maze. Its shareholder, Fintec Global, is also listed on the ACE Market and is a technology incubator that provides management and strategic advisory services for its incubatee companies.

Apart from Focus Dynamics, Fintec Global has also invested in other public-listed companies such as Vsolar Group Bhd, AT Systematization Bhd, NetX Holdings Bhd, MLabs Systems Bhd and DGB Asia Bhd.

 

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