This article first appeared in Capital, The Edge Malaysia Weekly on April 6, 2020 - April 12, 2020
Notable filings
IN the week of March 23 to 27, among the more notable changes in shareholding was that at construction outfit WCT Holdings Bhd.
Tan Sri Desmond Lim Siew Choon mopped up 16.69 million shares, or 1.2% equity interest, in the company, increasing his shareholding to 293.63 million shares, or 21.03%.
Lim has been nibbling at WCT’s stock. A check on the Bursa Malaysia website indicates that as at end-December 2018, he had 19.67% or 271.51 million shares in the construction company.
WCT shares hit a 52-week low of 24.5 sen on March 19. Year to date, they have shed more than 50% of their value. WCT closed at 37.5 sen last Tuesday, giving it a market capitalisation of RM531.8 million.
According to WCT’s 2019 annual report, Lim was the largest shareholder in the company through his direct and deemed interest of 1.76% and 17.91% respectively as at March 29, 2018.
At property developer Eastern & Oriental Bhd (E&O), privately held Amazing Parade Sdn Bhd acquired 56.31 million shares, or a 3.93% stake, in the company during the week in review, nudging its shareholding up to 125.5 million shares or 8.77%.
Amazing Parade is the investment vehicle of Datuk Tee Eng Ho and Tee Eng Seng. The brothers are substantial shareholders of Kerjaya Prospek Group Bhd, with a 70.66% stake. Eng Ho is the executive chairman of Kerjaya Prospek while Eng Seng is an executive director of the construction company.
E&O closed last Tuesday at 37 sen, translating into a market value of RM539 million.
At LBS Bina Group Bhd, Tan Sri Lim Wee Chai, executive chairman and founder of Top Glove Corp Bhd, surfaced as a substantial shareholder after buying 103.12 million shares or 6.81% equity interest in the property developer.
Lim acquired the shares from Gaterich Sdn Bhd, the privately held company of Datuk Seri Lim Bok Seng and family, who control LBS. After the sale, Bok Seng and family still have a 35.88% stake in LBS or 543.31 million shares.
Wee Chai has a 35.93% controlling stake in Top Glove.
LBS closed last Tuesday at 37 sen, valuing the company at RM576 million.
Urusharta Jamaah Sdn Bhd (UJSB), a company under the Ministry of Finance, ceased to be a substantial shareholder in several listed companies during the week in review.
Among the companies in which UJSB reduced its shareholding to less than 5% are property developer Mah Sing Group Bhd, glovemaker Adventa Bhd, steel outfit Lion Industries Corp Bhd and diversified firm WZ Satu Bhd. UJSB was also seen reducing its shareholding significantly in some other companies.
UJSB took over pilgrim fund Lembaga Tabung Haji’s non-performing assets in late 2018.
Notable movements
The Employees Provident Fund mopped up shares of banks and financial institutions during the week in review. Many of these companies’ shares were battered down as a result of the looming uncertainty in the marketplace.
During the week in review, EPF accumulated 19.74 million shares or 0.51% equity interest in Public Bank Bhd, strengthening its shareholding to 598.88 million shares or 15.43% in the banking group.
Pubic Bank’s shares hit RM12.58 on March 19, the lowest since April 2013. Year to date, its shares are down about 17%. Nevertheless, they are up about 25% from their low.
Public Bank ended trading on Tuesday at RM15.90, giving it a market capitalisation of RM61.73 billion.
The retirement fund also acquired 4.72 million shares, or a 0.3% stake, in Alliance Bank Malaysia Bhd during the week in review, nudging its holdings in the banking group up to 209.72 million shares or 13.55%.
Alliance Bank hit a low of RM1.48 on March 19, its lowest since July 2009. Year to date, its shares have shed about 28% in value.
Since hitting their low, the company’s shares have gained about 20%, closing at RM1.90 last Tuesday. At this level, Alliance Bank has a market capitalisation of RM2.94 billion.
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