Notable filings
IN the week of Oct 10 to 14, notable filings show several disposals by Skim Amanah Saham Bumiputera (ASB), which point to a rebalancing of its portfolio away from construction and property stocks.
The fund disposed of 11.1 million shares in Gamuda Bhd during the week, ceasing to be a substantial shareholder. It sold 9% of its holding in Gamuda between Oct 6 and 12.
ASB also ceased to be a substantial shareholder in Kuala Lumpur Kepong Bhd (KLK) after selling 5.18 million shares. The fund had been steadily disposing of the shares over the past two months.
At the beginning of August, ASB held 71.42 million shares in KLK or a 6.71% stake.
At the same time, ASB sold seven million shares in Mah Sing Group Bhd, ceasing to be a substantial shareholder. It has been reducing its presence in Mah Sing since September when its equity interest was 5.58%.
The fund ceased to be a substantial shareholder in Sunway Bhd as well after disposing of 898,000 shares on Oct 6. Interestingly, it has hived off 5.43 million Sunway shares since late September.
Another counter that ASB has been selling is Sunway Real Estate Investment Trust, disposing of 16.48 million shares during the week under review. It now has a 7.91% stake in the REIT.
Other counters in which ASB has been trimming its holdings are: Maxis Bhd, in which it sold 3.6 million shares and now holds an 8.1% stake; IJM Corp Bhd, in which it offloaded 13.1 million shares; Capitaland Malaysia Mall Trust, in which it disposed of 10.65 million shares; and Axis Real Estate Investment Trust, in which it sold 5.6 million shares.
Meanwhile, Credit Suisse Group AG sold 39.15 million Cliq Energy Bhd shares on Oct 5. This comes shortly after the High Court on Sept 27 allowed a petition to wind up the company.
Following the disposal, Credit Suisse ceased to be a substantial shareholder of the company. Note that Cliq Energy’s share price has shot up, closing at 72 sen last Tuesday.
Advanced Capital Partners Sdn Bhd (ACP) has been actively selling shares in D.B.E. Gurney Resources Bhd since emerging in the latter as a substantial shareholder with an 8.24% stake on Aug 25.
ACP had acquired the shares after converting redeemable convertible notes.
As at Oct 13, ACP had cut its stake to 7.6%. On Oct 18, DBE Gurney announced a one-for-two bonus issue of free warrants.
Notable movements
On Oct 10, Perisai Petroleum Teknologi Bhd saw managing director Datuk Zainol Izzet Mohamed Ishak sell 36.53 million shares on the open market and cease to be a substantial shareholder.
The disposal came on the same day that the company formally defaulted on S$125 million in multi-currency medium-term notes. It filed for PN17 status on Oct 12.
The group’s share price collapsed during the week, dropping 80% y-o-y before closing at 6.5 sen last Tuesday.
Lembaga Tabung Haji disposed of 1.75 million shares in the group on Oct 4. The pilgrim fund held a 6.06% stake in the insolvent company after the share sale.
Separately, Pacific Alliance Investment Management Ltd and Credit Suisse have been actively buying shares in Reach Energy Bhd over the past few weeks.
At press time, Pacific Investment had a 6.05% stake in Reach Energy while Credit Suisse held 7.67%.
Reach Energy’s share price rose to a record high of 73 sen on Oct 10 but eased to 71 sen last Tuesday. This represents a 15.5% year-on-year gain.
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