Friday 29 Mar 2024
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This article first appeared in The Edge Malaysia Weekly, on May 9 - 15, 2016.

 

Excel-Force-Msc_Spring-Gallery_TEM1109_Cap46_theedgemarketsNotable filings

BETWEEN April 25 and 29, changes in shareholding on Bursa Malaysia included that at MTouche Technology Bhd, where largest shareholder Homegrown Media Sdn Bhd disposed of its entire 28% stake or 64.3 million shares on the open market. The shares crossed at 14 sen apiece in blocks of 20 million, 16 million and 28.4 million on April 22, 25 and 26 respectively.

Homegrown Media is a private vehicle linked to MTouche’s non-independent non-executive director and chairman, Raja Hizad Raja Kamarulzaman. With the sale, he no longer has any shares in MTouche.

In the meantime, Kua Khai Shuan has emerged as a substantial shareholder in MTouche, which specialises in wireless network technologies. Kua swept up 20 million shares or a 8.64% stake at 14 sen apiece on April 26. He joins other notable shareholders such as OSK Group CEO Tan Sri Ong Leong Huat and AirAsia Group chairman Kamarudin Meranun.

Elsewhere, at property developer Petaling Tin Bhd, its president Tan Sri Dr Chen Lip Keong has increased his stake to 65.07% from just 26.54%. After purchasing the 133.24 million shares on April 28 via a direct business transaction, he was obliged to make a mandatory general offer to buy out the minority shareholders. The company announced that Chen had made an offer of 24 sen per share, valuing Petaling Tin at RM83 million. The offer price is a 4% discount to the last transacted price on April 27, the day before the purchase. It is also a 7.7% discount to the five-day volume weighted average market price on April 27. Chen does not intend to maintain Petaling Tin’s listing status.

 

Notable movements

Excel Force MSC Bhd has seen its share price shoot up 118% in a year to close at an all-time high of RM1.27 last week. The counter’s trading was usually sedate but the emergence of Asia Internet Holdings Sdn Bhd as its largest substantial shareholder last week brought it back to life.

Asia Internet, which is the largest shareholder of My E.G. Services Bhd, acquired 38 million Excel Force shares in an off-market married deal on April 26. Since the acquisition of the 18.67% stake, the IT solutions firm’s share price has risen 27%. Filings show that the seller is likely to be Sun Chin-Chuan @ Sharon Sun, who sold the same amount of shares on the same day. Sun is a former executive director and wife of the company’s executive chairman and managing director Wang Kuen-Chung. Post-disposal, she holds a 1.28% stake.

Interestingly, Asia Internet’s acquisition of the Excel Force shares came on the same day that the company disposed of 24.03 million My E.G. shares pursuant to a financing agreement. With the sale, Asia Internet has pared its direct equity interest in the government e-services provider substantially to 29.7% but remains the largest shareholder.

Datuk Jayakumar Panner Salam has also increased his equity interest in Excel Force, acquiring 410,900 shares on April 26 as well. He now has a 7.14% stake.

Spring Gallery Bhd’s share price surged between April 25 and 29, touching an all-time high of RM1.23 on April 26 before diving sharply to close at 65.5 sen five days later.

Kuan Poh Huat, the pottery products maker-turned-builder’s executive director and substantial shareholder, has been accumulating its shares throughout the week. In various transactions, he acquired 9.24 million shares from the open market to raise his stake to 18.6%. The transaction prices were not disclosed.

During the period, Innofarm Sdn Bhd was also actively trading in Spring Gallery’s shares. In various transactions, it accumulated 5.76 million shares. At the latest count, Innofarm owned 20.4 million shares or a 19.52% stake. It is the controlling shareholder of poultry farmer Lay Hong Bhd and first emerged as a shareholder of Spring Gallery in August last year. 

 

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