Insider Moves:Muhibbah Engineering(M), IHH Healthcare, Gamuda, WZ Satu, Sumatec Resources, Iris Corp

This article first appeared in Capital, The Edge Malaysia Weekly, on February 4, 2019 - February 10, 2019.
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Notable filings

FROM Jan 18 to 25, notable shareholding changes included those at engineering and construction outfit Muhibbah Engineering (M) Bhd, which saw Prudential plc surface as a substantial shareholder after accumulating 24.09 million shares or 5% equity interest.

Muhibbah’s other substantial shareholders include FIL Ltd (8.58%), pilgrim fund Lembaga Tabung Haji (6.9%) and company managing director Mac Ngan Boon @ Mac Yin Boon (15.3%).

It is worth noting that FIL has been actively trading Muhibbah shares which, as at last Wednesday, closed at RM2.79 apiece, valuing the company at RM1.35 billion.

Over the past year, the stock has been volatile, hitting a low of RM2.45 in early April after scaling a high of RM3.14 in early February 2018.

At Gamuda Bhd, AmanahRaya Trustees Bhd-Amanah Saham Bumiputera ceased to be a substantial shareholder after selling 908,000 shares in the construction giant.

The Permodalan Nasional Bhd-linked fund has been trading Gamuda shares since emerging as a substantial shareholder on Jan 9 with 123.97 million shares or a 5.02% stake.

The stock has gained steadily since the beginning of the year, strengthening by almost a fifth and finishing last Wednesday at RM2.73.

At Sumatec Resources Bhd, Tan Sri Halim Saad ceased to be a substantial shareholder of the oil and gas outfit after hiving off 197.3 million shares on the open market.

Over the past year, Sumatec has shed more than 80% of its value. It closed last Wednesday at a mere one sen, for a market capitalisation of RM42.5 million.

Orientalgold Equity Sdn Bhd strengthened its position in Iris Corp Bhd after acquiring 49.4 million shares, which nudged its holding to 345.29 million shares or an 11.64% stake. Orientalgold is 80% controlled by Poh Soon Sim and 20% by Datuk Paul Poh Yang Hong.

It is likely that Orientalgold acquired its shares in Iris from Caprice Development Sdn Bhd, the vehicle of Yang Hong and Datuk Rozabil @ Rozamujib Abdul Rahman.

In January, Caprice Development and Rozabil ceased to be substantial shareholders of Iris.

Iris hit a 52-week high of 22 sen on Feb 2, 2018, but has since been on the slide. It closed last Wednesday at 13 sen.


Notable movements

Since hitting a 52-week low of RM4.54 on Nov 13 last year, IHH Healthcare Bhd has gained 23.57% to close at RM5.61 last Wednesday.

Over the period, the Employees Provident Fund (EPF) had been trading IHH shares and, during the week in review, sold 9.62 million shares to trim its stake to 8.14% or 714.16 million shares.

In early October, the EPF held 745.28 million shares or a 9.04% stake in IHH.

At end-November last year, state-controlled investment fund Khazanah Nasional Bhd announced plans to sell 1.4 billion shares or a 16% block in IHH to Japan’s Mitsui & Co at RM6 a share or RM8.42 billion in total. This reduced Khazanah’s holding to 26.05%, while Mitsui’s stake increased to 32.9%.

Shares of steel player WZ Satu Bhd have gained more than 70% since mid-December last year, buoyed by strong volume. It ended trading last Wednesday at 32 sen, valuing the company at RM198.5 million.

During the week in review, 19.2 million shares or a 3.1% stake in the company belonging to the late Tan Ching Kee was transferred to Tan Jing Xin, who now has 8.13% equity interest or 37.84 million shares in WZ Satu.

Ong Lee Veng @ Ong Chuan Heng, another substantial shareholder in WZ Satu, sold 1.3 million shares, trimming his stake to 6.89% or 32.03 million shares.

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