Off-Market Trades

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A total of 609.56 million shares valued at RM853.31 million exchanged hands in blocks of at least 500,000 shares, through off-market transactions between Aug 20 and 26.

Precision tools manufacturer Rapid Synergy Bhd saw some 10.19 million shares or 12% equity interest, cross in direct trades on Aug 20, 21, 25 and 26. The shares were valued at RM6 each or RM61.15 million in total. Company director Lee Chun Weng disposed of 1.8 million shares in an off-market transaction on Aug 26, but the acquirer is unknown at this juncture.

In a separate transaction, filings with Bursa Malaysia revealed that Rapid Synergy’s controlling shareholder Datuk Dr Yu Kuan Chon bought 550,000 shares on Aug 20, raising his direct stake to 20.99% or 18.35 million shares on hand. The buyer of the remaining 7.84 million shares traded off market in direct trades, is not known as at press time.

Meanwhile, oil and gas services outfit Perisai Petroleum Teknologi Bhd saw some 70.68 million shares, representing 6% of its share capital, moving off market during the week in review. The shares, which changed hands in a direct trade on Aug 20, were valued at RM1.40 apiece or RM90.6 million in total. The transaction took place between related companies Emas Offshore (M) Sdn Bhd and HCM Logistics Ltd, for the purpose of consolidating Perisai Petroleum shares into one company. After the transfer, Emas Offshore ceased to be a shareholder of Perisai Petroleum, while HCM Logistics’ stake in the oil and gas services outfit increased to 11.46%. Both Emas Offshore and HCM Logistics are linked to Singapore-listed Ezra Holdings Ltd.

Tune Ins Holdings Bhd saw some 30 million shares, equivalent to a 4% stake, traded in a direct deal during the week in review. In an announcement to Bursa, it was revealed that Tune Group Sdn Bhd disposed of 30 million shares at RM2.20 apiece, thereby reducing its equity interest in the insurance company to 17.42% or 130.95 million shares.

The disposal means that owners of Tune Group, Tan Sri Tony Fernandes’ and Datuk Kamarudin Meranun’s shareholding in the insurance company, has also been scaled down. After the disposal, Fernandes’ and Kamarudin’s indirect shareholding in Tune Ins is reduced to 31.07%.

Another notable transaction during the week included the disposal of 165.51 million shares or a 4% stake of Berjaya Corp Bhd. The stake was transacted at 50 sen apiece in a direct trade on Aug 26. At this juncture, the parties involved are unknown.

The company slipped into a net loss of RM250.45 million for the fourth quarter of 2014 ended April 30, from net profit of RM30.8 million a year ago. The group said the loss was attributable to the incurrence of exceptional non-cash charges from impairment of certain goodwill and property, plant and equipment; and lower profit contributions from associated companies. On a full-year basis, the group accumulated a net loss of RM160.42 million, compared with a net profit of RM74.98 million a year ago.

Over at Sentoria Group Bhd, 7.85 million shares or a 2% stake changed hands during the week. The shares amounting to RM10.72 million, was transacted in a direct trade on Aug 25 at RM1.51 per share.

The property developer has seen its share price surging, since early July. Between July 10 and Aug 27, the share price gained 75% to RM1.55. The company’s results, which was released during the week prior to Sept 01, saw net profit for the third quarter ended June 30, 2014 increasing 6.2% to RM8.18 million, on the back of RM56.36 million in revenue. In June, the company received a letter of award for the development of Pembangunan Perumahan Rakyat 1Malaysia — PR1MA, on 79.18 acres in Kuantan, for RM80 million.

This story first appeared in The Edge weekly edition of Sept 01-07, 2014.