Off-Market Trades: Destini and Furniweb Industrial Products

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A total of 1.07 billion shares valued at RM1.35 billion changed hands off market, in blocks of at least 490,000 shares from Aug 27 to Sept 02.

Bumi Armada Bhd saw some 7.22% of its shares change hands off market on Aug 28. A total of 211.68 million shares were traded at RM2.96 apiece, for a total of RM626.3 million.

The trades coincided with a disposal of some 215 million shares by Objektif Bersatu Sdn Bhd (OBSB), in line with a book-building exercise that concluded on Aug 27, for a placement of Bumi Armada shares. Ananda Krishnan is deemed to have control of OBSB, through PanOcean Management Ltd.

Over at Berjaya Land Bhd, some 273.37 million shares or a 5.49% stake changed hands off market, during the period under review. The shares were worth RM205.05 million, with the bulk of the trades taking place at 75 sen a share.

A single block of 200 million shares was acquired on Sept 02 by Bizurai Bijak (M) Sdn Bhd, which is controlled by Tan Sri Vincent Tan Chee Yioun — the largest shareholder of Berjaya Land, with a deemed interest of 68.8%. The announcement to Bursa Malaysia during the week prior to Sept 08, did not disclose the selling party.

At the same time, some 66.5 million shares changed hands in a “left to right hand” transaction, disposed of by Teras Mewah Sdn Bhd and acquired by Bizurai Bijak.

Berjaya Land’s shares have low trading volumes on Bursa. They closed at 85 sen on Aug 28, on a volume of 39,300.

Meanwhile, Destini Bhd saw 11.26% or 89.76 million of its share capital trade off market, through direct trades. Some 75.26 million shares were acquired by BPH Capital Sdn Bhd, which is controlled by Datuk Rozabil Abdul Rahman, at 66 sen apiece on Aug 28, bringing his stake to 32%. Destini closed at 67.5 sen on the same day. The announcement to Bursa, however, did not disclose the seller of the shares.

Another 14.5 million shares changed hands on Sept 02 in a single block, but there wasn’t any announcement on the buyer or seller, as at press time.

Some 11 million Destini Bhd-CW warrants also changed hands at 25 sen apiece on Sept 02, in a single block.

Furniweb Industrial Products Bhd saw some 24.51 million shares trade off market on Aug 29, representing a 16.9% stake. Shareholder Cheah Eng Chuan disposed of 14 million shares at 75 sen a share and 5.4 million warrants at 32 sen apiece.

Pacific Vintage Sdn Bhd also disposed of some 6.85 million shares through a married deal on the same day.

According to an announcement to Bursa, Yeoh Soo Ann emerged as a new shareholder in the loss-making maker of covered elastic yarn and furniture webbing, acquiring some 25.2 million shares or a 17.45 stake.

Note that the transactions took place at a substantial discount to the closing price on the same day, of 87.5 sen.

Other interesting movers during the period under review include SILK Holdings Bhd, which saw a block of 20 million shares change hands at RM1.05 on Aug 29. That makes up a 3.88% stake in the company, which was disposed of by Infra Bumitek Sdn Bhd. The latter is controlled by Datuk Mohamad Azlan Hashim — the executive chairman, and director Johan Zainuddin Dzulkifli.

Mohamad Azlan retains a 15.45% deemed interest in SILK, while Zainuddin retains a 24.3% stake. SILK’s share price closed at 97.5 sen on the same day.

This story first appeared in The Edge weekly edition of Sept 08-14, 2014.