A total of 463.38 million shares valued at RM777.83 million were traded off market from May 27 to June 2 in blocks of at least 500,000 shares.

Among the notable transactions were those involving Johor-based property developer BCB Bhd (fundamental: 0.6; valuation: 3.0), which saw 44 million shares or a 21.97% stake change hands off market on May 28 and June 2 via two block trades. The shares moved at 90 sen apiece, a 7.2% discount to the closing price of 97 sen on both days.

Filings with Bursa Malaysia show that the company’s group managing director, Datuk Tan Seng Leong, disposed of 22 million shares on

May 28, while Evergreen Ratio Sdn Bhd, a company in which he has equity interest, emerged as BCB’s new substantial shareholder with a 10.99% stake or 22 million shares.

On June 2, Tan sold another 22 million shares, with Evergreen Ratio buying the same number of shares, further filings show. Following the transactions, Tan’s direct stake in BCB is reduced to 9.507%, while Evergreen holds 21.97%.

BCB, which reported a nine-month net profit of RM24.71 million recently, has projects mainly in Johor towns such as Kluang and Batu Pahat. But in recent years, it ventured into other states and its developments now include high-end condominium Concerto North Kiara in Kuala Lumpur and a bungalow township in Kota Kemuning, Shah Alam, Selangor.

Over at CWorks Systems Bhd (fundamental: 1.8; valuation: 0), 20 million shares or a 16.53% stake was traded off market in a single deal. The shares changed hands at 26 sen apiece on June 2, slightly lower than the day’s closing price of 27 sen. As at press time, there were no filings to indicate who the transacting parties were.

It is worth noting, however, that in February, it was reported that the maintenance management software specialist was looking to diversify into metal article manufacturing, having entered into a heads of agreement with two individuals to acquire a manufacturer of metal articles.

Integrated pipeline service provider Barakah Offshore Petroleum Bhd (fundamental: 2.4; valuation: 1.2) saw a block of 7.7 million shares or a 0.95% stake traded off market on May 27. Filings have yet to reveal the buyer of the shares at 85 sen apiece, a 0.5-sen premium to the stock’s closing price on that day.

Incidentally, the block of shares was traded the day after Barakah reported a 60.4% jump in net profit to RM15.12 million for the first quarter ended March 31. And two days later, it announced that it bagged a three-year contract from Sarawak Shell Bhd to supply operational pigs (pipeline inspection gauges) as well as pigging accessories and related equipment.

Sunway Bhd again saw two large transactions totalling 30.7 million shares or a 1.75% stake within three days. On May 27, a block of 15 million shares was traded at RM3.47 apiece, a premium of 2 sen to the day’s closing price. Then on May 29, another block of 15.69 million shares crossed at RM3.40, a 3-sen premium to the stock’s closing price on that day.

According to filings, the two blocks of shares were acquired by Sungei Way Corp Sdn Bhd from Jef-San Enterprise Sdn Bhd. Both companies are linked to Sunway chairman Tan Sri Jeffrey Cheah. As it stands, Sungei Way Corp now holds a 51.78% stake in Sunway.

Tropicana Corp Bhd (fundamental: 1.3; valuation: 2.1) saw 11.35 million shares or a 0.8% stake change hands on June 2 at RM1.06 apiece, a 1.8% premium to the day’s closing price. At press time, the transacting parties were not known.

Hap Seng Consolidated Bhd (fundamental: 1.3; valuation: 2.1), a diversified group with interests in plantations, property development, credit financing and automotive, saw 10 million shares or a 0.47% stake change hands on June 2. The shares crossed off market at RM4.99 apiece, the same as the stock’s closing price on that day.

Hap Seng’s shares have been on a steep upward climb since the middle of last month. Year to date, the stock has risen 8.12% or 38 sen. In March, the company announced deals worth more than RM1 billion — the disposal of its wholly-owned subsidiary Hap Seng Pte Ltd for RM640.8 million and the proposed acquisition of a 14-storey retail and office block known as Menara Hap Seng KK for RM395 million cash.

Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Visit www.theedgemarkets.com for more details on a company’s financial dashboard.

This article first appeared in Capital, The Edge Malaysia Weekly, on June 8 - 14, 2015.

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