This article first appeared in Capital, The Edge Malaysia Weekly, on March 21 - 27, 2016.

ONLY 202.58 million shares worth RM631.9 million changed hands off market in blocks of at least 100,000 shares between March 10 and 15.

Notable transactions included the sale of a 2.1% stake in Berjaya Auto Bhd by Tan Sri Vincent Tan’s Berjaya Group Bhd, bringing its total disposal to just over 10% year to date.

According to stock market data, Berjaya Auto saw 24 million shares or 2.1% equity interest change hands in two direct deals on March 9 at RM2.10 apiece — just 1.4% to 1.9% below the market price of RM2.13 and RM2.14 respectively at the time.

The seller was likely Berjaya Group, which sold 24 million shares at undisclosed prices on March 9 via direct deals, filings show. It sold another 25.25 million shares or a 2.2% stake at undisclosed prices on the same day on the open market, cutting its holdings to 23.65%. Berjaya Auto’s shares traded between RM2.08 and RM2.15 on March 9 before closing at RM2.14 each.

Tan, through Berjaya Group, had a 34.1% stake in Berjaya Auto as at Dec 1 last year, filings show. This fell to 33.36% by Jan 15 this year, and to 32.89% on Feb 23.

Meanwhile, the Employees Provident Fund had 6.75% equity interest in Berjaya Auto as at Dec 1 last year. The EPF increased its stake to 6.8% as at Jan 14 this year, then reduced it to 6.41% by March 11.

On March 9, Caring Pharmacy Group Bhd saw 3.3 million shares or a 1.52% stake change hands in a single direct deal at RM1.80 apiece — 4.8% below the then prevailing market price of RM1.89. Only 2,000 shares changed hands on the open market that day. The buyer and seller were not known at the time of writing.

It is worth noting that Jitumaju Sdn Bhd — the private vehicle of Berjaya Group’s Tan Sri Vincent Tan — sold 27.78 million Caring Pharmacy shares at RM1.80 apiece on Oct 26 last year, reducing its stake to 5.29%. That stake may have been bought by Perbadanan Nasional Bhd, which emerged with 12.76% equity interest after buying 27.78 million shares on Oct 29.

If the seller on March 9 was Jitumaju, it would no longer be a substantial shareholder of Caring Pharmacy. Tan and his daughters, Chryseis Tan Sheik Ling and Nerine Tan Sheik Ping, are deemed interested in Jitumaju’s holdings.

Over at AE Multi Holdings Bhd, a 4.2% block or 10 million shares changed hands at 12 sen apiece — a 9.1% premium to the open market price of 11 sen — on March 11. The buyer and seller were not known at press time.

Interestingly, the same number of shares were sold at the same price a few days earlier on March 3 by 555 Capital Sdn Bhd, which ceased being a substantial shareholder of AE Multi after the disposal. Filings show 555 Capital emerged as a substantial shareholder on Nov 30 last year after buying 24 million shares or a 10.13% stake in a private placement at 12 sen apiece.

Two million shares or 3.85% equity interest in See Hup Consolidated Bhd changed hands in two direct deals on March 11 and 15. Of the shares, one million changed hands on March 15 at RM1.04 apiece — lower than the RM1.24 apiece they fetched on the open market at the time. There was no open market trade on March 11, with only a cancelled trade of 1.1 million shares at RM1.04 apiece, stock market data shows. The buyer and seller were not known at press time. On March 2, the company bought back 6,000 shares at RM1.15 apiece or RM6,900 in total.

Meanwhile, Parkson Holdings Bhd — a casualty of weaker consumer spending in China — saw seven million shares or a 0.66% stake change hands in a single direct deal at 91 sen apiece on March 9. The price was 4% above the 87.5 sen the shares fetched on the open market that day. The counter’s 52-week low was 86.5 sen on Feb 26 this year and its 52-week high was RM2.26 on March 16 last year.

This could have been a left hand to right hand transaction involving entities linked to Tan Sri William Cheng Heng Jem, who is deemed interested in 654.3 million shares or a 61.39% stake. Filings show Affin Hwang Nominees (Tempatan) Sdn Bhd disposing of seven million pledged shares for Cheng to another nominee account under Trillionvest Sdn Bhd.

On March 16, Parkson bought back 400,000 shares for 90 sen to 90.5 sen each, bringing its total treasury shares to 28.74 million or 2.63%. Its unaudited net asset per share stood at RM2.59 as at end-2015. 

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