Thursday 28 Mar 2024
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This article first appeared in Capital, The Edge Malaysia Weekly, on March 28 - April 3, 2016.

ONLY 258.57 million shares worth RM872.39 million changed hands off market in blocks of at least 100,000 shares between March 16 and 22. Notable transactions included the sale of a 9.5% stake in Carimin Petroleum Bhd by its managing director Mokhtar Hashim and executive director Shatar Abdul Hamid.

According to stock market data, Carimin Petroleum saw 22.22 million shares or 9.5% equity interest change hands in two direct deals on March 21 at 45 sen per share — just 2.1% below the market price of 46 sen at the time.

A block of 15.55 million shares was traded at RM7 million, while another block of 6.66 million shares was traded at RM3 million. The buyer was not known as at press time.

The sellers were likely Mokhtar — who has offloaded 15.55 million shares or a 6.65% stake — and Shatar, who disposed of 6.66 million shares or 2.85% equity interest. Filings show that the duo sold their shares off market at 45 sen apiece on March 21. Mokhtar remains a substantial shareholder of Carimin Petroleum with a 25.17% direct stake but Shatar has ceased to be a substantial shareholder.

It is worth noting that Shatar had sold 615,000 shares at 65 sen apiece off market last December while Mokhtar bought 4,000 shares at between 96.7 sen and 98 sen per share last May.

Over at Econpile Holdings Bhd, the piling and foundation specialist saw 10 million shares or a 1.87% stake change hands on March 17 in three direct deals at RM1.05 apiece, an almost 8% discount on the market price of RM1.14. A total of 1.264 million shares changed hands on the open market that day.

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The sellers of these three blocks of shares were likely Econpile founder and managing director The Cheng Eng as well as CEO and executive director Raymond Pang Sar.

Filings show The and Pang each sold five million shares at RM1.05 apiece to a “institutional investor” on March 17, cutting their holdings to 31.8% and 30.9% respectively. The buyer, however, was not known at the time of writing. Interestingly, the same number of shares was sold at the same price by the duo less than two weeks earlier on March 4, also to the unnamed “institutional investor”.

Malayan Banking Bhd saw 56 million shares or a 0.57% stake change hands in three direct deals at RM8.80 apiece on March 18. The price was 1.2% below the RM8.91 the shares fetched on the open market that day. The counter’s 52-week low was RM8.18 on Aug 17 last year and its 52-week high was RM9.60 on April 7 last year. Year to date, the stock has risen 6.5%, giving it a market capitalisation of RM87.36 billion.

The buyer and seller were not known at press time. Filings show the Employees Provident Fund sold nine million shares in Maybank on March 16 and 17.

A total of 27.75 million shares or a 0.95% stake in Malayan United Industries Bhd, the flagship company of low-profile tycoon Tan Sri Khoo Kay Peng, changed hands in a single direct deal at 18 sen on March 21.

Both the buyer and seller were not known at the time of writing, with no record of changes in substantial shareholdings since May 2013.

Meanwhile, Sunway Real Estate Investment Trust (SunReit) saw some 15.51 million shares or a 0.53% stake change hands at RM1.60 apiece, slightly higher than the open market price of RM1.59 on March 16. The single direct deal was done at a transaction value of RM24.8 million.

This could have been a left hand to right hand transaction involving entities linked to Tan Sri Dr Jeffrey Cheah Fook Ling.

A filing on March 21 shows that Sunway REIT Holdings Sdn Bhd acquired 15.513 million SunReit shares at RM1.60 apiece from its parent company Sunway Bhd. While the volume and price matched the above-mentioned off-market transaction, SunReit told the stock exchange that its dealings were “in the open market”. 

 

 

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