Off-Market Trades: Connect-County Holdings Bhd, Tadmax Resources Bhd, Chin Hin Group Bhd, Halex Holdings Bhd, Gabungan AQRS Bhd

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This article first appeared in Capital, The Edge Malaysia Weekly, on March 27 - April 2, 2017.

 

BETWEEN March 15 and 21, a total of 562 million shares worth RM1.84 billion changed hands off market in blocks of at least 400,000 shares. The week saw more trades amid improving market fundamentals, with foreign funds dominating activity on the local bourse.

Among the notable transactions was that at integrated interconnect solutions provider ConnectCounty Holdings Bhd, which saw 11.86 million shares or a 4.1% stake change hands on March 21. The deal was done in a single block at 25.5 sen per share, or RM3.03 million in total.

The transaction price was at a 10.86% premium to ConnectCounty’s closing price of 23 sen that day. At press time, the parties involved in the transaction were not known.

Over at Tadmax Resources Bhd, 27 million shares or a 5.51% stake changed hands in a direct deal on March 15 at 42 sen per share, or RM11.34 million in total. The closing price of the stock was 43 sen that day.

According to filings with Bursa Malaysia, Tadmax executive deputy chairman Datuk Faizal Abdullah had disposed of the shares and ceased to be a substantial shareholder of the timber and property development company. Faizal had been trimming his shareholding in the company since the beginning of this month.

Meanwhile, Chin Hin Group Bhd founder-cum-deputy group executive chairman Datuk Seri Chiau Beng Teik emerged as a substantial shareholder in Tadmax with a 5.11% stake on March 15.

In a filing with Bursa, Tadmax says Chiau had bought 25 million shares via a direct deal on March 15.

Halex Holdings Bhd, which is involved in the formulation, contract manufacture and distribution of agrochemicals, saw 3.17 million shares or a 3% stake traded off market at 64 sen a share, or RM2.03 million in total, on March 21.

On the same day, the group announced that it received a conditional mandatory general offer from Waras Dinamik Sdn Bhd and Datuk Ong Soon Ho to acquire all the remaining shares in Halex not held by them at 64 sen per share cash.

Gabungan AQRS Bhd saw nine million shares or a 2.31% stake change hands on March 21. The shares were transacted at RM1.27 apiece, or RM11.43 million in total. At the time of writing, the parties involved in the transaction were not known.

According to filings, Gabungan AQRS executive director and deputy chairman Ng Chun Kooi and his brother, Ng Chun Siong, disposed of 18.99 million shares or a 4.9% stake on March 20.

Following the disposal, they are left with a direct stake of 4.54% and an indirect stake of 11.13% in the company.

United Plantations Bhd saw a total of 4.32 million shares or a 2.08% stake traded on March 15 and 20. The two transactions were done at RM27.80 and RM28.20 per share, or RM120.39 million in total.

According to filings, Permodalan Nasional Bhd (PNB) emerged as a shareholder in United Plantations after its subsidiary AmanahRaya Trustees Bhd bought 3.09 million shares on the open market. PNB’s holding in the oil palm planter has risen to 10.81 million shares or 5.2% equity interest.

Between March 15 and 20, newly listed precision engineering parts manufacturer FoundPac Group Bhd saw 11.1 million shares or a 3% stake traded via several deals at between 65 sen and 69.5 sen a share. The total stake was worth RM7.65 million. No details of the deals have been disclosed.

According to the filings, the group’s directors, including CEO Lee Chun Wah and chief financial officer Ong Choon Heng, have been accumulating shares in the company in the past three months.