SOME 633.2 million shares worth RM1.91 billion were traded off market between Sept 21 and 27 in blocks of at least 400,000 shares.

Notable transactions were seen in ConnectCounty Holdings Bhd and IHH Healthcare Bhd, which accounted for the bulk — RM1 billion — of the total value.

ConnectCounty saw 11.88 million shares or a 4.8% stake change hands in either block trades or direct deals during the week under review. The shares were traded at 11 sen to 18 sen apiece.

According to Bursa Malaysia filings, ACE Credit (M) Sdn Bhd emerged as a substantial shareholder of the integrated provider of interconnect solutions after acquiring 31 million shares or a 12.64% stake on the open market on Sept 15.

On the same day, Datuk Ng Aik Kee and deputy chairman Ang Chuang Juay ceased to be ConnectCounty’s substantial shareholders.

On Sept 23, Chang Choon Ming, who is linked to ACE Credit, bought 8.21 million shares in ConnectCounty and increased his stake to 7.69%.

ACE Credit is a subsidiary of ACE Holdings Bhd, an investment holding company involved in capital management and private equity.

Over at IHH, Japan’s Mitsui & Co Ltd disposed of 164.6 million shares or a 2% stake in the company for RM1.02 billion. The shares were traded at RM6.20 apiece via direct deals.

Mitsui, which holds its stake in IHH through subsidiary MBK Healthcare Partners Ltd, is the second largest shareholder of the healthcare services provider after Khazanah Nasional Bhd, which has 41% equity interest.

Following the disposal, Mitsui’s shareholding in IHH was reduced to 18%.

Meanwhile, loss-making Malaysia Packaging Industry Bhd (Maypak) saw 23.1 million shares or a 55% stake change hands off market. At 17 sen apiece, the transaction was worth RM3.84 million and was 74% lower than its closing price of 64.5 sen last Wednesday.

Maypak told Bursa Malaysia on Sept 22 that it had received notice from Japan’s Taisei Lamick Co Ltd of an unconditional mandatory takeover offer for the remaining shares it does not own in Maypak.

Taisei Lamick entered into a conditional sale and purchase agreement in July with Toyo Seikan Co Ltd (TSCL), the major shareholder of Maypak, to acquire TSCL’s entire equity interest in Maypak.

Taisei Lamick does not intend to maintain Maypak’s listing on Bursa.

At Leweko Resources Bhd, major shareholder and executive director Abdul Aziz transferred 20.94 million shares or 6.5% equity interest worth RM1.05 million to his private vehicle, Lambang Insan Sdn Bhd, on Sept 22.

Elsewhere, N.E.O Resources Sdn Bhd ceased to be SWS Capital Bhd’s major shareholder after disposing of 8.5 million shares or a 5.8% stake off market at 85 sen apiece, for a total value of RM7.23 million.

N.E.O Resources is held by SWS Capital managing director Neo Chee Kiat and his father Neo Tiam Hock. Tiam Hock is the founder and chairman of SWS Capital.

The furniture maker posted a net profit of RM5.19 million for the cumulative nine months ended May 31 this year versus a net loss of RM2.05 million in the previous corresponding period.

Ekovest Bhd, which had earlier announced its plan to dispose of its 40% stake in the concessionaire of the Duta-Ulu Kelang Expressway (DUKE) to the Employees Provident Fund for RM1.13 billion, saw 24.11 million shares or a 2.8% stake change hands off market between Sept 23 and 26.

The shares were traded at RM1.88 to RM1.91 apiece via two direct deals. At press time, no announcement had been made to Bursa about the share transactions. 

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