This article first appeared in Capital, The Edge Malaysia Weekly, on September 28 - October 4, 2015.

A total of 345.22 million shares worth RM235.29 million changed hands off market in blocks of at least 400,000 shares from Sept 17 to 22.

Notable transactions during the period included those in CWorks Systems Bhd, which saw seven million of its shares or a 5.79% stake worth RM1.82 million or 26 sen apiece traded off market on Sept 18 in a direct deal. This is higher than the counter’s closing price of 19 sen that day.

At press time, CWorks (fundamental: 2.25; valuation: 0) had not made an announcement of who the transacting parties were. However, it is interesting to note that its major shareholder, Roaring Achievements Sdn Bhd, has been disposing of its shares in the company since July this year.

According to filings with Bursa Malaysia, Roaring Achievements sold the shares in several off-market transactions from July 7 to Sept 7, reducing its shareholding to 7% from 13.73%. It first surfaced in CWorks as the second largest shareholder in March last year after purchasing a 9.09% stake in the maintenance management software company.

At the time, Borderless Linkages Sdn Bhd, which was CWorks’ largest shareholder, held an 18.18% stake. However, Borderless Linkages — controlled by CWorks non-independent non-executive director Thrinakarasi@Arrasu Munisamy — ceased to be a substantial shareholder in June this year after it disposed of 20 million shares off market.

Over at Ideal Sun City Holdings Bhd, seven million shares or 4.31% equity interest valued at RM1.82 million or 40 sen apiece were traded in a direct deal on Sept 22. The stock closed at 39 sen on the day the deal was made.

There were no announcements made on the transaction. However, it is worth noting that Ideal Sun City Holdings (fundamental: 3; valuation: 0.30) is indirectly linked to the implementation of the alternative transport master plan for Penang and provisions of new reclamation sites.

Recall that Gamuda Bhd announced that it had partnered Ideal Property Development Sdn Bhd and Loh Phoy Yen Holdings Sdn Bhd in a 60:20:20 consortium and was awarded the job as the project development partner for the RM27 billion project.

Ideal Property Development is controlled by Datuk Ooi Kee Leong and his wife, Datin Phor Li Wea. Ooi, via Ideal Sun City Sdn Bhd, has a 26.4% stake in Ideal Sun City Holdings, which provides project management services for commercial and residential property developments.

On Sept 18, JAG Bhd, which is involved in recycling and manufacturing activities, saw 27 million of its shares or a 2.45% stake valued at RM270,000 or one sen per share change hands in a direct deal. The stock closed at 10 sen that day.

There have been no filings made on the transaction.

Meanwhile, Heng Huat Resources Group Bhd saw 6.18 million of its shares or a 2% stake valued at RM2.66 million or 43 sen apiece change hands in a direct deal on Sept 17. 

Shares of the biomass material manufacturer and trading company closed at 44 sen on the same day.

Filings show that the transaction may have been made by the company’s two executive directors, Khor Mooi Kim and Teh Chai Luang, who acquired 2.46 million and 3.72 million shares respectively at 43 sen apiece. Khor now has a 2.39% stake in the group while Teh holds 2.39%.

In contrast, H’ng Choon Seng, managing director of Heng Huat (fundamental: NA; valuation: NA), has disposed of 6.18 million shares at an undisclosed price. He now holds 35.45% direct interest and 4% indirect interest via Heng Huat Manufacturer Sdn Bhd.

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.

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