Friday 29 Mar 2024
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This article first appeared in Capital, The Edge Malaysia Weekly, on March 20 - 26, 2017.

 

FROM March 8 to 14, some 571.56 million shares worth RM849.42 million changed hands off market in blocks of at least 500,000 shares each.

Notable transactions included that at Amanahraya Real Estate Investment Trust (ARREIT), where 85.98 million units was transacted in a direct deal at RM1 per unit on March 8.

Filings show that the 15% stake was sold by Kumpulan Wang Bersama to KDA Capital Malaysia Sdn Bhd following a deal announced last December in which KDA Capital, the Malaysian unit of Japan’s Kenedix Inc, would buy 15% of ARREIT for RM85.98 million and 49% of AmanahRaya-REIT Managers Sdn Bhd for RM5.15 million. Kumpulan Wang Bersama still controls 47.31% of the REIT.

The Japanese real estate manager’s entry is at a discount to ARREIT’s net asset per unit of RM1.197 but a slight premium over ARREIT’s unit price that has not reached the RM1 level. ARREIT’s unit price performance has been on an upward trend over the last 12 months, gaining 13.25% to close last Thursday at a multiyear high of 94 sen.

Multiple transactions were seen at Econpile Holdings Bhd, where 15.56 million shares worth RM32.89 million changed hands at RM2.05 apiece on March 13 and 14.

Econpile’s group CEO and executive director Pang Sar sold 16 million shares to unnamed institutional investors, filings show. According to the group’s 2016 annual report, Pang was Econpile’s second largest shareholder with a 30.43% stake last year. He now holds 24.64% equity interest.

Econpile’s shares rallied to a multiyear high of RM2.16 on March 14. The stock closed last Thursday at RM2.16, more than doubling its value in one year.

Dialog Group Bhd, meanwhile, saw 35.5 million shares valued at RM58.97 million transacted at RM1.65 to RM1.67 apiece.

Some of these transactions could have involved acquisitions and disposals by the Employees Provident Fund and Kumpulan Wang Persaraan (KWAP) between March 8 and 14. Filings show that KWAP had acquired a total of seven million shares on March 8 and 9 for undisclosed prices while the EPF acquired 5.99 million shares and disposed of 7.03 million Dialog shares during the period.

Dialog’s share price hit a one-year high of RM1.70 apiece on Feb 27. It closed at RM1.66 last Thursday.

The EPF is currently Dialog’s second largest shareholder with a 12.53% stake, after Dialog chairman and co-founder Tan Sri Ngau Boon Keat, who has 18.44% equity interest.

EKA Noodles Bhd saw 33.3 million shares, or 10.67% of its share capital, traded off market during the period for a total of  RM4.99 million at 15 sen per share.

According to filings, the stake was sold by EKA Noodles’ group managing director Datuk Seri Chin Seak Huat to Penang-based Vibrant Class Sdn Bhd. Chin no longer owns shares in the noodle manufacturer while Vibrant Class now holds 61.3 million shares, or a 19.65% stake.

Over at Tadmax Resources Bhd, 30 million shares worth a total of RM12.48 million exchanged hands off market for 41 to 42 sen apiece. Filings show that Tadmax Resources’ former deputy chairman Datuk Faizal Abdullah sold 30 million shares between March 8 and 14. Faizal has been paring down his shareholding in Tadmax and currently owns 5.87% equity interest compared with 16.257% as at last April.

There was also a slew of transactions at O&C Resources Bhd, where a total of 45.9 million shares worth RM26.97 million changed hands. This represents about 19.17% of O&C Resources’ share capital.

The transactions between March 8 and March 14 were done at prices ranging from 57 sen to 60 sen per share. It is uncertain who the parties to the transactions are. However, earlier filings show that Innofarm Sdn Bhd had been paring down its stake in O&C in the last few months, from 11.7% last October to 5.22% as at Feb 23 when it ceased to be a substantial shareholder.

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