Thursday 28 Mar 2024
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This article first appeared in Capital, The Edge Malaysia Weekly, on February 22-28, 2016

 

GD-Express-Carrier_A-Rank_Chart_CAP44_TEM1098_theedgemarketsIN the week of Feb 10 to 16, following a two-day trading break for the Lunar New Year, 452.7 million shares and warrants worth RM995.2 million changed hands in blocks of 500,000 units and higher.

Notable transactions included Japan’s Yamato Asia Pte Ltd and Singapore Post Ltd’s (SingPost) trades in GD Express Carrier Bhd (GDex), where 191 million shares or a 13.82% stake changed hands in two direct deals on Feb 12 for RM332.5 million or RM1.74 apiece.

Yamato was the buyer of both blocks, after paying RM217.31 million or RM1.74 apiece for 124.89 million shares, or a 9.08% stake, on Jan 29 from a private placement.

A Bursa Malaysia filing dated Feb 12 showed Yamato raising its holdings to 315.98 million shares or 22.85% after buying 53.67 million shares from GDex group CEO and largest shareholder Teong Teck Lean. Teong still had 36.1% equity interest as at Feb 12, of which 35.4% is indirectly held.

Yamato also bought 137.4 million shares for RM239.1 million (S$78.4 million) from SingPost, which netted a gain of S$64 million after halving its strategic stake in GDex from 21.17% to 11.2% while retaining one board seat, a Feb 17 filing to the Singapore Exchange shows.

GDex closed at RM1.67 last Wednesday, some 6% below its recent high of RM1.78 on Jan 13 but 95% above its 52-week low of 85.5 sen on Aug 24, 2015.

Another interesting deal resulted in a change in the single largest shareholder of aluminium billet-maker A-Rank Bhd. Some 31.79 million shares or a 26.49% stake changed hands in a single direct deal for RM19.07 million or 60 sen apiece on Feb 16, just below the 61 sen apiece they fetched on the open market.

A-Rank Group Sdn Bhd sold those shares, resulting in managing director Tan Wan Lay’s indirect stake being reduced from 31.49% to 5%. His direct stake remained unchanged at 4.68% or 5.62 million shares.

British Virgin Islands-incorporated City Data Ltd was the buyer, emerging as the new single largest shareholder with a 26.49% stake on Feb 16. Malaysian Datuk Leow Chong Howa, 57, who is deemed interested in City Data’s stake, is the executive chairman and largest shareholder of LB Aluminium Bhd with a 30.17% stake as at Aug 28, 2015. LB’s market capitalisation stood at RM116.8 million, while A-Rank’s was RM73.2 million as at last Wednesday.

Over at MMAG Holdings Bhd (formerly known as Ingenuity Consolidated Bhd), some 30.13 million shares changed hands in two direct deals for RM1.96 million or 6.5 sen apiece on Feb 12, on a par with open market prices. Filings showed MMAG managing director Wong Eng Su, through Firstwide Success Sdn Bhd, buying 31.73 million shares or a 3.33% stake at 6.5 sen apiece on Feb 12, raising his holdings to 13.04%. Wong, who emerged as a substantial shareholder on March 26, 2015, with 9.22% equity interest through Firstwide, bought the stake from Ingenuity’s former managing director Chin Boon Long. MMAG’s 52-week high was 9.5 sen on April 6, 2015, while its 52-week low was 6 sen on July 13, 2015.

Meanwhile, Inari Amertron Bhd saw a 0.68% stake change hands in cross trades on Feb 12 and 16. A total of five million shares were swapped at RM3.19 apiece on Feb 12, just above the RM3.18 apiece they fetched on the open market. Meanwhile, 1.5 million shares were done at RM3.18 apiece on Feb 16, just below the RM3.19 they were trading at on the open market.

Other sizeable off-market deals during the week included those involving Genting Malaysia Bhd, which saw 17.1 million shares or a 0.3% stake change hands in a direct deal on Feb 16 at RM75.2 million in total or RM4.386 apiece — 0.8% above the RM4.35 apiece on the open market at the time.

There were also off-market deals involving AMMB Holdings Bhd, which on Feb 16 saw 4.22 million shares or a 0.14% stake change hands in a direct deal for RM18.8 million or RM4.46 apiece, just below the RM4.48 they fetched at the time. 

On Feb 15, Bumi Armada saw 11.41 million shares or a 0.19% stake done in a direct deal for RM11.98 million or RM1.05 apiece, 6% above the 99 sen apiece they were trading at on the open market.

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