SOME 310.48 million shares valued at RM260.46 million were traded off market from Aug 5 to 11 in blocks of at least 450,000 shares.

One of the more notable transactions saw 29.5 million shares, or a 38.36% stake, in Ge-Shen Corp Bhd change hands on Aug 11 in two direct deals for RM23.9 million in total or 81 sen apiece — a 1.2% to 20.4% discount to the 82 to 97.5 sen range the stock was trading at on the open market that day before it closed at 85.5 sen.

In a filing with Bursa Malaysia last Tuesday, Ge-Shen (fundamental: 2.20; valuation: 1.10) indicated that the purchaser was Pelita Niagamas Sdn Bhd (PNSB). PNSB had 40.5 million shares or a 52.67% stake in the plastic mould product manufacturer after the purchase, thus triggering a mandatory takeover offer for the remaining shares in the company. PNSB is wholly owned by Ge-Shen executive director Chan Choong Kong and his wife Chan Boon Hwee. Ge-Shen closed at 82 sen last Wednesday, down nearly a fifth from its recent high of RM1.02 on Aug 3.

Over at Texchem Resources Bhd, 6.93 million shares or a 5.59% stake moved off market on Aug 5 in a direct deal at RM1.654 apiece, or a total of RM11.47 million. The Texchem (fundamental: 0.75; valuation: 2.60) shares were transacted 5.35% above the RM1.57 the stock ended that day.

Stock exchange filings show group founder and executive chairman Tan Sri Datuk Seri Fumihiko Konishi transferred shares to Texchem Holdings Sdn Bhd, a company in which he holds 99.99%. Konishi no longer has a direct stake in the listed entity after the transfer consolidated a total of 47.87 million shares, or a 38.576% stake, under the private vehicle.

Elsewhere, AppAsia Bhd saw 13 million shares or a 4.62% stake traded off market on Aug 10 in a single direct transaction at 10 sen apiece, for a total of RM1.3 million.

AppAsia (fundamental: 0.60; valuation: 0) closed at 19 sen that day, meaning that the transaction occurred at a hefty 47.4% discount.

Filings with Bursa indicate that the shares were sold by its largest shareholder Swift Icon Sdn Bhd, which now holds 36.85 million shares or 13.1% in the company. Swift Icon has been paring its stake in AppAsia, having sold 3.75 million shares at end-July.

On Aug 11, Rimbunan Sawit Bhd (fundamental: 0.20; valuation: 0.90) saw 52 million shares, or a 3.67% stake, cross in two direct deals for RM26 million in total. The block was transacted at 50 sen per share, above the 48.5 sen it fetched on the open market at the time but 1% below the day’s close of 50.5 sen.

According to an Aug 11 announcement by Rimbunan, the transactions were executed by persons connected with its executive director Tan Sri Tiong Hiew King, without specifying the parties.

On Aug 7, Tiong and his son and managing director, Chiong Ong, disclosed their intention to deal in the listed securities. Chiong Ong has 0.52% direct and deemed interest in Rimbunan while Tiong has a 0.17% direct stake and controls another 55.99% indirectly.

Over the course of the week, 

iDimension Consolidated Bhd (fundamental: 1.45; valuation: 0.30) saw 16.8 million shares or a 3.39% stake move off market in a series of block and direct trades. The shares that changed hands for RM2.16 million in total were traded from Aug 5 to 7 at between 12 sen and 14.5 sen apiece. This was within the range of 12.5 sen to 15. 5 sen the stock was trading at on the open market before it closed at 14.5 sen on both days. It is unclear who the transacting parties were at press time.

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.

This article first appeared in Capital, digitaledge Weekly, on August 17 - 23, 2015.