This article first appeared in Capital, The Edge Malaysia Weekly, on November 23 - 29, 2015.

SOME 428.9 million shares worth RM496.45 million were traded off market between Nov 11 and 17 in blocks of at least 450,000 shares.

Among the more notable transactions was one at Ideal Sun City Holdings Bhd that saw 49.05 million shares cross in three direct off-market transactions on Nov 13. The shares changed hands at 40 sen apiece, which was at a 24.5% discount to Ideal Sun City’s closing price of 53 sen that day. Filings with Bursa Malaysia show that Success Tower Sdn Bhd has emerged as the company’s new substantial shareholder with 49.05 million shares. 

Meanwhile, Ideal Sun City Sdn Bhd, which was previously the company’s largest shareholder and executive chairman Datuk Ooi Kee Liang’s private vehicle, has disposed of 41.39 million shares. Success Tower now has a direct 31.27% stake in the company.

Interestingly, Ideal Sun City (fundamental: 3; valuation: 0) has seen a management shake-up and a series of shareholding changes of late. Last month, substantial shareholders Lim Tek Lin and Jok Siew Chian sold 7.17 million and 8.34 million shares respectively. Datuk Seri Lee Hock Seng acquired five million shares and was then appointed the company’s executive director. Other newcomers to the board are executive director Yow Mooi Sin and independent director Wong Tiong Haw. Conversely, Ooi’s wife Phor Li Wei and Tang Leng Hin resigned as executive director and chief financial officer respectively.

Over at Yen Global Bhd (fundamental: 0.35; valuation: 0.30), a total of 21.83 million shares or a 5.3% stake in the company changed hands in multiple blocks off market on Nov 12 and 17. At 30.5 sen each, the shares were transacted at a 21.7% and 23.7% discount respectively to the closing price of 39 sen on Nov 12 and 40 sen on Nov 17. So far, the parties in the transaction remain unknown.  

On Nov 13, managing director Goh Kok Heng and executive director Ooi Eng Han resigned from their posts. 

On Nov 11, Destini Bhd managing director Datuk Rozabil Abdul Rahman sold 15.78 million shares or 1.9% equity interest in the company via a direct deal off market. It is unclear who bought the stake. Filings show that the transacted price was 58 sen, which was at a slight discount to the 59 sen the shares would have fetched on the open market that day. As it stands, Rozabil has a 29.7% stake in Destini (fundamental: 1.40; valuation: 1.10). 

On Aug 31, the Minister of Finance Inc unit Aroma Teraju Sdn Bhd emerged in Destini after acquiring a 24.75% stake through an off-market deal.

Telecommunications network service provider OCK Group Bhd (fundamental: 1.60; valuation: 0.80) saw nine million or 1.9% of its shares cross off market in two direct deals. On Nov 12, a block of four million shares was traded at 78 sen apiece, which was at a 3.7% discount to the closing price of 81 sen. This was followed by a second block of five million shares on Nov 17, also traded at 78 sen but at a slight one-sen discount to the day’s closing price of 79 sen. So far, the parties in the transactions have not been made known.

Elsewhere, 3.1% or 6.42 million of property developer Bertam Alliance Bhd’s (fundamental: 1.85; valuation: 1.70) shares were traded off market in two direct deals on Nov 17. Of these, 4.1 million of the shares were traded at 59 sen or at a 5.3% premium to the closing price of 56 sen while the rest crossed at an 8% premium at 60.5 sen. The parties in the deal remain known.

Shin Yang Shipping Corp Bhd saw 11 million or 0.9% of its shares change hands off market at 39 sen apiece in four direct deals on Nov 11 and 12. Blocks of 3.5 million and 2.5 million shares crossed on Nov 11 at a 5.4% premium to the closing price of 37 sen while blocks of three million and two million shares followed the next day at a smaller premium of 1.2% to the closing price of 38.5 sen. The deals were concluded just before Shin Yang announced on Nov 12 that it intended to buy back up to 3.33% of its issued and paid-up capital. 

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