This article first appeared in Capital, The Edge Malaysia Weekly, on March 13 - 19, 2017.

BETWEEN March 1 and 7, a total of 752.8 million shares worth RM836.8 million were transacted off market in blocks of at least 400,000 shares.

Sarawak-based timber producer Jaya Tiasa Holdings Bhd saw 21 million shares or a 2.17% stake change hands in a direct deal on March 6 at RM1.06 apiece, a 12.4% discount to the RM1.21 the stock fetched on the open market that day.

The buyer was Tiong Toh Siong Enterprise Sdn Bhd — one of several vehicles linked to Sibu-based timber tycoon Tan Sri Tiong Hiew King of Rimbunan Hijau Group — which saw its direct holding rise to 5.21%, above the 5% substantial shareholding threshold, a March 8 filing with Bursa Malaysia shows. Tiong’s overall holding rose to 29.01% after the transaction, of which only 0.92% is held directly.

From RM1.42 per share on Feb 16, Jaya Tiasa’s share price had fallen as much as 14% to a seven-month low of RM1.22 on Feb 27 and March 1 and 6. Last Wednesday, the counter surged 3.2% to close at RM1.27.

At SCH Group, which sells quarry-based products and machinery, co-founders Wong Sin Chin and Yeen Yoon Hin pared down their holdings and were no longer the company’s substantial shareholders as at March 2.

They were likely the sellers of the 43.16 million shares or a 10.47% stake done via two direct deals on March 2 at 19 sen apiece, an 11.8% premium to the 17 sen per share the stock fetched on the open market that day.

Wong sold 22.63 million shares while the rest were from Yeen. The transactions left Wong with a direct stake of 4.95% and Yeen with 4.21%.

The block was bought by Liew Fook Meng and Chow Dai Ying via Thianjing Holdings Sdn Bhd. Prior to the purchase, Chow had a small direct stake of 0.44% in SCH as at Nov 29 last year.

It is worth noting that SCH shares have gained 29.4% since the beginning of this month. The stock closed at 22 sen last Wednesday.

In end-November, the stock had plunged from 23 sen to 18 sen over three days and gone on to touch a multiple-year low of 16 sen on Dec 23.

Over at Lay Hong Bhd, some 25.5 million shares or a 4.2% stake was traded in two direct deals off market on March 1 and 2 at 90.5 sen apiece.

The 90.5 sen price for 23.06 million shares transacted on March 2 was at a 0.55% discount to the 91 sen the stock fetched on the open market that day. The transaction price for the remaining 2.4 million shares on March 1, however, was 2.8% above the 88 sen they fetched on the open market then.

Lay Hong’s largest shareholder is the founding Yap family with a 36% stake. Japanese meat-packing company NH Foods Ltd had a 21.8% stake as at Oct 21 last year. Recall that Tokyo Stock Exchange-listed NH Foods surfaced in Lay Hong in January last year, following a share placement exercise of a 10% stake worth RM30.52 million. The exercise preceded a joint venture to manufacture and sell processed meat-based products in Malaysia. Since the share placement exercise, Lay Hong’s share price has risen by a third. Year to date, it has gained 11.11%.

In the period under review, the single largest direct transaction by value was seen at Sime Darby Bhd on March 6. Some 5.6 million shares were sold at RM9.11 apiece, or RM51 million in total. The stock closed at RM9.14 that day before falling to RM9.11 the next day. The buyer of the 0.08% stake was likely to have been AmanahRaya Trustees Bhd, which bought the same number of shares that day, according to a March 7 filing. AmanahRaya had a 40.74% direct stake in Sime Darby as at March 6.

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