BETWEEN July 20 and 26, a total of 1.014 billion shares worth RM871.76 million changed hands off market in blocks of at least 400,000 shares.

Among the notable transactions was a direct deal of 24 million Hap Seng Consolidated Bhd shares worth RM157.44 million on July 20 — the single largest transaction by value and second largest by volume during the period. The transaction price of RM6.56 was a 14.25% discount to the day’s average trading price of RM7.67.

Filings show that the shares were acquired by Hong Kong-based Lei Shing Hong Investment Ltd, the private vehicle of billionaire Tan Sri Lau Cho Kun, who is the nephew of Hap Seng Group’s founder. Lau is a major shareholder of Hap Seng Consolidated with a deemed interest of 74.57%, held through several private vehicles.

During the period under review, the single largest off-market transaction by volume was seen at Berjaya Corp Bhd, where 35 million shares worth RM11.55 million changed hands on July 26. The transaction price of 33 sen per share is just slightly lower than the day’s average trading price of 35.45 sen. At press time, it was not known who acquired the shares.

On July 21, a total of 3.98 million units of KLCCP Stapled Group changed hands in a direct deal at RM7.48 per unit, around the day’s trading low. KLCCP Stapled Group’s portfolio comprises KLCC Real Estate Investment Trust units and KLCC Property Holdings Bhd shares.

On July 22 and 25, there was a flurry of trade activity at break-bulk shipping services company Hubline Bhd — 375 million shares were transacted in a direct deal at one sen apiece, or RM3.75 million in total, while another 3.86 million shares changed hands in a block deal at 0.5 sen apiece, or RM19,300 in total.

Hubline shares have been trading flat for most of the past 12 months at prices of between 0.5 sen and 1.6 sen per share on low volumes. According to its results for the first quarter ended March 31, the company’s earnings per share was one sen and net asset per share was 1.2 sen.

Two fast-moving consumer goods counters — Dutch Lady Milk Industries Bhd and Fraser & Neave Holdings Bhd (F&N) — also saw some off-market activity during the period under review.

On July 20, a total of 482,000 Dutch Lady shares crossed at RM60 apiece, or RM28.92 million in total. The transaction price was slightly below the day’s closing price of RM61.70. Dutch Lady’s share price has been on a steady upward trend from the start of this year, gaining 34% from RM46.63 on Jan 4 to RM62.50 on July 27.

On July 21, a total of 500,000 F&N shares were transacted at RM21.60 apiece — the same as the stock’s closing price that day — or RM13.05 million in total. Like Dutch Lady, F&N’s stock price has been climbing from the start of the year, almost doubling from RM17.93 on Jan 4 to RM25.92 on July 27.

During the period under review, several oil and gas-related counters also saw significant off-market activity.

On July 20, a total of 15 million Wah Seong Corp Bhd shares changed hands at 77 sen apiece, or RM11.55 million in total.

Petronas Gas Bhd saw four million shares crossed in a direct deal at RM22.04 apiece on July 26.

On the same day, 17 million Bumi Armada Bhd shares changed hands in a direct deal at 76 sen apiece and a block of 13 million UMW Oil & Gas Corp Bhd shares crossed at 90 sen apiece. UMW Oil & Gas’ share price has been hovering at below RM1 for most of the year. 

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