Off-Market Trades: Ni Hsin Resources, Westports Holdings, iDimension Consolidated and WZ Satu

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FROM Oct 29 to Nov 4, a total of 440.9 million shares worth RM1.11 billion changed hands off market in blocks of at least 500,000 shares.

Notable transactions include the 33.53 million shares or 14.52% equity interest that changed hands in Ni Hsin Resources Bhd on Oct 30 and Nov 3 in direct trades. Filings with Bursa Malaysia reveal that Pelaburan MARA Bhd emerged as a substantial shareholder on Oct 30, after it acquired 12 million shares or a 5.2% stake in Ni Hsin.

Filings also show executive director Hsiao Chih Che disposing of 11.83 million shares on Nov 3, trimming his stake to 5.4% or 12.47 million shares. However, the other parties involved in the direct trades at Ni Hsin are unknown at the time of writing.

The stainless steel cookware manufacturer has been in the spotlight recently on market speculation that it was planning to venture into the oil and gas sector. The company saw some boardroom changes recently, including the appointment of Datin Ida Suzaini Abdullah, who has experience in the O&G sector.

Other new board appointees at Ni Hsin were Rizvi Abdul Halim and Chen Shien Yee. They are directors of Ideal Jacobs (M) Corp Bhd, which is in the midst of undergoing a reverse takeover exercise with O&G outfits Cekap Technical Services Sdn Bhd and MECIP Global Engineers Sdn Bhd. The company has a high likelihood of undertaking a corporate exercise as highlighted by Insider Asia.

Meanwhile, Westports Holdings Bhd saw 160.87 million shares or a 4.72% stake change hands in direct and crossed trades on Oct 31 and Nov 3. The parties involved in these deals are unknown at the time of writing. However, news reports suggest that Khazanah Nasional Bhd could be one of the parties paring down its stake as the number of off-market trades tally with the 4.7% stake it holds in Westports.

Since its listing in 2013, the port operator has seen its share price increase 21.81% from RM2.40 apiece to RM2.93 at last Wednesday’s close. Its net profit for the second quarter ended June 30 grew 2.4% year on year to RM122.49 million. It declared a dividend of 5.10 sen for the second quarter, up 0.15 sen from the previous year.

Other notable trades include Advance Capital Partners Pte Ltd’s disposal of 20 million shares or 5.06% equity interest in iDimension Consolidated Bhd on Oct 29. After the disposal, which was done in a direct trade, Advance Capital ceased to be a substantial shareholder.

On Nov 3, 500,000 shares changed hands in block trades at 11 sen each. The buyer and seller of that block were unknown at the time of writing.

iDimension, an e-manufacturing solutions provider, sank deeper into the red in its second quarter ended June 30, recording a net loss of RM2.17 million from RM63,000 a year ago. This was despite its revenue increasing to RM5.4 million from RM4.06 million in the previous year.

Over at WZ Satu Bhd, the company saw five million shares or a 2.1% stake change hands in direct trades on Oct 31 and Nov 3. Filings with Bursa revealed that two million shares were acquired by WZ Satu chairman Tengku Datuk Uzir Tengku Datuk Ubaidilah. This increased his stake to 23.96% from 23.12% previously.

WZ Satu, which is principally involved in the manufacturing and trading of precision cold drawn steel bars, made its maiden venture in the O&G business after it acquired Misi Setia Oil & Gas Sdn Bhd in July for RM27 million. WZ Satu’s share price has more than doubled within a year. It gained 180.68% from 81.2 sen a year ago to close at RM2.28 last Wednesday (Nov 5).

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This article first appeared in The Edge Malaysia Weekly, on November 10-16, 2014.