Friday 29 Mar 2024
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This article first appeared in Capital, The Edge Malaysia Weekly, on February 6 - 12, 2017.

 

BETWEEN Jan 25 and 31, a total of 380.1 million shares valued at RM993.7 million changed hands off market in blocks of at least 400,000. The week was shortened to 3½ days because of the Chinese New Year holidays.

Among notable trades were those at OPCOM Holdings Bhd, which saw some 10 million shares, or 6.2% equity interest, transacted in a direct deal for RM6 million on Jan 26. The block was sold at 60 sen apiece, a discount of one sen to the closing price of 61 sen on that day.

In filings with Bursa Malaysia on Feb 2, the manufacturer of fibre-optic cables, systems and accessories says its chairman, executive director and co-founder, Datuk Seri Mokhzani Mahathir, disposed of 10 million of the company’s shares on Jan 26. They were sold to Rezeki Tegas Sdn Bhd, which is reported to be Mokhzani’s family investment vehicle.

Another notable transaction was at Magna Prima Bhd, which saw Hua Yang Bhd buy 36 million shares, or a 10.86% stake, in the property developer in a direct deal on Jan 25. The shares were traded at RM1.85 apiece or RM66.6 million in total. The price was at a 13% premium to Magna Prima’s closing price of RM1.63 on that day.

Hua Yang said the acquisition was part of its objective to invest in strategic land banks or companies that own parcels of land in easily accessible areas with ready amenities.

Magna Prima’s land banks, which are predominantly in the Klang Valley, offer Hua Yang an opportunity to collaborate with the property developer and strengthen its presence in the region.

Hua Yang’s board believes that the group’s prospects remain positive and that the share acquisition will enable it to invest in a company that is involved in developing a wide range of property products. At the same time, it will create an avenue for Hua Yang to explore business opportunities with Magna Prima to jointly acquire and/or develop properties.

Over at Reach Energy, 52.86 million shares, or a 4.14% stake, changed hands in four transactions on Jan 26 and 27. The shares were traded at 62.5 sen apiece or RM33.04 million in total.

The transaction price was 2.3% lower than Reach Energy’s closing price of 64 sen on that day. The parties involved in the transactions remain unknown.

Reach Energy announced the appointment of low-profile corporate player Tan Sri Dr Azmil Khalili Khalid as its executive chairman on Jan 26, a day after he was appointed to the board as a non-independent and non-executive director.

Azmil is president and CEO of AlloyMTD Group, a privately held infrastructure company with various interests, including in civil engineering and construction, manufacturing, infrastructure development and real estate.

Berjaya Food Bhd saw seven million shares, representing a 1.88% stake in the Starbucks operator, change hands at RM1.58 apiece in a direct trade on Jan 27. The price was 13 sen or 7.6% lower than Berjaya Food’s closing price of RM1.71 on that day.

According to filings with Bursa on Feb 2, UBS Group AG ceased to be a major shareholder of Berjaya Food on Jan 27 after dsiposing of seven million shares in the company.

Between Jan 19 and 25, Berjaya Group chairman and chief executive Tan Sri Vincent Tan sold 54,000 shares in Berjaya Food on the open market. His 23%-owned Berjaya Corp Bhd is the single largest shareholder in Berjaya Food, with a 43.53% stake.  

 

 

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