This article first appeared in The Edge Malaysia Weekly, on April 18 - 24, 2016.

SOME 324.8 million shares worth RM463.2 million changed hands off market between April 6 and 12. Among the more notable transactions were those at Reliance Pacific Bhd and ENRA Group Bhd, involving the sons of a former finance minister and of a former prime minister respectively.

At Reliance Pacific, 66.97 million shares or a 7.8% stake crossed in a direct deal after the closing bell on April 8 at 21.5 sen apiece, 44.2% below the 38.5 sen the shares were fetching on the open market at that time. Filings with Bursa Malaysia show that the buyer was Ibu Kota Developments Sdn Bhd, which is controlled by the son and wife of former finance minister Tun Daim Zainuddin, Datuk Md Wira Dani Abdul Daim and Toh Puan Mahani Idris. The purchase raised their stake to 12.29%.

The seller was not known at the time of writing. Reliance Pacific, which is mainly involved in tourism operations, hotel management and property development, slipped into the red in 9MFY16 with a RM8.8 million net loss. Its unaudited net asset value per share stood at 40.86 sen as at Dec 31, 2015.

Elsewhere, property investment holding company ENRA Group saw 10 million shares or a 7.41% stake traded off market in four direct deals at RM1.80 apiece on April 7, 10% lower than its closing price of RM2.00 on that day.

According to filings, controlling shareholder Datuk Kamaluddin Abdullah — son of former prime minister Tun Abdullah Ahmad Badawi — acquired eight million shares or a 5.93% stake while Puan Sri Sharifah Salwa Syed Kamaruddin, spouse of Petronas’ former CEO Tan Sri Shamsul Azhar Abbas, bought the other two million shares or a 1.48% stake.

To recap, Shamsul Azhar joined its board as independent and non-executive director last June. Following the change in its controlling shareholders last year, ENRA Group, formerly known as Perduren (M) Bhd, intends to explore new business opportunities in the oil and gas industry. As at Dec 31, 2015, ENRA had an unaudited net asset value per share of RM1.66.

Over at roof tile maker and builder ML Global Bhd, a 18.97% stake was traded off market on April 11. Its largest shareholder, LBS Bina Group Bhd, acquired 17 million ML Global shares in a direct deal from its managing director Datuk Beh Hang Kong at 56 sen apiece — a 5.9% discount to the 59.5 sen the counter closed at that day.

This raised the property developer’s stake in ML Global from 31.95% to 50.92%, triggering a mandatory general offer for all the remaining shares at 56 sen apiece and warrants at six sen apiece respectively. LBS Bina intends to keep ML Global listed.

Meanwhile, some 13 million shares or a 5.02% stake of Pharmaniaga Bhd changed hands in a direct deal on April 7 at RM6.26 apiece, slight above the open market price of RM6.25 apiece at the time.

While the seller was unknown at press time, the buyer was Lembaga Tabung Angkatan Tentera (LTAT), which has increased its stake to 10.06% in the pharmaceutical company. Pharmaniaga is controlled by Boustead Holdings Bhd, which is in turn majority-owned by LTAT.

At garments manufacturer MWE Holdings Bhd, two blocks of shares totalling 11.5 million shares or a 4.99% stake crossed in two direct deals on April 8 at RM1.30 apiece, 8.5% lower than the open market price of RM1.42 at the time. Parties to the deals, however, were not revealed at the time of writing.

MWE is 33%-owned by tycoon Tan Sri Surin Upatkoon, who failed to privatise it at an offer price of RM1.70 last year.

Besides its core business of textile manufacturing, the company is also involved in property development, telecommunication products and oil palm cultivation. Apart from that, MWE has a number of assets, including a 25% stake in Kumpulan Europlus Bhd, which is teaming up with IJM Construction Sdn Bhd to undertake the RM5.9 billion West Coast Expressway project. 

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