A TOTAL of 360 million shares valued at RM633.63 million changed hands off market in blocks of at least 450,000 shares from April 29 to May 5.

Notable transactions included those at Spring Gallery Bhd (fundamental: 1.7; valuation: 0.3), which saw 31.2 million shares or a 29.84% stake move off market on May 5. The shares changed hands in 15 direct deals for a total of RM13.1 million or 42 sen apiece, 27% below the 57.5 sen the stock fetched on the open market at closing time.

As at press time, the parties involved in the transactions were not known.

However, a filing with Bursa Malaysia on May 5 showed that Kuan Poh Huat emerged as a substantial shareholder after acquiring 9.5 million shares or 9.09% equity interest in the engineering solutions provider on April 27. This was done via a private placement at 52.5 sen apiece.

Over at Asia Poly Holdings Bhd (fundamental: 0.55; valuation: 0.5), a 12.8% stake or 11.25 million shares were traded in five direct off-market deals at 43 sen apiece. Six million shares changed hands on April 29 while another 5.25 million shares were transacted on April 30.

However, as at press time, no announcement on substantial shareholding changes had been made by the company.

The cast acrylic sheet maker’s filings show that on April 30, its largest shareholder Datuk Yeo Boon Leong was appointed as non-independent and non-executive chairman with immediate effect, replacing Pang Hee Kin. Yeo currently holds a 28.32% stake in Asia Poly.

Meanwhile, at PUC Founder (MSC) Bhd (fundamental: 2.15; valuation: 1.1), 51 million shares or a 4.8% stake worth RM7.14 million was traded off market in three blocks.

A 4.7% stake or 50 million shares in the IT solutions provider changed hands via a direct off-market deal at 14 sen apiece on May 5. Meanwhile, 465,000 shares were traded at 15.5 sen each and 497,000 shares at 14.5 sen each on May 5 via block trades.

An announcement to Bursa on May 6 showed that RHM Ltd, which is a major shareholder of PUC, had disposed of 50 million shares in the company on May 5. After the disposal, RHM still holds 493.2 million shares or a 46.39% stake in PUC.

PUC group managing director Cheong Chia Chieh is deemed interested in the transaction by virtue of his substantial shareholding in London Stock Exchange-listed Resource Holding Management Ltd, the holding company of RHM Ltd.

At Omesti Bhd (fundamental: 1.05; valuation: 0.9), 11 million shares or 2.8% equity interest were traded off market at 45 sen each on April 30 via three direct deals.

Filings with Bursa show that its executive director, Mah Xian-Zhen, acquired 11.17 million shares in Omesti (previously known as Formis Resources Bhd) at 45 sen per share for RM5.027 million.

On the same day, chairman Tan Sri Megat Najmuddin disposed of 10 million shares, reducing his stake in the IT solutions provider to 5.45%.

It is worth noting that Omesti vice-chairman, Datuk Mah Siew Kwok, has been actively accumulating shares in the company, acquiring a total of 20 million shares on April 21 and April 22 at 45 sen apiece.

After the April 30 transaction, Mah, who is the father of Xian-Zhen, holds a direct 84.2 million shares (21.7% stake) and indirect 11.2 million shares (2.9% stake) in the company.

Meanwhile, Boilermech Holdings Bhd (fundamental: 2.3; valuation: 1.5) saw 15 million shares or 2.91% equity interest change hands off market at RM1.47 per share in a series of direct deals.

In an April 29 filing with Bursa, Boilermech announced the intention of its managing director Leong Yew Cheong to trade in the securities of the company during the closed period. Leong holds a 13.06% stake or 67.4 million shares in the biomass boiler manufacturer.

On April 27, its deputy general manager Wong Wee Voo ceased to be a substantial shareholder after disposing of three million shares.

On April 30, engineering solutions provider Emas Kiara Industries Bhd (fundamental: 1.65; valuation: 0.3) saw three million shares or a 3.3% stake trade off market at 82 sen apiece.

The parties involved in the transaction were not known as at press time.

Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Visit www.theedgemarkets.com for more details on a company’s financial dashboard.

This article first appeared in Capital, The Edge Malaysia Weekly, on May 11 - 17, 2015.

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