FOR the holiday-shortened week from Feb 8 to 14, some 300.4 million shares worth RM930.59 million changed hands off market in blocks of at least 450,000 shares.
Denko Industrial Corp Bhd saw 19.35 million shares, or a 18.53% stake, change hands off market at 55 sen apiece, or RM10.64 million in total, on Feb 10. The sellers were likely non-executive chairman Datuk Ong Soon Ho and his son, director Datuk Ong Choo Meng, who collectively sold 19.35 million shares at 55 sen on the same day, filings with Bursa Malaysia show.
The 55 sen transacted price was at a discount to the 65 sen to 66 sen the stock fetched on the open market at the time. The 55 sen is also the voluntary takeover offer made by Singaporean Foo Chee Juan, through Oregon Technology Sdn Bhd, on Feb 2 for Denko. Oregon intends to keep Denko listed. Denko closed at 69.5 sen last Wednesday.
After the Ongs, Denko’s second largest shareholder is Green Power Resources Ltd with 13.14%. Tan Chen Wei holds another 11.3% stake and is the third largest shareholder.
Gabungan AQRS Bhd saw 11.19 million shares, or 2.87% equity interest, change hands off market for RM10.95 million in total from
Feb 8 to 13. The shares were transacted at 97 sen to 98 sen apiece. As at last Wednesday, Gabungan AQRS’ share price had risen to RM1.05.
It is also interesting to note that one week earlier, the company announced that it had disposed of a piece of land to Gadang Holdings Bhd for RM55.69 million.
The week also saw sizeable off-market transactions of Public Bank Bhd and Malayan Banking Bhd shares.
Public Bank saw 15.15 million shares cross off market on Feb 13 and 14 at RM20.20 apiece or RM305.93 million in total. The shares crossed in three separate trades with the largest block consisting of 10.1 million shares. In total, the shares make up a 0.39% stake in Public Bank.
Meanwhile, Maybank saw 12.92 million shares transacted off market for RM107.73 million in total. The shares fetched from RM8.21 to RM8.35 apiece. The largest block of 11 million shares, worth RM91.85 million, crossed in a single direct trade on Feb 13.
Tenaga Nasional Bhd also saw consistent off-market activity during the week. A total of nine million TNB shares changed hands in 18 trades of 500,000 shares each. The shares fetched RM13.40 to RM13.50 apiece.
At the same time, Sterling Progress Bhd saw 3.09% of its shares change hands off market over nine trades. In total, 7.65 million shares were transacted for 20 sen to 21 sen apiece. The company’s shares closed at 21.5 sen last Wednesday.
About 3.88 million Sterling Progress shares appear to have been disposed of by Leong Seng Wui, based on filings with Bursa Malaysia. Leong retains a 7.46% stake. On Feb 8, the company completed a four-to-one share consolidation as part of an exercise that also reduced the par value of the shares.
On Feb 10, Sycal Ventures Bhd saw 9.56 million shares, or a 2.99% stake, change hands off market for RM3.55 million. Of these, 8.15 million shares changed hands in a single direct deal at 37.5 sen, slightly above the 36 sen and 36.5 sen they fetched on the open market.
Interestingly, Ace Credit Sdn Bhd emerged as a substantial shareholder after it bought 32.31 million shares on Feb 10, giving it a 10.09% stake. Recall that earlier this year Sycal Ventures announced several corporate exercises. This included a proposed capital reduction by cancelling 75 sen of the shares’ RM1 par value. It also proposed a 30% private placement of 96.07 million shares.
Over at HSS Engineers Bhd, a 1.88% stake traded off market on Feb 8 for RM3.3 million. The six million shares crossed in a single direct trade at 55 sen apiece, above the 50.5 sen and 51 sen they fetched on the open market. HSS Engineers’ share price has since fallen to 51 sen apiece as at last Wednesday.
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