Off-Market Trades: SYF Resources Bhd, Green Packet Bhd, 7-Eleven Malaysia Holdings Bhd, Tiger Synergy Bhd

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This article first appeared in Capital, The Edge Malaysia Weekly, on January 16 - 22, 2017.

BETWEEN Jan 4 and 10, 554.02 million shares worth RM1.42 billion changed hands off market in blocks of 450,000 shares.

Among the notable transactions was the block of 20.9 million shares worth RM11.5 million in SYF Resources Bhd that crossed during the week, representing a 3.41% stake in the company. The shares crossed at 55 sen apiece on Jan 6 and 9 in 10 separate transactions.

SYF Resources’ share price has since shot up to 63 sen as at last Thursday, up 26% from 50 sen a share last month, riding on a surge in trading volumes. Note that independent director Foo Lee Khean retired from the board at the company’s annual general meeting on Jan 10. He was up for re-election, but opted to retire instead.

SYF Resources’ core business is the building and furnishing of homes.

Meanwhile, 11.42 million Green Packet Bhd shares crossed off market, making up a 1.67% stake in the company. The shares crossed in 24 transactions at between 28.5 sen and 31 sen apiece. It is interesting to note that all the blocks were of less than 500,000 shares each.

The off-market transactions coincided with a surge in trading volume over the past week that has seen the company’s share price pick up 30.5 sen, only to close lower at 28 sen apiece last Thursday.

Green Packet also announced on Jan 6 that it had completed its investment in Webonline Dot Com Sdn Bhd for RM9 million.

At the same time, 7-Eleven Malaysia Holdings Bhd saw 31 million shares worth RM43.42 million change hands off market. This worked out to a 2.79% stake in the company. The shares crossed in seven blocks, mostly at RM1.40 each.

It is interesting to note that ­7-Eleven’s share price declined 28.2% over the past two months from RM1.95 to RM1.40 last Thursday.

Filings with Bursa Malaysia revealed that Tan Sri Vincent Tan disposed of 8 million shares on Jan 6 and 9 via his vehicle, Berjaya Retail Bhd. He retains an effective 50.24% stake in the company, marginally lower than the 51.86% he held at end-2016.

Over at Tiger Synergy Bhd, 30 million shares changed hands off market, representing a 2.16% stake in the company. All the trades took place on Jan 9 at four sen apiece. The largest block was of 18.154 million shares, followed by blocks of 6.9 million and a 4.846 million shares.

Tiger Synergy’s shares remain thinly traded on the open market, with prices fluctuating between 4 sen and 4.5 sen.

Southern Steel Bhd saw 8.02 million shares representing a 1.9% stake in the company cross off market in a single direct trade worth RM10.26 million .

The shares were sold by Signaland Sdn Bhd to its parent Hong ­Leong Manufacturing Group Sdn Bhd, bringing its stake to 69.26%, as part of a left-to-right hand transaction.

Ekovest Bhd saw 16.55 million shares worth RM39.89 million change hands off market. The shares represent a 1.93% equity stake in the company. The shares crossed in nine blocks at between RM2.39 and RM2.43 a share, which is near the company’s share price.

In line with the past several weeks, BIMB Holdings Bhd continued to see active off-market activity. This week, 24.05 million shares valued at RM100 million changed hands, representing a 1.51% stake in the company.

The shares crossed in two blocks — 14.45 million shares at RM4.15 apiece and 9.6 million shares at RM4.158 each.