This article first appeared in Capital, The Edge Malaysia Weekly, on February 8 - 14, 2016.

FOR the four trading days between Jan 27 and Feb 2, some 407.85 million shares worth RM733.89 million traded off market in blocks of at least 450,000 shares.

The largest volume of shares transacted was in Tiger Synergy Bhd, which saw 58.75 million change hands in a mix of block and direct trades. That represents 1.83% equity interest in the company. The value traded, however, was only RM4.861 million. Note that the trades took place in relatively small blocks of around 500,000 shares over more than 100 trades at between 7.5 sen and 8.5 sen apiece, the same range the stock has been trading at on the open market. It is interesting to note that Tiger Synergy’s shares saw a surge in trading activity with volume rising to over 87 million, making it one of the most actively traded stocks during the week.

In terms of value, the largest off-market transaction was at Malayan Banking Bhd (Maybank) — a RM121.84 million block of 14.36 million shares on Jan 29. The shares crossed at RM8.50 apiece, while Maybank closed at RM8.58 on six-month high volumes of 28.5 million shares.

In total, Maybank saw 20.8 million shares worth RM177.03 million change hands off market, which represents a 0.21% stake in the banking group.

Tenaga Nasional Bhd (TNB) saw a large block of seven million shares worth RM94.15 million change hands off market in a single direct trade, at RM13.45 per share, on Jan 29. In total, 11.5 million TNB shares worth RM153.76 million changed hands off market during the week, making up 0.2% of TNB’s total share capital.

Note that TNB’s share price closed at an eight-month high of RM13.60 on Jan 29, with a surge in daily trading activity to some 23 million shares on the open market. TNB’s share price has since slipped to RM13.12.

ML Global Bhd, meanwhile, saw 7.7 million shares or 8.59% of the company’s equity done off market on Jan 29 and Feb 2 for RM3.85 million in total or 50 sen apiece. Of these, seven million shares changed hands on Feb 2 at 50 sen apiece, 3.1% above the 48.5 sen apiece they fetched on the open market at the same time, before closing at 48 sen that day. The buyer was LBS Bina Group Bhd, raising its direct interest to 31.95% as at Feb 2, according to a Feb 3 filing.

Acoustech Bhd saw 46.29 million shares worth RM34.72 million, or 75 sen apiece, traded off market on Jan 29. This represents 27.7% of the company’s shares. The shares changed hands over 12 transactions, including one large block of 25.77 million in a single direct trade.

According to an announcement to Bursa Malaysia, Formosa Prosonic Manufacturing Sdn Bhd (FPM) disposed of 46.44 million shares on Jan 29. FPM is a wholly-owned subsidiary of Formosa Prosonic Industries Bhd (FPI). Note that Acoustech’s non-executive director, Shih Chao Yuan, is also the group managing director of FPI where he controls a 3.24% stake. At press time, the purchaser of the shares had not yet been announced.

Ideal United Bintang Bhd saw 13 million shares worth RM8.9 million change hands off market in a single direct trade on Jan 29. The 12.81% block changed hands at 68.5 sen apiece. Filings showed a left hand to right hand transfer of shares from Datuk Ooi Kee Liang to ICT Innotech Sdn Bhd, which had no effect on Ooi’s effective stake in the company.

Meanwhile, BioAlpha Holdings Bhd on Jan 27 saw 10 million shares or a 2.07% block change hands in a single direct off-market trade at 31.5 sen apiece, below the 33.5 sen to 34 sen apiece they fetched on the open market at the time. It is interesting to note that BioAlpha on Jan 29 announced the price of a 10% private placement at 33 sen per share.

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