This article first appeared in The Edge Malaysia Weekly, on June 6 - 12, 2016.

FROM May 25 to 31, some 549.21 million shares worth RM1.05 billion changed hands off market in blocks of at least 450,000 shares.

Among the notable transactions was a 32.23% stake,  or 63.43 million shares in Mexter Technology Bhd. The bulk of the shares were traded on May 27 at 15 sen a piece in three direct transactions, significantly above the 7 sen to 13.5 sen the stock fetched on the open market. The balance of 1.88 million shares crossed at between 14 sen and 14.5 sen.

Non-executive director Kuan Khian Leng ceased to be a substantial shareholder on May 27, after disposing of 51.55 million shares at 15 sen a piece. Prior to the disposal, he held the largest stake in the company. Ivan Sia Teck Fatt also disposed of 10 million shares in a direct off-market deal, also at 15 sen apiece.

Bursa Malaysia filings show that Lim Yin Chow acquired 55.851 million shares via his vehicle, LYC Capital Sdn Bhd, which gives him a 28.38% stake in the company.

Mexter deals with software development, industrial IT and renewable energy systems such as solar and energy-efficient systems. Since Lim emerged as the largest shareholder, the company’s share price has surged to 19 sen a piece, triggering an unusual market activity (UMA) query from Bursa.

In response, Mexter attributed the UMA to the change in substantial shareholder.

Meanwhile, Kanger International Bhd saw 37.58 million shares change hands off market during the week, worth RM8.8 million. The shares make up 4.76% equity interest in the company.

The largest block of 23.37 million shares crossed on May 25 at 23 sen apiece but at the time of writing, no filings with Bursa had identified the buyer or seller of these shares.

Another block of 2.63 million shares was acquired at the same price on the same day by Setiakon Builders Sdn Bhd, which then emerged as a substantial shareholder with a 5.01% stake in Kanger International. Datuk Kuan Ah Hock who controls Setiakon Builders, was subsequently appointed deputy chairman on May 30.

Kuan established Setiakon Builders, a construction company with over RM4 billion in projects, in 1994. Against this backdrop, Kanger International’s share price had shot up from about 9.5 sen six months ago to a high of 31 sen last Wednesday.

It is also interesting to note that on May 27 and May 30 respectively, 42 million shares and 12 million shares were transferred by Kanger’s chairman, Leng Xinmin, in left to right hand transactions.

Meanwhile, ECM Libra Financial Group Bhd saw 74.69 million shares or a 26.06% block change hands off market for RM27.65 million in total.

The block of shares was transferred to Lim Kian Onn, in line with the 37 sen per share offer he has made for ECM Libra. He now has a 50.26% stake in the company, which has triggered a mandatory general offer for the rest of the shares. Lim is the managing director and co-founder of ECM Libra.

At the same time, Enra Group Bhd saw eight million shares or a 5.93% stake traded off market. The trades took place in two blocks of three million and five million shares, at RM1.74 per share, on May 31. In contrast, the group’s share price closed at RM2.01 last Wednesday.

Separately, Hap Seng Consolidated Bhd saw 45 million shares worth RM298.35 million, or a 1.98% stake cross off market. 

The direct trade took place in a single block on May 26. The shares were transferred from RHB Nominees to Hap Seng Insurance Services Sdn Bhd in a left to right hand transaction under Tan Sri Lau Cho Kun. Lau has a 74.11% stake in Hap Seng Consolidated. 

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