Off-Market Trades: Aturmaju Resources Bhd, PanPages Bhd, Sterling Progress Bhd, MQ Technology Bhd, Spring Gallery Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on September 3, 2018 - September 09, 2018.
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BETWEEN Aug 23 and 28, Sabah-based Aturmaju Resources Bhd saw a total of 10.248 million shares, or a 16.77% stake, worth RM3.07 million change hands in six direct deals.

Bloomberg data shows that the shares were transacted at 30 sen apiece on Aug 24, a steep discount of 21% to its closing price of 38 sen on the open market on that day.

A Bursa Malaysia filing reveals that Yeo Ten Fong ceased to be a substantial shareholder of the timber firm after disposing of 3.27 million shares, or a 5.3% direct stake, off market.

Datin Yap Que Chun and Yeo Gee Kuan also ceased to be substantial shareholders of the company. Yap disposed of 1.42 million shares, or a 2.3% indirect stake, while Yeo hived off 1.52 million shares, or a 2.48% indirect stake.

Year to date, Aturmaju Resources’ share price has risen 37% to close at 31.5 sen last Wednesday, giving it a market capitalisation of RM19.2 million.

Over at PanPages Bhd, 16.74 million shares, or a 6.31% stake, crossed off-market on Aug 24 and 27. Bloomberg data shows the shares were traded in four direct deals for a total of RM5.6 million. The transaction prices of 25 sen on Aug 24 and 35 sen on Aug 27 represent a 16% and 62% premium respectively to the closing price of 21.5 sen on the open market.

PanPages specialises in developing business platforms and providing business data and marketing services to small and medium-sized enterprises and corporates. The group currently hosts business portals in Malaysia, Thailand, Cambodia, Indonesia and Vietnam.

The company’s share price has declined 12% year to date to close at 21.5 sen last Wednesday, giving it a market capitalisation of RM57.1 million.

The buyer and seller have not been disclosed. PanPages has yet to make any announcement on shareholding changes since June 28.

Sterling Progress Bhd, formerly known as 1 Utopia Bhd, saw 15.37 million shares, or a 4.78% stake, traded off market for RM1.07 milllion in three direct deals on Aug 24. The shares changed hands at seven sen each, a steep discount of 14 sen or 66% to its closing price of 21 sen on Aug 24.

The seller was not known at press time.

Over at high precision mould manufacturer MQ Technology Bhd, 23.24 million shares, or a 4.67% stake, crossed off market in over 40 block trades and direct deals between Aug 23 and 28.

The shares were transacted at between five sen and six sen, for a total of RM1.13 million.

A filing with Bursa Malaysia shows that Woo Yee Foo ceased to be a substantial shareholder after disposing of 20 million shares, or a 4% direct stake, on the open market.

At ceramic ware manufacturer Spring Gallery Bhd, 8.16 million shares, or a 4.11 % stake, changed hands off market on Aug 28. The shares were transacted in a single direct deal at 70 sen apiece for a total of RM5.67 million.


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