This article first appeared in Capital, The Edge Malaysia Weekly on March 23, 2020 - March 29, 2020
ON March 11, Chan Sai Kim disposed of 2.2 million shares, or a 4.15% stake, in B.I.G. Industries Bhd at 34 sen apiece, and ceased to be a substantial shareholder of the industrial gas producer and distributor.
The disposal was made at a premium of between 3% and 13.3% to the trading price range of the stock on that day.
Interestingly, Chan emerged as a substantial shareholder of the Sarawak-based company only on Feb 17, after subscribing to 4.8 million shares, or a 9.1% stake, through a private placement. The placement shares were fixed at 30 sen each.
B.I.G. Industries’ share price had fallen 5.88% during the period Chan was a substantial shareholder. The counter has lost 37.3% of its value so far this year, closing at 21 sen last Tuesday, for a market value of RM11.13 million.
For the financial year ended June 30, 2019, B.I.G. Industries posted a net profit of RM955,000 — compared with a net loss of RM4.52 million in the previous corresponding period — on the back of a 15% increase in revenue of RM45.99 million. In the six-month period ended Dec 31, 2019, however, its net profit dropped 84.4% year on year to RM322,000.
TRC Synergy Bhd managing director Tan Sri Sufri Mohd Zin acquired 6.72 million shares, or a 1.4% stake, in the construction outfit through Kolektif Aman Sdn Bhd on March 12. The shares were acquired at 33 sen apiece, within the counter’s trading range of 32 sen to 35 sen on that day.
Post-acquisition, Sufri’s stake in TRC Synergy, through Kolektif Aman, rose to 13.6%. In total, he holds 35.88% of the group’s shares — through Kolektif Aman as well as via TRC Capital Sdn Bhd’s 12.4% stake and a direct stake of 9.89%.
Closing last Tuesday at 29 sen per share, the counter has lost 34% of its value year to date. In the financial year ended Dec 31, 2019, TRC Synergy recorded a net profit of RM19.8 million, which is 5% lower than that of the previous year.
Over at Eduspec Holdings Bhd, Lim Een Hong ceased to be a substantial shareholder of the company on March 16, after disposing of 6.2 million shares, or a 0.37% stake, in two tranches at 1.5 sen and 1.7 sen apiece.
Lim has been the CEO of the digital learning solutions provider since September 2017. He has been on the board of the group since March 2010. As at end-November 2019, Eduspec posted a net profit of RM359,000 on the back of RM20.8 million in revenue.
At Dagang NeXchange Bhd (DNeX), Censof Holdings Bhd disposed of 10 million shares, or a 0.57% stake, at 17 sen apiece on March 11. Post-disposal, Censof still owns 15.65% equity interest in the digital trading platform solutions provider.
DNeX was trading at between 17 sen and 18 sen on March 17. Censof is the second-largest shareholder of DNeX, behind Arcadia Acres Sdn Bhd, with a 20.5% stake. Arcadia Acres is owned by DNeX’s former managing director, Zainal Abidin Jalil.
Datuk Samsul Husin is deemed interested in the acquisition, as he is the largest shareholder of Censof, with a 35% stake.
Meanwhile, Datuk Lim Thiam Huat acquired 2.55 million shares in Nextgreen Global Bhd from Ling Siew Luan at 35 sen apiece on March 11. The block represented 0.49% of the share base of the printing company cum industrial park developer. Following the acquisition, Lim’s stake rose to 13.8%.
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