Off-Market Trades: Country Heights Holdings Bhd, K-Star Sports Ltd, Sinmah Capital Bhd, Euro Holdings Bhd, Nextgreen Global Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on October 1, 2018 - October 07, 2018.
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COUNTRY Heights Holdings Bhd (CHHB) saw some 15.52 million shares or a 5.67% stake change hands at RM1.20 apiece, or RM18.63 million in total, in direct deals on Sept 21 and 24.

A Bursa Malaysia filing shows that Country Heights International Sdn Bhd acquired two blocks of 6.53 million and 8.99 million shares respectively, taking its total interest in the property developer to 45.9 million shares or 16.779%.

The acquisition by Country Heights International also increased the indirect stake of CHHB founder and chairman Tan Sri Lee Kim Yew in the company to 36.63%.

CHHB closed 9% higher at RM1.40 on Sept 24 after the group announced a proposal to conduct an initial coin offering to issue its own cryptocurrency, tentatively called “Horse Currency”.

On Sept 26, the counter closed at RM1.36, giving CHHB a market capitalisation of RM372.04 million.

On Sept 20, K-Star Sports Ltd saw 95.15 million shares or a 24.98% stake traded off market at 14 sen per share, a three sen premium to its closing price of 11 sen a day earlier.

The transactions were done over 11 direct trades for a total sum of RM13.32 million, with five of the transactions comprising blocks of more than 10 million shares each.

The acquirer of the shares was ACE Credit (M) Sdn Bhd, according to company filings. It now has 107 million shares or a 28.088% stake in K-Star.

A separate filing reveals that Datuk Chan Chee Hong, a former independent and non-executive director of K-Star, disposed of 17.145 million shares on Sept 20, shortly before the company announced his resignation as a director.

Over at Sinmah Capital Bhd, 9.67 million shares or a 15.83% stake crossed off market at 20 sen per share or a total of RM1.93 million on Sept 21.

The shares were transferred from a JF Apex Nominees (Tempatan) Sdn Bhd pledged securities account for FCH Holdings Sdn Bhd to the nominee accounts of Sinmah executive directors Fong Ngan Teng and Fong Choon Kai.

For the second quarter ended June 30, Sinmah’s net loss narrowed to RM4.94 million from RM8.6 million in the same period a year earlier, while revenue decreased 45% to RM41.02 million from RM74.2 million.

Year to date, the company’s share price has plunged 49% to close at 20 sen on Sept 26, giving it a market capitalisation of RM19.31 million.

On Sept 21, Euro Holdings Bhd saw 28 million shares or slightly more than 10% of its shares traded at 30 sen apiece via a direct business transaction — a 10 sen premium to its closing price of 20 sen on the same day.

Filings show that Chan Yok Peng acquired the 10.475% stake from Euro Holdings executive director Datuk Tong Yun Mong, who ceased to be a substantial shareholder following the transaction.

Chan was previously the managing director of oil and gas outfit Sumatec Resources Bhd before his redesignation to non-executive director in December 2016. He resigned from the company in March last year.

Nextgreen Global Bhd saw 45 million shares or a 10.02% stake traded off market at 35 sen per share on Sept 20.

Bloomberg data shows that the shares were traded in four tranches of four million, two million, 1.93 million and 37.07 million shares respectively

Bursa filings show that Multiway Trading Ltd acquired the three smaller tranches from Datuk Lim Thiam Huat, while the largest chunk was bought from Pelaburan MARA Bhd, which ceased to be a substantial shareholder of the company.

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