Off-Market Trades: Ideal United Bintang International Bhd, Minda Global Bhd, Zecon Bhd, Malayan Banking Bhd, Sime Darby Plantation Bhd, AE Multi Holdings Bhd , Central Industrial Corp Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on April 30, 2018 - May 06, 2018.
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ON April 23, some 29.72 million shares or 26.9% of Ideal United Bintang International Bhd changed hands in a single off-market transaction at 54 sen per share. This was 8.5% lower than the stock’s closing price on that day.

The buyer was executive chairman Tan Sri Ooi Kee Liang and his wife Puan Sri Phor Li Wei, who now collectively own 59.72 million shares or 54.06% of the company. The duo have since made an unconditional mandatory takeover offer of 54 sen per share for the remaining 45.54% of outstanding shares.

According to an April 23 filing with Bursa Malaysia, the offeror intends to keep the property developer listed. Last Tuesday, the stock closed at 59 sen.

Meanwhile, private equity firm Creador II is no longer a substantial shareholder of education group Minda Global Bhd after selling 100 million shares in a single afternoon.

Data tracking transactions of blocks of 490,000 shares or more shows that a block of 50 million shares (4.03%) was sold off market on the afternoon of April 19 for 16 sen apiece or RM8 million in total.

Another 40 million shares were transacted in the same afternoon in two direct deals at 20 sen to 22 sen per share or RM8.3 million in total.

Also on April 19, Dayatahan Sdn Bhd picked up 90 million shares to bump up its holding in Minda Global, formerly known as Asiamet Education Group, to 200 million shares or 16.13%.

Last Tuesday, the stock closed at 15 sen, giving the company a market capitalisation of RM179.79 million.

Over at Sarawak-based construction company Zecon Bhd, a block of three million shares was traded in a single off-market deal at 59 sen each or RM1.77 million in total on April 20.

According to a filing with Bursa, the buyer was group managing director Datuk Zainal Abidin Ahmad, who increased his stake via the married deal. The acquisition means he is now a substantial shareholder as it increases his direct stake to 6.66 million shares or 5.08%.

In the fourth quarter of 2017, Zecon surged from 55 sen in early October to peak at 80 sen by Nov 17, rising 45.45%. However, it has since retreated, closing at 57 sen last Tuesday.

In the period under review, some stocks saw several large transactions involving blocks of at least 490,000 shares. On April 18, some 12.82 million Malayan Banking Bhd shares were traded in a single deal for RM136.64 million while one block of 10 million shares went for RM106 million on April 24.

Also on April 24, some 20 million Sime Darby Plantation Bhd shares were traded for RM110.8 million in a cross trade while another transaction saw 25 million Sime Darby Bhd shares traded for RM67.5 million on the same day.

On April 20, a single block of 18.46 million AE Multi Holdings Bhd shares or a 6.17% stake was sold off market for RM2.49 million or 13.5 sen apiece.

The seller was Lim Teck Seng, who had emerged as the second largest shareholder in the company last August. Lim is also deputy managing director of JF Apex Securities Bhd.

He sold the stake to ACE Credit (M) Sdn Bhd, which is AE Multi Holdings’ largest single shareholder. Following the deal, ACE Credit now has 77.86 million shares or a 26% stake in AE Multi Holdings.

ACE Credit is a unit of ACE Holdings Bhd, an investment and private equity player whose board is chaired by former secretary-general of the foreign affairs ministry, Tan Sri Ahmad Fuzi Abdul Razak.

Meantime, at Central Industrial Corp Bhd, non-executive director Chuah Guan Leong surfaced as a substantial shareholder after acquiring one million shares at RM1 apiece on April 23.

The transaction price was four sen lower than the stock’s closing price that day. Last Tuesday, the stock surged to close at RM1.12.

Chuah’s acquisition raises his stake to 3.44 million shares or 6.88%. He was appointed to the board on April 13 and held 2.44 million shares at the time.

On April 20, Central Industrial Corp completed its bonus share issue, which saw 40 million bonus shares approved and listed by the stock exchange.



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