Off-Market Trades: Ideal United Bintang International Bhd, Xian Leng Holdings Bhd, Ire-Tex Corp Bhd, SMTrack Bhd, Genting Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on April 29, 2019 - May 05, 2019.
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NOTABLE off-market trades during the period under review included a direct transaction of 24.8 million shares or a 13.5% stake in Ideal United Bintang International Bhd on April 22. According to data from Bloomberg, the transactions were done in six tranches at an average price of RM1.13 per share, which was at a discount to its closing price of RM1.17 on that day.

No updates of any changes in shareholding had been given by the group at the time of writing.

However, the group’s substantial shareholder, Tan Sri Ooi Kee Liang, and his wife, Puan Sri Phor Li Wei, increased their stake in the company to 58.95% on April 12 after they acquired 12.4 million shares directly as well as 48.76 million shares via ICT Innotech Sdn Bhd as part of the purchase consideration for the acquisition of a 20% stake in Modular Platinum Sdn Bhd and the entire stake in Ideal Homes Properties Sdn Bhd and Premium Flame Development Sdn Bhd.

Xian Leng Holdings Bhd saw 10.4 million shares or a 13.1% stake traded off market on April 22. Bloomberg data shows that the direct acquisitions were done in five tranches of 58 sen per share, which was at a 34.9% premium to its closing price of 43 sen on that day.

The fish breeder’s largest shareholder and group executive director, Datuk Ng Jet Heong, was the buyer. He increased his holding to 19.8 million shares or a 24.8% stake. Filings with Bursa Malaysia did not mentioned the sellers.

At Ire-Tex Corp Bhd, 16.4 million shares, or a 11.2% stake, were traded off market in three direct business transactions on April 18 and 23. Datuk Chiew Hian Tat, the group’s largest shareholder and its executive director, sold 6.4 million shares on April 18. Bloomberg data shows that the transaction was done at five sen a share, which is significantly lower than the counter’s closing price of 14 sen on that day.

The other two transactions on April 23 were done at 16 sen per share — a two-sen premium to the counter’s closing price of 14 sen on that day.

A filing with Bursa shows that the group’s executive director, Tan Yeang Tze, had resigned from his post to pursue personal interests while non-independent and non-executive director Teoh Tuck Wah had quit for the same reason, barely a week after his appointment.

Independent and non-executive director Datuk Faisal Zelman Abdul Malik also stepped down from his board seat to pursue personal interests.

SMTrack Bhd saw 6.4 million shares or a 4.3% stake traded off market. Bloomberg data shows that two million shares were traded in a direct transaction at 13 sen per share on April 22 while 4.4 million shares were traded off market on April 23 at seven sen apiece.

At the time of writing, no details on the parties involved in the transactions had been disclosed.

Genting Bhd saw 152.7 million shares or a 3.96% stake traded on April 22. The transactions were done at RM6.80 per share, which was at a slight premium to the counter’s closing price of RM6.79 on that day.

Filings with Bursa show that the shares were sold by Golden Hope Ltd, as trustee of the Golden Hope Unit Trust, to Kien Huat Realty Sdn Bhd. Tan Sri Lim Kok Thay and his son, Lim Keong Hui, are beneficiaries of the two trusts, so they remain the ultimate owners of the shares.

Other notable off-market trades involved Metronic Global Bhd (3.53% stake), Titijaya Land Bhd (3.47%) and Reach Energy Bhd (3.13%).

 

 

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