Off-Market Trades: Impiana Hotels Bhd, MClean Technologies Bhd, Vortex Consolidated Bhd, Dolphin International Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on February 10, 2020 - February 16, 2020.
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BETWEEN Jan 29 and Feb 4, Impiana Hotels Bhd — formerly Bio Osmo Bhd — saw a total of 834.91 million shares, or a 12.56% stake, worth RM19.13 million change hands in multiple block trades and direct deals.

Bloomberg data shows that 451.135 million of the shares were transacted at 2.5 sen each or a total of RM11.27 million in direct deals on Jan 29 and 31, while another 349.5 million were traded at two sen each or a total of RM6.99 million in direct deals on Jan 31 and Feb 4.

The remaining 34.27 million shares were transacted at 2.5 sen to 3 sen in block trades between Jan 29 and Feb 3.

Neither the buyer nor the seller was disclosed as at Jan 24 and Impiana Hotels had yet to make any announcement on changes in shareholding.

As at Jan 22, Datuk Seri Ismail Farouk Abdullah, 74, was the company’s single largest shareholder with a controlling stake of 61.93%. The seasoned hotelier has been its group executive chairman since April last year.

Year to date, Impiana Hotels’ share price has gained 50%. It closed at three sen last Wednesday, giving the company a market capitalisation of RM199.4 million.

Over at MClean Technologies Bhd, the precision cleaning and surface treatment service provider saw 18.729 million shares, or a 9.54% stake, change hands off market. The shares were sold for RM5.53 million in multiple block trades during the period in review.

About 8.2 million of the shares went for between 25 sen and 29.5 sen each while the remaining 10.52 million were traded at between 30 sen and 32 sen each. Neither the buyer nor the seller was disclosed as at Dec 6 and MClean Technologies had yet to make any announcement on changes in shareholding.

It is worth noting that on Feb 3, trading in the company’s shares triggered the momentum algorithm of Asia Analytica for the sixth time this year.

For the nine months ended Sept 30, 2019, MClean Technologies’ group net loss widened to RM2.69 million from RM1.19 million in the previous corresponding period, while revenue fell 17.8% year on year to RM42.68 million.

MClean Technologies’ market capitalisation stands at RM56.9 million, following an 87% year-to-date climb in its share price, which closed at 29 sen last Wednesday.

During the period in review, ACE Market-listed Vortex Consolidated Bhd saw 26.12 million shares, or a 5.54% stake, cross off market in five direct deals. The shares were transacted at eight sen each or a total of RM2.09 million.

A quick check on Bursa Malaysia shows that Choo Peng Hung acquired 9.75 million shares via a direct business transaction on Jan 30, raising his equity interest in Vortex Consolidated to 16.25%. The transaction price, however, was not revealed.

Interestingly, the company confirmed last month that it was in talks to acquire a stockbroking firm but said it had yet to enter into any definitive agreement.

Over at Dolphin International Bhd, the palm oil milling machinery manufacturer saw 11.14 million shares, or a 4.56% stake, change hands off market on Jan 31 and Feb 4. Some 9.8 million shares were transacted at six sen each in direct deals while the remaining 1.34 million crossed at much higher prices of between 13 sen and 13.5 sen in block trades.

A filing with Bursa shows that on Feb 4, group managing director Low Teck Yin sold 2.4 million shares off market, although he remains a substantial shareholder of the company with a 5.01% direct stake.

Non-executive director Hoh Yeong Cherng, 53, disposed of 7.4 million shares off market on Feb 4.

 

 

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