Off-Market Trades: JHM Consolidation Bhd, Dayang Enterprise Holdings Bhd, Amverton Bhd, Chin Hin Group Property Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on January 20, 2020 - January 26, 2020.
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ACE Market-listed electronics components maker JHM Consolidation Bhd, which is seeking a transfer to the Main Market by the third quarter of 2020, saw 20 million shares, or a 3.6% stake, change hands in five direct deals at RM1.60 each, or RM32 million in total, on Jan 10.

That day, stock exchange filings showed 5.2 million shares were sold by its executive director and group CEO Datuk Tan King Seng, who was also deemed interested in the 14.8 million shares sold by First Share Sdn Bhd. He still had a 33.54% direct stake and 0.02% deemed interest, following the disposals.

JHM gained RM457.23 million in market capitalisation last year as its shares gained 99.7% to close the year at RM1.67, reflecting RM931.19 million in market value. The stock closed as high as RM1.72 on Jan 3 this year before easing to close at RM1.69 on Jan 15, giving it a market cap of RM942.34 million.

According to Bloomberg data at the time of writing, RHB Research had a “buy” recommendation, with a RM1.60 target price; Nomura Research is “neutral”, with a RM1.40 target price on JHM, which made its debut on what was then known as the Mesdaq market on July 13, 2006.

On Jan 14, Dayang Enterprise Holdings Bhd saw 16 million shares, or a 1.5% stake, change hands in four direct deals for RM40.8 million in total. The transacted price of RM2.55 a share was below the RM2.63 to RM2.78 that it fetched on the open market before closing at RM2.67 that day. Dayang shares gained 388.5% last year to close at RM2.51 on Dec 31, 2019.

On Jan 13, Dayang said its wholly-owned unit had been awarded two four-year contracts for the provision of integrated hook-up and commissioning services for Petronas Carigali Sdn Bhd, which are expected to contribute positively to earnings through Dec 31, 2023.

There were two “buy” and two “neutral” recommendations on Dayang, with target prices ranging between RM2.30 and RM2.75, according to Bloomberg data at the time of writing.

Amverton Bhd saw 30.65 million shares, or an 8.4% stake, change hands in seven direct deals on Jan 8 for RM36.78 million and another 1.67 million shares, or a 0.46% stake, change hands in a direct deal for just over RM2 million, or RM1.20 a share, on Jan 14.

The acquirer was probably founder, chairman and controlling shareholder Tan Sri Ng Boon Thong @ Ng Thian Hock, through his vehicle Dalta Industries Sdn Bhd. Dalta bought 31.27 million shares via a direct business transaction on Jan 8, raising its holdings to 66.95%, a stock exchange filing dated Jan 13 showed.

Ng had a 10.91% direct stake in the property development and construction company. The transaction price of RM1.20 a share is the price at which Ng had offered to buy out minority shareholders, who collectively hold a 22.14% stake, or 80.83 million shares. He does not intend to keep Amverton listed on Bursa Malaysia.

Chin Hin Group Property Bhd saw 23.36 million shares, or a 7.9% stake, change hands in four direct deals for just over RM7 million, or 30 sen a share, on Jan 8 and 13. These were probably among shares that led to the triggering of a mandatory general offer (MGO) at 30 sen a share and 10 sen a warrant.

According to the notice of MGO, non-executive chairman Datuk Seri Chiau Beng Teik bought 13.36 million shares, or a 4.51% stake, at 30 sen a share from Ong Choo Meng and Hextar Holdings Sdn Bhd on Jan 13. Other purchases, including five million shares, or a 1.69% stake, by the Chiau family vehicle Divine Intentions Sdn Bhd raised the offeror’s collective shareholding from 31.39% to 37.59%. They intend to keep the company’s listing status.


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