Off-Market Trades: Lien Hoe Corp Bhd, Sentoria Group Bhd, Nextgreen Global Bhd, Minetech Resources Bhd, Meridian Bhd, Impiana Hotels Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on September 2, 2019 - September 08, 2019.
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LIEN Hoe Corp Bhd saw 45.21 million shares, or a 13.6% stake, traded off market in direct deals at 26 sen apiece on Aug 21 and 23.

On Aug 21, the company announced in a filing with Bursa Malaysia that it had received a notice of conditional mandatory takeover offer from Datuk Yap Sing Hock — through his private vehicle, Christine Holding Sdn Bhd — to acquire all the remaining ordinary shares in Lien Hoe that are not already owned by him at 25.5 sen per share. The offer price was at a 5.56% discount to the share price on the last trading day (Aug 20).

Sentoria Group Bhd saw 37.9 million shares, or a 6.8% stake, change hands off market in direct trades during the week under review at between 22 sen and 24 sen apiece. Filings show that Sentoria Capital Sdn Bhd had disposed of its shares via a married deal.

Sentoria Capital’s shareholders are Datuk Gan Kim Leong and Datuk Chan Kong San. Through Sentoria Capital, they hold 50.59% equity interest.

In the third quarter ended June 30, Sentoria Group’s net profit fell 38.4% year on year to RM4.39 million despite a 2.5% y-o-y increase in revenue to RM68.57 million.

Over at Nextgreen Global Bhd, 25.06 million shares, or a 5% stake, changed hands in direct trades during the week under review at 40 sen apiece. Filings show that Koperasi Permodalan Felda Malaysia Bhd emerged as a substantial shareholder after it acquired the entire block of shares on Aug 26.

Paper manufacturer Nextgreen’s largest shareholder is Datuk Lim Thian Huat, with a 16.58% stake.

In the third quarter ended March 31, Nextgreen posted a net profit of RM46,000, down 58.9% from a year ago, as revenue fell to RM3.91 million from RM8.76 million previously.

Minetech Resources Bhd saw 40 million shares, or a 4.8% stake, traded in direct deals at six sen apiece. The parties involved in the transactions were not known at the time of writing.

In the middle of the year, Minetech Resources saw a change of the guard when Chin Kong Yaw stepped down as CEO to pursue other opportunities. He was replaced by Yee Kon Sin, who was formerly the chief operating officer at De Lufra Sdn Bhd.

In the first quarter ended June 30, Minetech Resources slipped deeper into the red as net loss rose to RM1.22 million from RM984,000 previously. Revenue fell to RM28.17 million from RM33.56 million a year ago.

Over at property developer Meridian Bhd, 18.31 million shares, or a 3.8% stake, changed hands in direct and block trades during the week under review. The direct trades, which amounted to 15 million shares, were done at a sen apiece — well below the last transacted price of nine sen (last Wednesday).  The block trades were done at prices ranging from 8 sen to 12 sen per share. At the time of writing, the parties involved in the trades were not known.

Impiana Hotels Bhd saw 215 million shares, or a 3.6% stake, change hands in direct and block trades during the week under review. Filings show that Datuk Seri Krishna Kumar Sivasubramaniam has emerged as a substantial shareholder of the company after acquiring 539.47 million shares or 9.64% equity interest.

The largest shareholder is executive chairman Datuk Seri Ismail @ Farouk Abdullah, who holds 17.71% direct and 53.23% indirect equity interest. Earlier this year, Ismail launched a mandatory takeover offer for Impiana Hotels (then known as Bio Osmo Bhd). On Feb 21, the offer turned unconditional for Ismail to acquire the remaining shares in the company that he does not already own.



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