Off-Market Trades: MSCM Holdings Bhd, Straits Inter Logistics Bhd, JMR Conglomeration Bhd, Eco World Development Group Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on April 1, 2019 - April 07, 2019.
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DURING the period under review, interesting off-market trades included a direct acquisition of shares in MSCM Holdings Bhd, formerly known as PanPages Bhd, that saw the emergence of Lim Peng Tong as a new substantial shareholder. Lim is also a director at Spring Gallery Bhd, Sterling Progress Bhd and Tatt Giap Group Bhd.

Filings with Bursa Malaysia show that Lim acquired 16.5 million shares off market and another 5.88 million shares on the open market. According to Bloomberg data, the off-market transaction was done at 26 sen per share on March 22, which was at a 2.5-sen premium to its opening price that day. The acquisition brings Lim’s holding in MSCM to 22.4 million shares, or an 8.4% stake, making him the second largest shareholder after MMAG Holdings Bhd.

Over at Straits Inter Logistics Bhd, 33.6 million shares, or a 5.28% stake, were traded off market on March 22, 25 and 26. The oil trading and bunkering operator was the only ACE Market-listed company available to give a briefing during Invest Malaysia Kuala Lumpur 2019 on March 19 and 20.

A total of 11.5 million shares were transacted at 25 sen apiece on March 22 and 25 while another 22.1 million shares changed hands on March 26 at 26 sen each. The off-market trades were done at a discount to its share price, which was between 25.5 sen and 27.5 sen during that period.

At the time of writing, there was no disclosure on the parties involved in the off-market trades, but filings with Bursa show that Straits managing director Datuk Seri Ho Kam Choy acquired 900,000 shares at 25.5 sen apiece on March 19 and 20.

JMR Conglomeration Bhd saw six million shares, or a 4.73% stake, change hands in a direct trade at RM1 apiece on March 21. The transacted price was at a five-sen premium to its closing price of 95 sen that day. As at press time, the group’s share price has edged higher to RM1.03.

Vortex Consolidated Bhd saw 13.4 million shares, or a 4.4% stake, transacted in a single deal on March 20. Bloomberg data shows that the off-market trade was done at five sen apiece, which was a 68% discount to its share price of 15.5 sen that day.

At Eco World Development Group Bhd, 114.9 million shares, or a 3.9% stake, were traded off market during the period under review.

Filings with Bursa show that its major shareholder, Eco World Development Holdings Sdn Bhd (EWDHSB), was behind the disposal. EWDHSB is a private investment vehicle of Tan Sri Abdul Rashid Abdul Manaf, the founder of EcoWorld, and Datuk Leong Kok Wah. The disposal takes its holding to 7.96%. The transacted price was 94 sen per share — at a slight premium to its share price of between 93.5 sen and 93 sen that day.

Bursa filings also show that Jernih Padu Sdn Bhd, a private investment vehicle of EcoWorld chairman Tan Sri Liew Kee Sin, acquired 150 million shares in EcoWorld on the same day.

Other notable off-market transactions included those at AE Multi Holdings Bhd (2.36%), Hubline Bhd (2.31%), Barakah Offshore Petroleum Bhd (2.24%) and APFT Bhd (2.16%).


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