This article first appeared in Capital, The Edge Malaysia Weekly on July 16, 2018 - July 22, 2018
PETRA Energy Bhd saw a 4.4% stake or 14.23 million shares change hands for RM6.77 million in four direct deals on July 4 and 5 at a discount to open market prices.
Of these, 12.2 million shares or a 3.8% stake changed hands for 48 sen each on July 5, a discount to the 50.5 sen to 55.5 sen each the stock was fetching on the open market. Similarly, the remaining two million shares changed hands at 45 sen apiece on July 4, below the 48 sen to 50 sen apiece they were fetching on the open market.
The buyers and sellers were not immediately known. According to its 2017 annual report, Petra Energy has four substantial shareholders, namely Sarawakian businessman Tan Sri Bustari Yusof’s Shorefield Sdn Bhd (27.54%); Wah Seong Corp Bhd subsidiary Wasco Energy Ltd (26.97%); Lembaga Tabung Haji (9.88%) and non-executive director Datuk Mohamed Nizam Abdul Razak (9.11%), who is the younger brother of former prime minister Datuk Seri Najib Razak. Closing at 52 sen last Wednesday, the stock was down 37% year to date, although this was a recovery from a low of 31.5 sen on May 31.
Meanwhile, Tomypak Holdings Bhd saw a 2.3% stake or 9.6 million shares change hands in six direct deals for RM7.68 million on July 6 and 10. The largest direct deal was 2.9 million shares for RM2.32 million on July 6. The transacted price of 80 sen apiece was above open market prices on July 10 but within the range of 79 sen to 81.5 sen on July 6. The buyer and seller were not immediately known. Closing at 79 sen last Wednesday, the stock had fallen 19% year to date.
On July 5, Kretam Holdings Bhd saw 40.5 million shares or a 1.74% stake change hands in three direct deals at 35 sen each, a discount to the 41 sen to 42.5 sen the stock was fetching on the open market. Stock exchange filings show the same number of pledged securities of Kretam’s largest shareholder Dauk Freddy Lim Nyuk Sang were sold at the same price that day. Lim had a 47% direct stake and 21.52% deemed interest after the sale. Closing at 40 sen last Wednesday, Kretam was down 26% year to date.
On July 5, Multi Sports Holdings Ltd saw close to 60.062 million shares or a 9.9% stake change hands at one sen each in a single direct deal. Only 1.07 million shares were done between 1.5 sen and 2 sen on the open market that day.
No filing for substantial shareholding change had been filed at the time of writing. It is worth noting that the transacted stake corresponds with the 60.062 million shares held by its second largest shareholder Sanston Financial Group Ltd for Power Wide Holdings Ltd at M&A Nominee (Asing) Sdn Bhd.
Multi Sports, which listed as a China-based shoe sole maker in 2009, needs to regularise its distressed Practice Note 17 (PN17) status or lose its Main Market listing. It slipped into PN17 last November after external auditor Messrs RT LLP issued a disclaimer of opinion on its financial statement in the 2015 annual report that was over two years late. The whereabouts of former executive chairman Lin Houzhi and former executive director and CEO Lin Liying are unknown. Its current four non-executive board members — appointed by shareholders at a special general meeting on Oct 4, 2016 — had in late-2016 decided to deconsolidate the China subsidiaries as the company no longer had any control over them.
On July 10, Multi Sports clarified that the Securities Commission’s recent reprimand on its knowingly furnishing misleading financial statements were for five quarters between 1Q2015 to 1Q2016 submitted before the existing board members were appointed.
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