Off-Market Trades: SCH Group Bhd, Bertam Alliance Bhd, SMTrack Bhd, Ewein Bhd, Lien Hoe Corp Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on July 30, 2018 - August 05, 2018.
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SCH Group Bhd saw a total of 68 million shares, representing 13.19% equity interest, transacted in two direct trades, comprising a block of 48 million shares and another of 20 million shares, on July 23.

The shares changed hands at 17 sen, which was at a 0.5 sen premium to the closing price of 16.5 sen on July 20.

According to filings with Bursa Malaysia, Hextar Holdings Sdn Bhd acquired the 68 million shares, raising its direct interest in the industrial equipment company to 24.84%.

The shares were sold by Thian­jing Holdings Sdn Bhd, which is no longer a substantial shareholder of SCH.

Hextar had emerged as a substantial shareholder of SCH after it purchased 60 million shares or a 12.7% stake through a private placement, which aimed to raise RM19.06 million through the issuance of up to 103 million new shares.

On July 20 and 23, a total of 10.7 million Bertam Alliance Bhd shares, equivalent to 5.18% of the property developer, were traded in a direct deal of 10.2 million shares and a block trade of 500,000 shares.

The shares were transacted at 30 sen apiece, which was at an 8.3% premium to the closing price of 27.5 sen last Thursday.

Bertam managing director Lim Nyuk Foh disposed of the shares, reducing his total interest in the company to 37.7 million shares or an 18.23% stake.

Bertam’s share price has been on a downward trend over the past five years and has fallen 31.3% year to date.

Over at SMTrack Bhd, 7.3 million shares changed hands in two direct trades on July 24 and 25 respectively. The 5.09% stake was transacted at 10 sen per share, which was at a 13% discount to the closing price of 11.5 sen on July 25.

A filing with Bursa shows that five million shares were sold by executive director Datuk Tan Choon Hwa. As at last Thursday, Tan still held 23.31 million shares or a 16.247% stake in SMTrack.

Three months ago, SMTrack scrapped plans to acquire US-based Wellspring Worldwide Ltd for RM310 million through a combination of cash and new shares, after considering the latter’s performance for the financial year ended Dec 31, 2017, which did not meet the group’s expectations.

The acquisition would have paved the way for a reverse takeover by Wellspring of the loss-making SMTrack.

Meanwhile, Ewein Bhd saw 15 million shares or a 4.97% stake traded off market on July 23 at a 16.96% discount to the closing price of 85.5 sen apiece.

The shares were moved in three tranches, comprising a block of six million shares and two blocks of five million shares each, at 71 sen each.

A filing with Bursa shows that Med-Bumikar Mara Sdn Bhd was behind the off-market disposal but it is unclear which party bought the shares.

Ewein’s share price has more than doubled since GE14 when it was trading at around 38 sen. Last Thursday, the counter closed at 81 sen, giving the company a market capitalisation of RM244.28 million.

Some 7.22 million shares, equivalent to a 2.12% stake in Lien Hoe Corp Bhd, changed hands on July 25 at a discount of 4% to the closing price of 36.5 sen on the same day.

The shares were acquired by the company’s second largest shareholder Belastra Sdn Bhd at 35 sen apiece, bringing its total stake to 35.55 million shares or 10.47% as at July 25.

Lien Hoe is involved in hotel operations, building and civil works, property development and property investment.


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