Off-Market Trades: Tiger Synergy Bhd, SMTrack Bhd, London Biscuits Bhd, Khee San Bhd, Media Prima Bhd

This article first appeared in The Edge Malaysia Weekly, on July 22, 2019 - July 28, 2019.
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BETWEEN July 10 and 16, the most notable off-market trade was the change of ownership at Seremban-based Tiger Synergy Bhd, which saw 150 million shares, or 11.8% equity interest, traded in a single direct deal on July 12.

The shares were transacted at two sen apiece, or RM3 million in total.

A July 16 filing with Bursa Malaysia shows Safari Alliance Sdn Bhd emerged as a substantial shareholder of Tiger Synergy with an 11.8% stake, after acquiring 150 million shares.

The seller is likely to be Goh Ching Mun, a major shareholder from Ipoh, Perak, who disposed of 150 million shares through a direct transaction on July 12. Goh still owns a 13.43% stake, or 170.48 million shares, in the company.

Tiger Synergy’s share price plunged by half year to date to close at 4.5 sen last Wednesday, giving the company a market capitalisation of RM57.1 million.

Over at SMTrack Bhd — previously known as Smartag Solutions Bhd — the radio frequency identification (RFID) solution provider saw 11.25 million shares, or a 7.56% stake, crossed off market in 25 block trades during the period under review.

The shares were traded at 23 sen to 24 sen apiece, or RM2.6 million in total.

Neither the identity of the seller nor the buyer was disclosed as the company has not made any announcement on changes in shareholdings since July last year.

SMTrack’s share price dropped to a record low of 5.5 sen in February, but has more than doubled since the start of the year. The counter closed at a 52-week high of 24 sen last Wednesday, valuing the company at RM35.7 million.

In April, SMTrack announced that it had inked a memorandum of understanding with Dexma Express Sdn Bhd to explore investment opportunities for the upcoming operation of Indonesian carriage firm Citilink — a unit of Garuda Indonesia — in Malaysia.

London Biscuits Bhd saw 15.23 million shares, or 5.24% equity interest, crossed off market in 34 block trades during the period under review.

The shares were transacted at 16 sen to 25.5 sen apiece, or RM3.51 million in total.

At press time, the identities of the buyer and seller were not known.

However, a filing with Bursa shows that on July 9, Meileelanusa Sdn Bhd offloaded 1.79 million shares, or a 0.6% stake. Meileelanusa is the private vehicle of the Liew family, which controls London Biscuits.

The confectionery manufacturer is a Practice Note 17 company, following its debt payment of RM9.83 million to Bank of Nova Scotia Bhd on July 3.

Meanwhile, London Biscuits’ 20%-owned associate Khee San Bhd saw 1.74 million shares, or a 1.52% stake, change hands in four block trades between July 10 and 12.

Media Prima Bhd, which has a presence across newspapers, TV and radio, saw 56.2 million shares, or a 5.07% stake, traded off market on July 10 and 11.

It is worth noting that 55 million shares were transacted on July 11 via direct transaction at 60 sen apiece, at a 26.32% premium to its last traded price. Aurora Mulia Sdn Bhd mopped up 55 million shares that day, taking its holding to 16.05%, or 178 million shares.

Aurora Mulia’s board members include Syed Danial Syed Mokhtar Shah — the son of tycoon Tan Sri Syed Mokhtar Albukhary. The company previously emerged as the party that acquired 123.02 million shares, or an 11.09% stake, in Media Prima from Umno’s Gabungan Kesturi Sdn Bhd.



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