Off-Market Trades: Utusan Melayu (Malaysia) Bhd, Tiger Synergy Bhd, KIP Real Estate Investment Trust, DeGem Bhd, GSB Group Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on February 18, 2019 - February 24, 2019.
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THE period under review was shortened by a public holiday in conjunction with the second day of Chinese New Year on Feb 6.

Between Feb 7 and 12, the most notable off-market trade was the change of ownership at Utusan Melayu (Malaysia) Bhd on Feb 8.

Utusan executive chairman Datuk Abd Aziz Sheikh Fadzir, who assumed the post after quitting the same post in mid-December last year, acquired 35 million shares or a 31.61% stake in the Malay-language newspaper and publisher.

Abd Aziz had purchased the stake at 19 sen per share for a total of RM6.65 million via his private investment vehicle, Opulence Asia Sdn Bhd. The price was at a premium of 7.5 sen or 65.2% to its last traded price of 11.5 sen apiece as at Jan 31.

A Feb 13 filing with Bursa Malaysia reveals that Abd Aziz bought the stake from Umno, which had been the single largest shareholder of Utusan with a 49.77% stake until recently.

Following the shares divestment, Umno — the biggest component party of Barisan Nasional — remains the second largest shareholder of Utusan with an 18.16% stake.

Meanwhile, Tiger Synergy Bhd, a property developer and furniture maker that intends to venture into the stockbroking business, saw 30.5 million shares or a 2.73% stake worth RM3.09 million change hands in two direct deals.

Bloomberg data shows that 30 million shares were transacted at 10.2 sen apiece on Feb 12, while the remaining 500,000 shares were transacted at 6.5 sen apiece on the same day.

Filings with Bursa on Feb 13 show that Tiger Synergy executive chairman Datuk Tan Wei Lian acquired 10 million shares on Feb 12 while his wife, Datin Sek Chian Nee, acquired 20 million shares on the same day.

Following the shares acquisition, Tan has a 13.28% direct stake and 10.94% indirect stake in the company.

Tiger Synergy said last Monday that it plans to acquire the entire equity interest in MQ Holdings Ltd for not less than HK$15 million (RM7.79 million).

MQ Holdings wholly owns Quest Stockbrokers (HK) Ltd, the holder of an Exchange Participant Certificate issued by The Stock Exchange of Hong Kong Ltd.

KIP Real Estate Investment Trust saw six million of its shares, or a 1.19% stake, cross off market on Feb 12.

Bloomberg data shows that the block of shares had crossed in one direct deal at RM4.83 million. The transaction price of 80.5 sen per share on Feb 12 mirrored the stock’s closing price on the open market that day.

Filings with Bursa on Feb 13 show that Landasan Primamaju Sdn Bhd disposed of six million KIP REIT shares via a “crossing deal” on Feb 12.

Landasan Primamaju — co-owned by KIP REIT Management Sdn Bhd managing director Datuk Chew Lak Seong and executive director Datuk Ong Kook Liong — still has a 12.36% direct stake and 6.92% indirect stake after the transaction. KIP REIT Management is the manager of KIP REIT.

Another notable off-market trade was a transaction of 1.5 million shares, or a 1.15% stake, of jeweller DeGem Bhd for RM1.575 million, or RM1.05 per share, in two direct deals on Feb 7.

Over at GSB Group Bhd, the company saw 5.5 million shares or a 1% stake cross off market on Feb 11. The shares were transacted in a single direct deal at 15.5 sen apiece or RM853,000 million in total.

A quick check on Bursa shows that the seller was Suria Bitara Sdn Bhd, which has reduced its stake in GSB to 10.4%.

 

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