Off-Market Trades: Vivocom International Holdings Bhd, Goodway Integrated Industries Bhd, Dolphin International Bhd, Chin Hin Group Property Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on January 13, 2020 - January 19, 2020.
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NOTABLE off-market trades for the first week of 2020 included that of ACE-market-listed construction firm Vivocom International Holdings Bhd.

According to Bloomberg, a total of 1.36 billion Vivocom shares were crossed off market during the period under review, and for a total transaction value of RM13.8 million.

Filings on Bursa Malaysia show that, on Jan 3, Datuk Seri Chia Kok Teong emerged as a substantial shareholder in Vivocom with an acquisition of 1.3 billion shares, representing a 23.04% stake in the company. The shares were acquired at prices ranging from one sen to 2.5 sen per share. The closing market price of Vivocom shares on Dec 31 last year was 1.5 sen.

On the same date, Ng Boon Sing and Haslinda Abdul Hamid ceased to be substantial shareholders of Vivocom, with the disposal of 1.26 billion shares via their interest in Golden Oasis Resources Sdn Bhd.

Chia, now the largest shareholder of Vivocom, was appointed chief executive officer of the company on Jan 3. He is the ultimate major shareholder of Handy Goals Development Sdn Bhd. Vivocom’s unit Vivocom Enterprise Sdn Bhd had on Dec 30, 2019 entered into a joint-venture development agreement with Handy Goals to develop and complete an ongoing residential development in Sungai Besi, Selangor.

He is also is said to be the brother of Jason Chia Kok Chin, founder of I-Power Bhd. To recap, Vivocom was established on Oct 8, 2012 as a result of Instacom Engineering Sdn Bhd’s reverse takeover of I-Power, and was known as Instacom Group Bhd then. Following its diversification into construction and aluminium design and fabrication in 2015, the group changed its name to Vivocom.

On Jan 6, rubber business manu­fac­turer Goodway Integrated Industries Bhd saw a total of 14.5 million shares, representing an 11.93% stake, change hands at 18.5 sen apiece, for a total transaction value of RM2.68 million.

The shares were acquired by Yee Wei Meng and were disposed of by Eddie Ng Chee Siong.

Ng is co-founder and CEO of ACE-market-listed payment solutions provider Revenue Group Bhd. Property developer Purcon Capital Sdn Bhd is also a shareholder in Goodway, with a 9.09% stake.

Over at Dolphin International Bhd, which operates in the palm oil milling machineries sector, a total of 27.35 million shares, or an 11.2% stake, were crossed off market. Filings with Bursa Malaysia show that on Jan 3, Dolphin managing director Low Teck Yin disposed of 13.59 million Dolphin shares, while Robbie Chua Seong Seng, who emerged as a substantial shareholder in Dolphin last September, disposed of 13.27 million shares, as part of a restructuring of the group’s shareholdings.  The shares were acquired by Asia Poly Holdings Bhd. On Jan 7, Dolphin appointed Thoo Soon Huat as an executive director. Thoo is also a non-executive director at Asia Poly.

Meanwhile, Chin Hin Group Property Bhd saw 31.39 million shares, representing a 10.6% stake, crossed off market. The shares were transacted at 30 sen apiece, and for a total transaction value of RM9.4 million.

The shares were acquired by group chairman Datuk Seri Chiau Beng Teik and his son, executive director Chiau Haw Choon, via their interest in PP Chin Hin Realty Sdn Bhd.

In May 2018, The Edge had reported that the Chiau family was close to possibly triggering a mandatory general offer at Chin Hin Group Property, then known as Boon Koon Group Bhd.

 

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