Off-Market Trades: Willowglen MSC Bhd, Magna Prima Bhd, Revenue Group Bhd, IGB Bhd, Sime Darby Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on December 2, 2019 - December 08, 2019.
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ON Nov 22, Tan Sri Ong Leong Huat, the banker who founded OSK Investment Bank, disposed of five million Willowglen MSC Bhd shares at 45 sen apiece. The shares were held via OSK Technology Ventures Sdn Bhd and represented 1% of Willowglen’s share base. On the same day, Willowglen’s largest shareholder, New Advent Sdn Bhd, acquired four million shares through an off-market deal, raising its shareholding in the industrial engineering and technology company to 55%. New Advent is an investment holding company of Willowglen’s group managing director Wong Ah Chiew and executive director Simon Wong Chu Keong.

OSK Technology has been disposing of its Willowglen shares since April, reducing its stake to 10.37% from 12.06%.

In the first nine months of the financial year ended Dec 31, 2019, Willowglen’s net profit jumped more than 50% year on year to RM11 million owing to improved margins in spite of a 11% drop in revenue to RM87.07 million.

At Magna Prima Bhd, Fantastic Realty Sdn Bhd acquired 25.5 million shares or 7.6% of the group’s share base on Nov 25 at 75 sen apiece. The acquisition raised Fantastic Realty’s stake in the property development group to 21.06%.

The most recent shareholding movement by Magna Prima’s substantial shareholders occurred in June 2017,  when Fantastic Realty disposed of 23.5 million shares off market.

Fantastic Realty, which is owned by Lee Hing Lee and Lee Aik Chong according to the Companies Commission of Malaysia, is the second largest shareholder of Magna Prima after Prisma Pelangi Sdn Bhd, which has 30.72%.

Magna Prima is an associate of Hua Yang Bhd, another property developer, via Prisma Pelangi.

At Revenue Group Bhd, chief operating officer Ng Shih Chiow disposed of five million shares or a 2.14% stake at RM1.70 per share on Nov 22, trimming his stake in Revenue to 14.1%.

Combined, Shih Chiow and his brother Shih Fang, who owns 15.38% equity interest, are the largest shareholders of the e-payment service provider. The brothers, together with Ng Chee Siong, who is not related to them, are co-founders of the group.

In the first quarter ended Sept 30, 2019, Revenue registered a net profit of RM2.97 million, 54% higher than in the previous corresponding quarter. The increase was due to a one-off expense pertaining to the acquisition of a subsidiary that was recognised in the corresponding quarter.

Stock market data collated by Bloomberg shows that 30 million IGB Bhd shares were transacted off market on Nov 20 and 25 at RM2.96 apiece. The block represents 4.35% of the property developer’s share base.

At a total value of RM88.8 million, the block was the second largest transacted off market during the week under review, behind the 50 million Sime Darby Bhd shares acquired by AmanahRaya Trustees Bhd–Amanah Saham Bumiputra worth RM117.5 million.

No updates on shareholding changes had been made by IGB to Bursa Malaysia at the time of writing.

On Nov 21, IGB announced that it was in the process of establishing a commercial real estate investment trust (REIT) to be listed on Bursa Malaysia.

Among the commercial properties to be injected into the REIT are  Menara IGB, Centrepoint North and South, The Gardens Towers, Menara Southpoint and Boulevard Offices in MidValley City, as well as Menara Tan & Tan and GTower on Jalan Tun Razak.

 

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