Off-Market Trades: Yong Tai Bhd, Green Packet Bhd, Unimech Group Bhd, Cuscapi Bhd, Green Ocean Corp Bhd

This article first appeared in The Edge Malaysia Weekly, on September 16, 2019 - September 22, 2019.
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THE largest number of shares that changed hands off market during the period under review belonged to Yong Tai Bhd. The company saw 71.5 million shares, equivalent to 10.4% equity interest, crossing in direct trades of 20 sen and 23.5 sen on Sept 5 and 10 respectively. Filings with Bursa Malaysia show that 46 million of the shares were bought by Yong Tai CEO and executive director Datuk Wira Boo Kuang Loon via his private vehicle, Falcon Pace Sdn Bhd. Boo increased his total shareholding to 15.99% from 9.322% previously.

Yong Tai’s share price had fallen 74.6% from 79 sen a year ago to 20 sen at the close of trading on Sept 11. The company also recently announced its first annual net loss — of RM79.26 million — in five years for its financial year ended June 30, 2019, owing to losses incurred at its Encore Melaka theatre and after booking a one-off impairment loss in relation to Terra Square retail mall.

At Green Packet Bhd, a total of 62.81 million shares, or 7% equity interest, changed hands in direct and block trades on Sept 4, 5 and 10. The shares were transacted at 60 sen to 66 sen apiece.

The parties involved in the transactions are unknown at this juncture. However, industry talk has it that a China-based company is the acquirer.

It is noteworthy that the company’s share price has increased significantly since July 15, climbing 69.2% from 39 sen to close at 66 sen last Wednesday.

Unimech Group Bhd saw 33.47 million shares, or a 23.8% stake, change hands in direct trades on Sept 4 and 10. According to filings with Bursa, major shareholder Datuk Seri Lim Cheah Chooi and other shareholders had entered into a stock purchase agreement to sell a 25.09% stake in Unimech to Japanese company, KITZ Corp. According to the agreement, Lim would dispose of a 5.85% stake, reducing his stake to 25.71%. However, filings with Bursa show that Lim acquired 1.39 million shares during the week under review, bumping his stake up to 26.63%.

Over at Cuscapi Bhd, 42 million shares, or 4.9% equity interest, crossed in a direct trade at 18 sen apiece on Sept 5.

In a filing with Bursa, Cuscapi announced that Rose Vision Sdn Bhd ceased to be a substantial shareholder after it sold 42 million shares in the company. Rose Vision is a vehicle of executive director Toe Teow Teck, according to Cuscapi’s 2018 annual report. The acquirer of the stake is unknown at this point.

As at Jan 25, the group’s largest shareholders were Ultimate Quality Success Sdn Bhd (14.63%), Transight Systems Sdn Bhd (7.54%) and Aura Fokus Sdn Bhd (4.42%).

Green Ocean Corp Bhd saw 13.28 million shares, or 4.6% equity interest, change hands in a direct deal at 10 sen each on Sept 10. The parties involved are unknown.

The company’s largest shareholder is chairman Chiau Beng Teik, who holds a 20.52% stake,  followed by managing director Mohd Yusri Md Yusof, who has 10.03%.

In the first quarter ended June 30, 2019, the company reported a net loss of RM1.33 million compared with a net profit of RM829,000 a year ago. Revenue slid to RM56.5 million from RM70.28 million previously.

 

 

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