Friday 29 Mar 2024
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This article first appeared in Capital, The Edge Malaysia Weekly on January 9, 2023 - January 15, 2023

Notable filings

From Dec 27 to 30, 2022, notable changes in shareholding for companies listed on Bursa Malaysia included those at diversified conglomerate Berjaya Corp Bhd (BCorp), which saw Kossan Holdings (M) Sdn Bhd — the privately held vehicle of Tan Sri Lim Kuang Sia — emerge as a substantial shareholder with 280 million shares, or a 5.01% stake. Lim is known in Corporate Malaysia as the managing director and CEO of rubber glove manufacturer Kossan Rubber Industries Bhd, in which Kossan Holdings has 48.63% equity interest.

The patriarch of BCorp, Tan Sri Vincent Tan Chee Yioun, sold 400 million shares in BCorp during the week in review, trimming his holding to 1.46 billion shares, or 26.24%.

The stock hit a 52-week high of 31 sen on Dec 27, 2022, after gaining about 27% over the past five weeks. It closed at 29.5 sen last Wednesday, giving BCorp a market capitalisation of RM1.65 billion.

RYRT Holdings Sdn Bhd — the privately held vehicle of Soo Yu Chai and Lee Chee Vui — sold 10.22 million shares in Central Global Bhd, paring its stake in the manufacturing and construction outfit to 10.53 million shares, or 8.16%.

RYRT Holdings first emerged as a substantial shareholder of Central Global in April 2022 with 14.47 million shares, or 12.44% equity interest — the consideration for the acquisition of a 70% stake in RYRT International Sdn Bhd by Central Global for RM30.1 million.

Central Global’s largest shareholder is MCA politician Datuk Chiew Hian Tat, with a 31.47% stake. The counter closed at 90 sen last Wednesday, giving the company a market valuation of RM127.6 million.

Meanwhile, Chai Chan Tong acquired 423.29 million shares, or a 20.38% stake, in construction and property development outfit Bina Puri Holdings Bhd via a private placement as well as acquisitions on the open market.

Bina Puri’s largest shareholder is the Tee family, led by managing director Tan Sri Tee Hock Seng. Together with his family members, he owns more than 25% equity interest in the company.

For the past 11 consecutive quarters, Bina Puri has suffered losses, dragged down by the challenging operating environment, including labour shortages, increased building material costs, inflation and the weakening ringgit. The counter closed at four sen last Wednesday, giving the company a market value of RM83.1 million.

The Employees Provident Fund (EPF) sold 6.6 million shares in Time dotCom Bhd, ceasing to be a substantial shareholder of the company with a stake below the 5% threshold for public disclosure. EPF emerged as a substantial shareholder of the company in September 2017 with 29.27 million shares, or 5.03% equity interest.

The stock hit a 52-week high of RM5.35 on Dec 13, 2022, buoyed by an announcement that the company was looking to pay out as much as RM1 billion in a special dividend to shareholders after hiving off its 49% stake in data centre unit AIMS Group for RM2 billion. The payout works out to 54 sen per share. Last Wednesday, Time dotCom closed at RM4.90, for a market capitalisation of RM9 billion.

Notable movements

State-controlled utility company Tenaga Nasional Bhd’s share price had gained close to 20% from mid-October to hit a 52-week high of RM9.63 on Dec 30, 2022, before closing at RM9.37 last Wednesday for a market value of RM53.91 billion.

During the week in review, EPF mopped up 2.15 million Tenaga shares, increasing its stake to 905.5 million shares, or 15.74%, though it was still lower than the 15.87% it held as at end-June 2022. Kumpulan Wang Persaraan (Diperbadankan), or KWAP, acquired 857,600 shares in Tenaga, raising its holding to 420.84 million shares, or 7.31%.

Since hitting a 52-week low of RM1.71 on Oct 17, 2022, ­Dialog Group Bhd’s share price had gained more than 40% to close at RM2.41 last Wednesday. EPF snapped up 291,100 shares in Dialog to increase its stake to 816.94 million shares, or 14.48%, compared with 14.25% in early November 2022. KWAP, meanwhile, bought 8.31 million shares in Dialog, upping its equity interest to 539.48 million shares, or 9.56%, against 9.25% in late October 2022.

 

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