This article first appeared in Capital, The Edge Malaysia Weekly on March 13, 2023 - March 19, 2023
Notable filings
During the week of Feb 27 to March 3, notable changes in shareholding at companies listed on Bursa Malaysia included those at furniture company Sern Kou Resources Bhd.
Privately held Genius Success Capital Sdn Bhd hived off 30 million shares in Sern Kou on Feb 28, trimming its stake to 155 million shares, or 15.5% equity interest. Genius Success Capital is the vehicle of Low Peng Sian @ Chua Peng Sian, Sern Kou’s managing director, who has a total 28.06% stake in the company, of which 12.56% is held directly.
The counter hit a 52-week low of 61.5 sen apiece on Feb 13. Since then, the price has inched higher to close last Wednesday (March 8) at 66 sen, translating into a market capitalisation of RM684.1 million.
On Feb 8, privately held Netinsat Asia Sdn Bhd sold five million shares in Scicom (MSC) Bhd, reducing its shareholding to 63.52 million shares, or 17.87% equity interest.
Netinsat Asia is the vehicle of businessmen Krishnan C K Menon, who is Scicom chairman, and Sreekumar P Narayana Pillai. Netinsat Asia is the second-largest shareholder in Scicom after Datuk Seri Leo Suresh Ariyanayakam, who has a direct 25.97% interest in the technology and business process outsourcing company.
Scicom shares hit a 52-week low of 96 sen on Oct 11 last year, but have since gained 22% and ended trading at RM1.15 last Wednesday, to give the company a market value of RM408.8 million.
Between Feb 23 and 28, the Employees Provident Fund (EPF) mopped up 11.06 million shares in VS Industry Bhd, nudging up its shareholding in the integrated electronics manufacturing services provider to 247.45 million shares, or a 6.43% stake.
The EPF surfaced as a substantial shareholder in VS Industry in early August last year with 191.84 million shares, or a 5.01% stake, and has been consistently acquiring blocks of the company’s shares.
VS Industry’s stock hit a 52-week low of 79 sen apiece on Nov 10 last year, but rebounded close to 30% to the RM1 band in mid-February. Since then, VS Industry’s shares have tapered off, to close last Wednesday at 86 sen, for a market value of RM3.31 billion.
On Feb 27, Fortress Opportunistic Growth Fund, a unit of Fortress Capital Asset Management (M) Sdn Bhd, acquired 20 million shares in Pan Malaysia Corp Bhd, strengthening its shareholding in the company to 63.51 million shares, or 8.23% equity interest. Fortress surfaced as a substantial shareholder in Pan Malaysia Corp in early October last year with 43.51 million shares, which gave it a 5.64% stake.
Checks on stock exchange filings indicate that the seller of the 20 million shares may be controlling shareholder Tan Sri Khoo Kay Peng, whose unit, Oriental Omega Sdn Bhd, sold 33.5 million shares on the same day. Khoo’s indirect interest stood at 394.65 million shares, or a 51.15% stake, following the disposal. Khoo also sold 40 million shares to Fortress last October.
Pan Malaysia Corp is involved in the manufacturing, export, marketing and distribution of chocolate and confectionery, and is part of Khoo’s flagship Malayan United Industries Bhd. Pan Malaysia’s stock has gained more than 25% since end-October last year to end trading last Wednesday at 20 sen apiece, giving it a market capitalisation of RM154.3 million.
Notable movements
Construction giant Gamuda Bhd’s stock has gained more than 35% since mid-November last year to close at RM4.33 last Wednesday, a 52-week high. At its close last Wednesday the company had a market capitalisation of RM11.51 billion.
During this period of strength in the company’s share price, the EPF has been actively trading Gamuda’s stock. During the week in review, the EPF sold 16.22 million shares to reduce its stake to 380.6 million shares, or 14.32% equity interest. The EPF is the largest shareholder of Gamuda, and one of two substantial shareholders.
Healthcare provider KPJ Healthcare Bhd’s stock hit a 52-week high of RM1.18 on March 7, after gaining more than 33% since last November. KPJ’s stock closed last Wednesday at RM1.14, valuing the company at RM4.97 billion.
Both the EPF and public sector pension fund Kumpulan Wang Persaraan (Diperbadankan), or KWAP, have been trading KPJ’s stock.
During the week in review, the EPF acquired 12.4 million shares, increasing its stake to 580.15 million shares, or a 13.29% stake.
Meanwhile, KWAP acquired 1.01 million shares in the company during the week in review, nudging up its stake to 227.4 million shares, or 5.21% equity interest.
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