Insider Moves: Apex Equity Holdings Bhd, FoundPac Group Bhd, ML Global Bhd, Scicom (MSC) Bhd

TheEdge Tue, Oct 03, 2017 02:00pm - 6 years View Original


Notable filings

BETWEEN Sept 11 and 15, notable shareholding changes included the emergence of Ace Investment Bank Ltd as the biggest shareholder in Apex Equity Holdings Bhd, with a 25.1% stake. Ace Investment Bank acquired 50.68 million shares on Sept 8 via a series of off-market transactions at RM2 apiece, a 10.5% premium to the stock’s closing price of RM1.81 that day.

Year to date, the stock has risen over 22%. It rose 26% on Sept 7 after declining almost 31% between early May and Sept 6.

The sellers included Permanent Mutual Holdings Sdn Bhd — the private investment vehicle of executive chairman Chan Guan Seng — which sold 11.02 million shares, or a 5.43% stake. Apex Equity Holdings non-executive director Datuk Azizan Abdul Rahman sold 5.5 million shares, or a 2.71% stake, leaving him with a 1.36% stake. Endau Suria Sdn Bhd ceased to be a substantial shareholder after selling 12.27 million shares, or a 6.06% stake, leaving it with 1.65%.

FoundPac Group Bhd executive director and chief operating officer Tan Sin Khoon sold 10.35 million of the company’s shares, on Sept 13 in open-market and off-market disposals. The disposal of the 2.79% stake left him with 22.65 million shares, or a 6.12% direct stake and 37.57% deemed interest via FoundPac Holdings Sdn Bhd, which he co-owns with fellow executive directors of FoundPac Group.

FoundPac Group debuted on Bursa Malaysia on Dec 29 at 54 sen apiece. It closed at 85 sen last Tuesday, up over 26% YTD.

At Dagang NeXchange Bhd, Censof Holdings Bhd disposed of 800,000 shares on the open market on Sept 13. This adds to previous sales in April and August that totalled 12.75 million shares. The stock closed at 49 sen apiece that day, rising over 86% YTD.

At construction firm Ho Hup Construction Bhd, Omesti Holdings Bhd — the vehicle of executive director and CEO Datuk Wong Kit-Leong — sold 367,100 shares on the open market on Sept 11 and 12. Omesti Holdings has 50.92 million shares, or a 13.58% stake, after the disposal.

On Aug 28, Ho Hup Construction reported a 46.8% y-o-y drop in net profit for the second quarter ended June 30, 2017, while revenue fell 42% due to the completion of projects and the soft building materials market. Earlier this year, the counter hit a one-year high of 91 sen on May 19, but has since declined about 22% to close at 71 sen last Tuesday.

Permaju Holdings Bhd managing director Datuk Chua Tiong Moon sold 15.53 million shares, or an 8.29% stake, in the company on the open market on Sept 13. He retains 1,000 shares, but is no longer a substantial shareholder.

On Aug 25, it reported a wider net loss of RM1.4 million in the second quarter ended June 30, 2017 (2QFY2017), compared with RM1.27 million in 2QFY2016. Revenue fell 29.3% y-o-y. The counter is up more than 142% YTD.

 

Notable movements

ML Global Bhd saw its share price hit a multi-year high of RM1.32 on July 25, capping a rally of 57% YTD. It has since stayed between RM1.22 and RM1.32 apiece, closing at RM1.27 last Tuesday.

Group managing director Tan Sri Lim Hock San acquired 87,900 shares in the week under review, bumping up his direct shareholding to 615,600 shares, or a 0.56% stake. Filings show he only began acquiring shares in his direct capacity from March 31.

Lim also has deemed interest of 202.88 million shares or a 51.42% stake in ML Global. For the second quarter ended June 30, 2017 (2QFY2017), it reported revenue of RM170.29 million, up nearly 17 times y-o-y from RM11.6 million, while net profit also surged to RM10.01 million from RM145,000 in 2QFY2016.

Lim was redesignated to his current position after his listed vehicle, LBS Bina Group Bhd, became a majority shareholder in ML Global in April 2016 via an asset injection exercise. It first surfaced in ML Global in 2014 when the latter was a Practice Note 17 company.

Scicom (MSC) Bhd shares have been under selling pressure since hitting a one-year high of RM2.35 multiple times in the early part of the year. Since June 16, its share price has fallen 19% to close at RM1.90 last Tuesday. The counter is down almost 11% YTD.

Filings show that executive director Datuk Seri Leo Suresh Ariyanayakam — Scicom’s largest single shareholder with a 24.84% stake — has been increasing his direct shareholding in the company this year. In September alone, he bought 360,900 shares. The stock retreated 8.2% between Aug 30 and Sept 19.

For the full financial year ended June 30, 2017, Scicom reported an 8.23% y-o-y improvement in net profit with revenue growing 1.6% y-o-y. It expects a stronger financial performance in FY2018.

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