Notable filings

FROM Jan 7 to 11, notable filings included that at wood product company Sanbumi Holdings Bhd.

Executive director Chu Yoke Loong ceased to be a substantial shareholder after he sold 13.06 million shares or a 5.2% stake in the company. His sister, Chu Yoke Fong, ceased to be a substantial shareholder last November after selling six million shares or a 2.41% stake.

According to Sanbumi’s 2017 annual report, as at end-June last year, Yoke Fong’s shareholding stood at 6.43% or 14.56 million shares while Yoke Loong had 5.77% or 13.06 million shares.

During the period under review, Datuk Tan Kean Tet surfaced as a substantial shareholder in the company after taking up 22.64 million shares or a 9.09% stake in a private placement. Tan is the founder and chairman of Penang-based developer Iconic Group Sdn Bhd.

Sanbumi’s shares hit 44.5 sen on Jan 9 — its highest in about a decade — after having gained more than 120% since end-September last year. The counter closed last Wednesday at 38.5 sen, giving the company a market capitalisation of RM95.9 million.

At construction outfit OCR Group Bhd, Datuk Koon Poh Tat surfaced as a substantial shareholder after taking up 29.24 million shares or a 9.09% stake in a private placement.

Koon is an executive director and co-founder of Press Metal Aluminium Holdings Bhd and a member of the Koon family that controls Press Metal.

OCR’s shares fell to a multi-year low of 27 sen on Dec 20 last year and has not recovered since. The stock closed at 29 sen last Wednesday, having shed more than 35% since end-July last year, valuing the company at RM93.3 million.

At Spring Gallery Bhd, privately held Total Sejati Sdn Bhd — the vehicle of Wan Khalik Wan Muhammad — surfaced as a substantial shareholder in the engineering company with 19.86 million shares or 10% equity interest.

Wan Khalik was previously principal private secretary to the late Tan Sri Adenan Satem, the former chief minister of Sarawak, as well as Datuk Patinggi Abang Johari Openg, Adenan’s successor.

There was little stock market reaction to Wan Khalik’s entry however, and Spring Gallery ended last Wednesday at 78.5 sen for a market capitalisation of RM155.9 million.

Pilgrim fund Lembaga Tabung Haji exited a few more companies during the period under review, selling its targeted stakes to the Ministry of Finance’s special purpose vehicle, Urusharta Jamaah Sdn Bhd.

Among the companies TH sold off were Alam Maritim Resources Bhd, Eversendai Corp Bhd and White Horse Bhd.

Urusharta Jamaah is taking over RM19.9 billion worth of underperforming properties and equities from TH under a restructuring exercise.

Notable movements

Since hitting a year high of 90.4 sen on Oct 3 last year, maintenance company AWC Bhd has lost more than 28% of its value and is currently trading at 65 sen a share, giving it a market capitalisation of RM184.8 million.

During this period of weakness, its trading volume saw a pick-up with more than 8.43 million shares changing hands on Jan 11 and over three million shares on Jan 14 and 10, compared with the daily average of 1.2 million shares.

President and CEO Datuk Ahmad Kabeer Mohamed Nagoor acquired 783,300 shares during the period under review, nudging his shareholding to 34.15%.

Since end-October last year, oil and gas company Bumi Armada Bhd has lost more than 60% of its value. It closed at 15.5 sen last Wednesday.

The Employees Provident Fund, which has been trimming its stake in Bumi Armada, hived off three million shares during the period under review. As at end-October, the pension fund owned 459.17 million shares or a 7.82% stake, but as at last Wednesday, held 432.52 million shares or a 7.37% stake.