Notable filings

DURING the period between Feb 25 and March 1, notable shareholder movements in companies listed on Bursa Malaysia included the emergence of Tong Sian Shyen as the largest shareholder of MQ Technology Bhd with a 16.73% stake on Feb 27.

MQ Tech issued 100 million shares to Tong at 2.29 sen apiece as part of the group’s share issuance scheme for selected employees. As the precision mouldmaker’s main shareholder, Tong was appointed as an executive director on March 4.

According to MQ Tech’s 2017 annual report, his stake in MQ Tech surpassed Gerald Nicholas Tan Eng Ho’s 69 million shares, which amounted to 16.64% of the company as at April 8 last year.

In the meantime, MQ Tech recorded a net loss of RM5.35 million for the financial year ended Dec 31, 2018, a 67% jump from its RM3.2 million loss in FY2017. The company also has short-term borrowings of RM6.4 million, and cash and bank balances of RM6.28 million.

Over at Seacera Group Bhd, its substantial shareholder Datuk Tan Wei Lian acquired a total of 16.4 million shares or a 3.75% stake in the tiles manufacturer between Feb 26 and 28, which increased his overall shareholding to 10.94%.

Tan is also the managing director and main shareholder of Tiger Synergy Bhd with direct and indirect stakes totalling 25.34%. He first emerged as a substantial shareholder in Seacera on Feb 12 after acquiring 31.5 million shares or a 7.48% stake from the open market.

Seacera had a rough year in FY2018 as the group reported a net loss of RM43.13 million against earnings of RM8.9 million in the preceding year. Group revenue was almost halved during the year to RM23.3 million from RM40.5 million.

Meanwhile, Datuk Paul Poh Yang Hong disposed of 10 million shares or a 1.08% stake in Alam Maritim Resources Bhd on Feb 27 through direct business transactions, the offshore support vessels (OSV) operator said in a filing to Bursa Malaysia.

Poh owned 8.28% of Alam Maritim and was its fourth largest shareholder prior to the disposals of his stake, which began last October. Following the latest disposal, his stake was reduced to 5.44%.

Poh also ceased to be a substantial shareholder of IRIS Corporation Bhd on Feb 21.

On Jan 18, a Kuala Lumpur court ruled that Poh had to pay the outstanding amount of HK$33 million (RM17.13 million) in credit line plus interest to Macau-based casino Wynn, as he had failed to settle the HK$40 million credit that the casino had provided in 2017.

Notable movements

The share price of Barakah Offshore Petroleum Bhd fell 9.5% during the period under review to 9.5 sen apiece, following its announcement of a RM61.6 million net loss in the twelve months ended Dec 31, 2018.

Although the loss was considerably lower than the RM216.7 million loss recorded before the 12-month period, Barakah is in a deep financial hole as the group is unable to service its debts.

Meanwhile, Sarawak-based tycoon Tan Sri Yaw Teck Seng is reorganising his stake in Barakah. His Hong Kong-based investment vehicle United Power Group Holdings Ltd has disposed of 43.75 million shares or a 5.24% stake to Magnadrive Sdn Bhd, which is also linked to him.

Over at Media Prima Bhd, the media conglomerate’s share price rose 8% during the week under review to 47.5 sen apiece. Year to date, the counter has risen 45.7% to close last Wednesday at 51 sen.

On Feb 22, Edgbaston Investment Partners LLP increased its stake in Media Prima to 5.37% after acquiring 687,000 shares. The UK-based investment management firm emerged as a substantial shareholder of the group on Feb 8 after its funds acquired 55.5 million shares or a 5% stake.