DURING the period under review, off-market transactions involving companies listed on Bursa Malaysia included a direct business acquisition in KUB Malaysia Bhd, which saw JAG Capital Holdings Sdn Bhd emerge as the largest shareholder of the diversified group.

According to a filing with Bursa Malaysia, JAG Capital acquired 178.1 million shares, or a 31.99% stake, in KUB from Anchorscape Sdn Bhd. Bloomberg data shows that the acquisition was done at 68 sen per share or a total of RM121.09 million. The transaction — done at a significant premium to KUB’s closing price of 39.5 sen on that day — raises some eyebrows given the parties’ perceived connection to Umno.

JAG Capital is an investment holding company linked to the family of former finance minister II Datuk Seri Johari Abdul Ghani, whereas Anchorscape is an investment holding company linked to Darhim Dali Hashim and Datuk Abdul Rahman Mohd Redza.

Meanwhile, Darhim is a director of Prasarana Malaysia Bhd and CEO of Radimax Group Sdn Bhd, a shipyard, engineering and vessel-building company while Abdul Rahman is Linggi state assemblyman from Umno.

Following the shares divestment, Anchorscape remains a substantial shareholder of KUB with a 20.2% stake. Johari was appointed as a non-independent director in KUB. There also appears to be some optimism after the emergence of JAG Capital as the company’s largest shareholder from the rally in its share price, which jumped 13.9% to close at 43.5 sen on March 5.

APFT Bhd saw an 11.99% stake or 160.9 million shares traded for RM1.27 million. Bloomberg data shows that the transactions were done in multiple tranches on Feb 27, March 1 and March 5. On Feb 27 and March 1, a total of 31.2 million shares were sold off market at 2 sen apiece, while the remaining 129.8 million shares were sold for 0.5 sen apiece on March 5.

As at presstime, there was no announcement regarding the parties involved in the off-market transactions. The penny counter appears to remain under pressure as seen by the slight decline in its share price, closing at 2 sen last Tuesday.

Over at Merge Energy Bhd, there were disposals of 3 million shares each by Westiara Development Sdn Bhd and Cerdik Cempaka Sdn Bhd, or a 8.96% stake, through placement of stocks to investors for the purpose of regularising the public spread.

Following that, the group announced that its level of public shareholding spread was at 27% and it had complied with Bursa Malaysia’s listing requirement.

There were two notable off-market transactions at Rex Industry Bhd on Feb 28 and March 5. Bloomberg data shows that 20.8 million shares, or a 8.45% stake, were sold for a total of RM8.34 million or 40 sen per share, indicating a slight discount to Rex’s closing price.

The company’s share price has been under pressure over the last one year as seen by the decline of 26.3% during the period. As at presstime, there were no further details on the off-market transactions.

Other notable off-market sales during the period under review includes those at Bertam Alliance Bhd (4.92%), Magnum Bhd (4.92%) and Berjaya Land Bhd (4.82%).