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Off-Market Trades: Green Ocean Corp Bhd, Green Packet Bhd, Prinsiptek Corp Bhd, Vortex Consolidated Bhd, WZ Satu Bhd

TheEdge Thu, Oct 17, 2019 02:00pm - 11 months ago

BETWEEN Sept 25 and Oct 1, the most notable off-market transaction was at Green Ocean Corp Bhd, where Tawaria Sdn Bhd ceased to be a substantial shareholder after disposing of 26.34 million shares or a 9.1% stake.

The transaction was done on Sept 27 at 10 sen per share, according to stock market data. Prior to the disposal, Tawaria was the third largest shareholder of the green products manufacturing and palm oil refining company.

Tawaria was the second substantial shareholder to sell a stake in September. On Sept 17, Green Ocean’s managing director Mohd Yusri Md Yusof disposed of 12.32 million shares or a 4.25% stake at 10 sen apiece.

His shares were taken up by Khoo Chee Siang, an independent non-executive director of the company. As at Sept 18, Khoo replaced Yusri as the second largest shareholder of Green Ocean with a 9.79% stake. The biggest shareholder, Datuk Seri Chiau Beng Teik, owns 20.52% of the company.

Over at Green Packet Bhd, a slew of off-market transactions took place between Sept 25 and 30 at between 65 sen and 75.5 sen per share, according to Bloomberg data.

On Sept 27, the technology company announced to Bursa Malaysia that Singapore-based private equity firm Kendall Court had emerged as a substantial shareholder with 7.19% equity interest, after acquiring 65 million shares at 70 sen apiece on the same day.

Green Packet is in the midst of raising up to RM85.17 million via a private placement of 135.18 million new shares. It is not clear whether the acquisition by Kendall Court is part of the private placement.

Kendall Court’s 7.19% stake makes it the third largest shareholder of Green Packet after Puan Chan Cheong’s 28.93% and Datuk Kok Onn’s 19.45%.

Construction and property development company Prinsiptek Corp Bhd saw almost 7% of its share base change hands through off-market deals on Sept 26 and Oct 1, according to stock market data.

On Sept 26, 10 million shares, or a 2.31% stake, were transacted off market at 12 sen per share. This was followed the sale on Oct 1 of 20 million shares or 4.63% at 11.5 sen apiece.

No announcements have been made by Prinsiptek regarding the transactions. The group is in the midst of raising RM66.7 million through a rights issue of 6.67 billion irredeemable convertible preference shares (ICPS) at one sen per ICPS.

Over at Vortex Consolidated Bhd on Sept 26, 34.4 million shares or 8.82% of its share base changed hands through direct off-market deals at 3 sen per share, according to Bloomberg data.

The transaction was at a deep discount to Vortex’s trading price of about 15.5 sen per share on that day in the open market. No announcement has been made by Vortex regarding the shareholding changes.

The company, formerly known as SKH Consortium Bhd, is pivoting into the financial services industry in the offshore money-broking business in Labuan as well as moneylending and asset management services.

Over at WZ Satu Bhd, His Majesty Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah emerged as a substantial shareholder of the civil engineering and construction outfit on Sept 30, after acquiring 20 million shares or a 4.3% stake at 22 sen per share from TAS Industries Sdn Bhd.

Post-acquisition, he holds a direct stake of 9.975% in WZ Satu, making him the second largest shareholder after Datuk Seri Tengku Uzir Tengku Datuk Ubaidillah, who has 20.45%.Urusharta Jamaah Sdn Bhd is the third largest shareholder with 9.35%.


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