Notable filings

NOTABLE filings of shareholding changes in Bursa Malaysia-listed companies between Feb 17 and 21 included Toh Puan Mahani Idris, wife of former finance minister Tun Daim Zainuddin, ceasing to be a substantial shareholder of Avillion Bhd, which operates Avillion Hotel in Port Dickson and is involved in other hospitality-related businesses as well as property development.

The cessation came after Ibu Kota Developments Sdn Bhd transferred 247.3 million shares or a 28.8% stake to Maybank Trustees Bhd on July 9 last year, a Feb 19 filing shows. Closing on Feb 25 at 16 sen, giving the company a market capitalisation of RM944.4 million, the stock had risen two sen or 14.29% year to date.

On Feb 18, Vertice Bhd saw the emergence of Wong Kwai Wah as a new substantial shareholder after he bought 240,000 shares, raising his stake to 5.03% or 9.49 million shares in the fashion apparel retailer. Three days later, however, Wong was no longer a substantial shareholder after disposing of 1.11 million shares.

Stock exchange data shows that 2.5 million shares changed hands in six direct deals off market on Feb 21 at 73 sen apiece and 106,300 shares at 75.5 sen apiece in another direct deal — below the 76.5 sen the stock closed at that day. Filings show that Yee Yit Yang bought 106,300 shares on Feb 21, raising his stake to 0.08% or 156,300 shares.

Over at Gunung Capital Bhd, Ooi Hock Lai ceased to be a substantial shareholder after disposing of four million shares or a 1.66% stake off market on Feb 18. Stock market data shows that the same number of shares changed hands in two direct deals at 50 sen apiece, below the 60.5 sen the stock closed at that day. Closing at 58 sen on Feb 25 for a market capitalisation of RM240.8 million, shares of the travel services company had doubled from the 30-sen level just over two months ago.

Notable movements

Closing at RM1.41 on Feb 25, the share price of precision mould and plastic parts maker SKP Resources Bhd had risen five sen or 3.68% year to date, though 11.3% below its 52-week high of RM1.59 on Jan 20.

Filings show that the Employees Provident Fund (EPF) is a net seller of the stock this year. The provident fund ceased to be a substantial shareholder of SKP after disposing of 697,000 shares on Feb 17. It is likely to have pared its holding to 4.98% or 62.3 million shares, given that it had a 5.039% stake as at Jan 21.

Separate filings show that fund managers of Kumpulan Wang Persaraan (Diperbadankan) disposed of 500,000 SKP shares on Feb 20, reducing the fund’s indirect stake to 2.79% while holding 10.76% directly, giving it a combined stake of 13.55%. This was down 5.44 million shares or 0.44% from the 174.8 million shares or 13.99% stake it had as at Jan 10.

At the time of writing, six analysts had a “buy” recommendation on SKP versus one with a “hold” call. Target prices ranged from RM1.30 to RM1.75, averaging at RM1.53, according to Bloomberg data.

The share price of WCT Holdings Bhd had shed 18.4% or 16 sen year to date when it closed at 71 sen on Feb 25. Filings show that Oversea-Chinese Banking Corp Ltd raised its deemed interest by 264,500 shares to 73.7 million shares, or a 5.25% stake, on Feb 20.

On the same day, the EPF sold 1.23 million shares, paring its direct stake to 7.09% or 99.47 million shares. This was down 2.61% in just seven weeks, given that the EPF had a 9.7% stake or 136.73 million shares as at Jan 3, filings show. WCT shares closed at 84.5 sen on Jan 3 and 75 sen on Feb 20.

The EPF was the second largest shareholder with 9.45% equity interest as at March 29 last year, according to WCT’s 2018 annual

report. WCT shares closed at 81.4 sen on March 29 last year.

On Feb 24, WCT bought back 690,000 shares at between 71.5 sen and 72.5 sen apiece, raising the number of shares held in treasury to 14.66 million or 1.034%.

There were seven “sell”, five “hold” and three “buy” calls on WCT, Bloomberg data showed at the time of writing. Target prices ranged from 53 sen to RM1.40, averaging at 89 sen.