Notable filings

BETWEEN May 27 and 29, notable shareholding changes in Bursa Malaysia-listed companies included those at AT Systematization Bhd, where 69.89 million shares were disposed of by its major shareholder Asiabio Capital Sdn Bhd on the open market.

At the same time, Asiabio’s stake in the company increased to 421.6 million shares or 28.29% through the subscription of rights shares.

Under the rights issue, shareholders were entitled to four rights shares together with three free warrants for every two shares held. The purpose of the fundraising exercise was for the expansion of product capacity, repayment of bank borrowings and working capital.

In mid-May, AT Systematization, together with Sanichi Technology Bhd and PNE PCB Bhd, inked a memorandum of understanding with US Arzon Solar LLC to produce medical-grade mechanical air ventilators.

At Leweko Resources Bhd, managing director Kor Beng’s interest in the company increased to 56.59% after his private vehicle Rengit Capital Sdn Bhd exercised the right to convert 45 million warrants into shares.

Leweko, which is involved in the manufacturing and installation of precast concrete and property development, slipped deeper into the red for its second quarter ended Dec 31, 2019, after net loss widened to RM1.4 million compared with RM320,000 a year ago. Revenue was lower at RM8.92 million against RM9.46 million in the previous year.

Meanwhile, Protasco Bhd saw the emergence of a new shareholder after Datuk Beh Kim Ling acquired 24.77 million shares in the company, or a 5.14% stake. Beh is executive chairman of VS Industry Bhd and his 5.14% shareholding makes him the second-largest shareholder of Protasco.

Protasco’s largest shareholder is executive chairman Datuk Seri Ir Chong Ket Pen, who holds a direct interest of 19.43% and an indirect interest of 10.41%.

For the financial year ended Dec 31, 2019, the company made a net profit of RM5.99 million compared with a net loss of RM48.11 million a year ago, despite a 9% fall in revenue to RM823.58 million.

Over at Sinotop Holdings Bhd, Noble Pinnacle Sdn Bhd ceased to be a shareholder of the company after disposing of its entire 40 million shares during the period in review. Noble Pinnacle is the private vehicle of Datuk Justin Soo Sze Ching, who owns 70% of the company, while the remaining 30% is held by his mother Lim Yoke Eng.

Filings with Bursa also showed that Datuk Abdel Aziz @ Abdul Aziz Abu Bakar acquired 30 million shares to emerge as a substantial shareholder of the company with a 6.9% stake.

Notable movements

The share price of SYF Resources Bhd plunged 51% to 14 sen from 29 sen between May 20 and 29. According to filings with Bursa, the company’s executive chairman and CEO Datuk Seri Ng Ah Chai disposed of 30 million shares on May 21, half on the open market and the remainder through a direct business transaction. Following the disposal, Ng holds a 53.98% direct stake in the company.

For its second quarter ended Jan 31, 2020, SYF Resources posted a narrower net loss of RM3.93 million from RM5.21 million a year ago, despite a 40% decline in revenue to RM32.1 million.

Between May 20 and 29, the share price of Ikhmas Jaya Group Bhd lost 20% to 60 sen from 75 sen. Executive director Dr Khoo Peng Sen disposed of 61.46 million shares through Ikhmas Jaya Holdings Sdn Bhd, paring his private vehicle’s stake to 29.66%.

Earlier this year, the EPF had sued Ikhmas Jaya Sdn Bhd, a subsidiary of the listed company, to recover RM2.08 million in unpaid contributions in respect of arrears for January to March 2019 and May to July 2019.