Notable filings

For the week of July 11 to 15, notable shareholding changes at Bursa Malaysia-listed companies included those at T7 Global Bhd, an integrated energy solutions provider.

Abyssina Resources Sdn Bhd, in which T7 Global chairman Datuk Seri Nik Norzrul Thani Hassan Thani has a stake, became a substantial shareholder of the company after acquiring 27.35 million shares on July 7 for RM12.58 million. It now holds a 6.64% stake (or 49.12 million shares) in T7 Global.

Nik Norzrul is also the chairman and senior partner of legal firm Zaid Ibrahim & Co, and sits on the boards of several public-listed companies, including Sime Darby Plantations Bhd, Malaysian Rating Corp Bhd and MUFG Bank (Malaysia) Bhd.

T7 Global saw its net profit for the year ended Dec 31, 2021, quadruple from a year earlier to RM12.97 million — a record high — on the back of a 40% increase in revenue to RM264.35 million.

Over at YB Ventures Bhd, Gunung Resources Sdn Bhd ceased being a substantial shareholder in the Main Market-listed tile manu­facturer on July 12, following a series of share disposals on the open market.

On July 7 and 8, Gunung Resources — a wholly-owned subsidiary of renewable energy player G Capital Bhd — sold a total of 7.3 million shares, which left it with a 5.9% stake (17.15 million shares), before selling an additional 12.6 million shares on July 12 and ceasing to be a substantial shareholder.

Then, on July 15, the company announced that it had appointed former Kuala Lumpur police chief Datuk Seri Tajudin Md Isa as its independent non-executive chairman. Tajuddin, 63, was with the Royal Malaysia Police for 33 years until his retirement in late December 2019.

At Hubline Bhd, Royston Ling Ing Ding acquired 13 million shares in the company in an off-market direct deal on July 15. Ling is the son of Hubline CEO Dennis Ling Li Kuang and is an alternate director to his father at the company.

Hubline, which provides dry bulk shipping logistics services and operates a flying academy aviation school, reported a lower net profit of RM6.36 million for the first six months of the financial year ending Sept 30, 2022, compared with RM12.95 million before, despite a 64.7% rise in revenue to RM115.1 million.

Meanwhile, Hextar Techno­logies Solutions Bhd’s controlling shareholder, Datuk Eddie Ong Choo Meng, has bought over the company’s entire 14.94% stake (36 million shares) in Classic Scenic Bhd, a Main Market-listed wooden picture frame moulding manufacturer that is also involved in property holdings, via a direct business transaction on July 14.

Ong is now the largest shareholder of Classic Scenic, with a 32.06% direct stake (77.26 million shares), while Hextar has ceased to be a substantial shareholder.

Notable movements

Ong, who is also a major shareholder of Hextar Global Bhd (HGB), has been acquiring shares in HGB this month through Hextar Holdings Sdn Bhd.

Hextar Holdings acquired a total of 43.23 million shares in the agrochemicals specialist on the open market from July 8 to 14 via direct business transactions, raising its direct interest in the company to 54.84% (765.84 million shares). It has since continued to accumulate more shares in the open market and, as at July 18, held a 7.69% stake.

HGB’s share price has gained 10.5% since the acquisitions, to RM1.69 as at July 18, giving it a market capitalisation of RM2.18 billion. On July 12, HGB said Ong would inject three industrial properties at Pulau Indah Industrial Park into KIP Real Estate Investment Trust — in which Ong owns a 20% stake — via transactions worth RM78.9 million.

Cypark Resources Bhd, whose shares have been more heavily traded than usual since late May, saw its chairman Tan Sri Razali Ismail dispose of more shares in the renewable energy company. He sold 3.2 million shares on July 7, which now leaves him with a 2.91% stake (17.13 million shares) compared with 4.72% on May 26.