Insider Moves: Bermaz Auto Bhd, Cuscapi Bhd, Engtex Group Bhd, Ivory Properties Group Bhd, Jiankun International Bhd

TheEdge Tue, Nov 01, 2022 02:00pm - 1 year View Original


Notable filings

For the week of Oct 10 to 14, notable shareholding changes at companies listed on Bursa Malaysia included those at Bermaz Auto Bhd (BAuto), a distributor of Mazda cars, which saw Lembaga Tabung Haji cease to be its substantial shareholder.

According to bourse filings, Tabung Haji has been paring down its shareholding in BAuto since early October. As at Oct 11, it held 58.31 million shares, or a 5.02% stake, in the company before disposing of 624,300 shares on the same day. The transacted price was not disclosed, but the counter closed at RM1.89 on the open market on Oct 11.

On Oct 13, Cuscapi Bhd announced the emergence of a new substantial shareholder — offshore company Radio Port Ltd — after the latter acquired four million shares in the management solutions provider, raising its direct interest to 5.05%, comprising 47.74 million shares. Cuscapi’s other substantial shareholder Wong Thean Soon, who owns a 14.69% stake in the group, was once linked to Radio Port, based on past stock exchange disclosure by a company he co-founded, My EG Services Bhd.

Cuscapi’s share price has fallen 26.79% year to date to close at 20 sen last Tuesday, giving the group a market capitalisation of RM189.09 million.

Over at Engtex Group Bhd, the building materials manufacturer saw its group managing director and executive director Datuk Ng Hook dispose of 20 million shares in the company to his private vehicle NH Holdings Sdn Bhd via an off-market transaction on Oct 11. This brings Ng’s direct stake to 9.24% and indirect stake via NKG Resources Sdn Bhd and NH Holdings to 19.79%. NH Holdings now owns 63.19 million shares, or a 14.54% stake, in Engtex.

Engtex’s net profit grew marginally to RM33.41 million in the first six months ended June 30, 2022 (1HFY2022) from RM33.34 million a year ago, on an increase in market demand for certain metal-related trading products and manufactured steel products. Revenue rose 31% year on year (y-o-y) to RM741.56 million.

Notable movements


Ivory Properties Group Bhd’s share price has fallen 31.82% in the past month, from 11 sen on Sept 19 to close at 7.5 sen last Tuesday, giving the company a market capitalisation of RM36.76 million.

On Oct 11, Ivory Properties, a Practice Note 17 company, announced that Heng Huat Resources Group Bhd managing director Datuk H’ng Choon Seng had ceased to be its substantial shareholder. Bourse filings showed that H’ng disposed of 80 million shares, or a 16.32% stake, in the Penang-based property developer to NLY Development Sdn Bhd via an off-market transaction on Oct 5.

Post-acquisition, NLY Development became a substantial shareholder of Ivory Properties, with 93.5 million shares, or a 19.08% stake.

H’ng emerged as the substantial shareholder of Ivory Properties on Sept 2, after acquiring 73.32 million shares, or a 14.96% direct stake, off market on Aug 30. Subsequently, he bought 6.68 million shares on Sept 1, bringing his stake to 16.32%.

Meanwhile, Jiankun International Bhd has been trading between 18 sen and 29 sen over the past 52 weeks. The stock has risen 2.27% year-to-date to close at 22.5 sen last Tuesday, valuing the group at RM71.6 million.

On Oct 11, Jiankun saw the emergence of a new substantial shareholder in Tai Tean Seng after he subscribed for 24.5 million shares, representing a 7.7% stake, in the property developer via a private placement.

Prior to this, on Sept 30, Jiankun announced the emergence of two other substantial shareholders through the subscription of private placement shares. They are Teh Hooi Tyug, who subscribed for 25 million shares (7.85% stake), and Datuk Yong Chong Long, who subscribed for 24 million shares (7.53% stake), on Sept 29.

Tai, Teh and Yong have thus taken up a cumulative 73.5 million of the 98 million new shares available under the fundraising exercise.

Jiankun slipped into the red with a net loss of RM3.29 million for the six months ended June 30, 2022 compared with a net profit of RM1.01 million a year ago, owing mainly to upgrading works incurred after the handover of vacant possession. Revenue dropped 53% y-o-y to RM9.86 million.

 

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Related Stocks

BAUTO 2.390
BURSA 7.450
CUSCAPI 0.175
ENGTEX 1.030
HHRG 0.215
JIANKUN 0.180
MYEG 0.790

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