Notable filings

FROM March 20 to 24, notable shareholding changes at companies listed on Bursa Malaysia included those at Green Packet Bhd.

A March 23 Bursa filing shows that Green Packet executive director Francis Leong Seng Wui ceased to be a substantial shareholder of the Main Market-listed loss-making technology firm after disposing of all his shares on the open market on March 20 and 21.

Prior to the disposal, Leong held 124.34 million shares, or 8.91% of the issued shares of Green Packet, which he acquired in January last year. He offloaded 59 million shares for RM3.45 million on March 20 and 65.34 million shares for RM3.7 million on March 21.

Leong sits on the board of Revenue Group Bhd and Classita Holdings Bhd, both of which are embroiled in a shareholders’ and boardroom tussle.

Property developer Menang Corp (M) Bhd saw the exit of its substantial shareholders Titian Hartanah (M) Sdn Bhd, Datin Mariam Mohamed Eusoff and Dr Christopher Shun Kong Leng.

Titian Hartanah — a private vehicle co-owned by Datuk Shun Leong Kwong, Datuk Abdul Mokhtar Ahmad, Maymerge (M) Sdn Bhd and Mariam — ceased to be a substantial shareholder after selling 54.26 million shares, or a 10.65% stake, via a direct business transaction (DBT) on March 16.

On March 21, Mariam herself ceased to be a substantial shareholder after disposing of her entire block of 48.11 million shares, or a 9.44% stake, in a DBT. A day later, Kong Leng, a former director of Menang, also ceased to be a substantial shareholder after offloading 48.13 million shares, or a 9.45% stake, in a DBT.

Meanwhile, Barisan Nasional component party MCA ceased to be a substantial shareholder of car leather upholstery maker Pecca Group Bhd after its investment vehicle Huaren Holdings Sdn Bhd divested 12.88 million shares, or a 1.71% stake, on March 17.

Huaren emerged as a substantial shareholder on Aug 30, 2022. Following the share divestment, MCA (via Huaren) remains a shareholder of Pecca with 34.68 million shares, or a 4.61% stake.

Over at ACE Market-listed home-grown scheduled waste recycling company Tex Cycle Technology (M) Bhd, its largest shareholder Can Cycle Sdn Bhd disposed of 10 million shares, or 3.9% equity interest, on March 16 and 20.

Can Cycle is a private vehicle jointly owned by Tex Cycle executive chairman Ho Siew Choong and his brothers, Siew Cheong and Siew Weng, as well as Periasamy Sinakalai, better known as S Perry. Siew Cheong, Siew Weng and S Perry are executive directors of Tex Cycle.

It is worth noting that Can Cycle had been disposing of the shares since early March. For perspective, the Klang-based company sold three blocks of five million shares each, or a 1.95% stake, on March 7, 16 and 20.

At the time of writing, Can Cycle still held 91.01 million shares, or a 35.52% stake, in Tex Cycle. It remains to be seen whether the share disposals will continue.

Notable movements

Perak-based lingerie maker Classita Holdings Bhd, formerly known as Caely Holdings Bhd, saw its share price plunge 10 sen, or 40%, over the past month. Year to date, the counter had declined 19 sen, or 56%, to settle at 15 sen last Tuesday, giving the company a market capitalisation of RM49.27 million.

In filings on March 20 and 21, Classita notified the stock exchange regulator that founder Datin Fong Nyok Yoon ceased to be a substantial shareholder of the company after selling 21.06 million shares, or a 6.18% stake, on March 17, whereas executive chairman Ng Keok Chai acquired 13.86 million shares, or a 4.06% stake, on the same day.

E-payment solutions provider Revenue Group Bhd saw its stock price drop another 13 sen, or 33%, over the past month. Year to date, the counter had nosedived 44 sen, or 64%, to close at 24 sen last Tuesday, bringing the group’s market capitalisation to RM116.03 million.

Filings on March 22 show the emergence of Green Packet’s Leong as a new substantial shareholder of Revenue Group after he acquired 15 million shares in a DBT on March 21, which raised his stake to 5.63%, or 27.14 million shares.