Insider Moves: Southern Cable Group Bhd, Excel Force MSC Bhd, Propel Global Bhd, Matrix Concepts Holdings Bhd, T7 Global Bhd

TheEdge Tue, Dec 12, 2023 02:00pm - 4 months View Original


This article first appeared in Capital, The Edge Malaysia Weekly on December 4, 2023 - December 10, 2023

Notable filings

From Nov 20 to 24, notable changes at Bursa Malaysia-listed companies included those at Southern Cable Group Bhd, which saw Semangat Handal Sdn Bhd pare down its stake in the cable and wire manufacturer to 19.13% following the disposal of 38 million shares, or a 4.75% stake, for RM13.49 million, or 35.5 sen apiece.

Southern Cable’s share price has gained 31% year to date, closing at 38 sen last Tuesday for a market value of RM304 million.

Semangat Handal — controlled by Southern Cable independent non-executive chairman Fawiza Faiz — is the second-largest shareholder of Southern Cable after Sino Shield Sdn Bhd, which holds a 35.69% stake.

Sino Shield is owned by Southern Cable managing director Tung Eng Hai and his wife Ooi Gaik Bee as well as executive director Wong Meng Kee and his wife Tung Cheng Im.

Southern Cable made its debut on the ACE Market of the local stock exchange in October 2020 and subsequently transferred its listing status to the Main Market of Bursa Malaysia in October 2021.

On Nov 22, Excel Force MSC Bhd’s executive chairman Datuk Wira Farhash Wafa Salvador bought five million shares, or 0.89% equity interest, in the company for RM2 million, or 40 sen per share. The stock traded between 39.5 sen and 41 sen on that day.

Farhash — a former Perak Parti Keadilan Rakyat (PRK) chief — is also the executive chairman of Apex Equity Holdings Bhd and the non-independent non-executive chairman of 7-Eleven Malaysia Holdings Bhd.

Last May, he assumed the executive chairman role in Excel Force MSC, which provides financial services business solutions to banking and stockbroking firms. The stock has declined 25.2% since hitting a high of 53.5 sen in June, closing at 40 sen last Tuesday with a market capitalisation of RM223.8 million.

Meanwhile, Propel Global Bhd’s deputy chairman Datuk Tan Yee Boon on Nov 21 acquired eight million shares, or a 1.2% stake, in the oil and gas services provider for RM1.28 million, or 16 sen apiece.

He also sits on the board of directors of Protasco Bhd, Ecoscience International Bhd and Feytech Holding Bhd, which is seeking to list on the Main Market.

Propel Global, which took over the listing status of troubled Daya Materials Bhd in 2022, exited the Practice Note 17 (PN17) status in May this year after completing its regularisation plan. Its shares, however, have slipped 26.8% since early this year.

Notable movements

Since reaching a 52-week low of RM1.37 last July, shares of Matrix Concepts Holdings Bhd have been gradually recovering with a gain of 18.2% to close at RM1.62 last Tuesday, valuing the stock at RM2.03 billion.

Lembaga Tabung Haji emerged as a substantial shareholder of the Seremban-based property developer following the acquisition of 64.1 million shares, or a 5.12% stake, from Nov 20 to 23. It is not known who the seller of that block of shares is.

Matrix Concepts’ founder and group executive deputy chairman Datuk Seri Lee Tian Hock is the largest shareholder, holding direct and indirect stakes of 11.11% and 21.27% respectively.

For the six-month period ended Sept 30, 2023, it recorded a 31.8% rise in net profit to RM128.63 million against RM97.61 million a year earlier, driven by improved construction activities as labour shortage issues dissipated.

Having risen  36.4% since early this year, T7 Global Bhd’s share price closed at 45 sen last Tuesday for a market value of RM333.8 million. On Nov 23, Abyssina Resources (M) Sdn Bhd bought 18.3 million shares, or 2.47% equity interest, in the integrated energy solutions provider for RM9.52 million, or 52 sen per share, bringing its shareholding to 9.9%. Abyssina Resources is controlled by T7 Global’s chairman Datuk Seri Dr Nik Norzrul Thani Nik Hassan Thani.

T7 Global’s net earnings doubled to RM18.7 million for the first nine months of 2023 from RM8.93 million a year earlier, on the back of substantial contributions from the leasing and operations and maintenance of the T7 ELISE mobile offshore production unit, and the baggage handling system asset replacement programme at Terminal 1 of the Kuala Lumpur International Airport. 

 

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