Insider Moves: Kanger International Bhd, SWS Capital Bhd, Hektar Real Estate Investment Trust, Guan Chong Bhd

TheEdge Tue, Dec 26, 2023 02:00pm - 3 months View Original


This article first appeared in Capital, The Edge Malaysia Weekly on December 18, 2023 - December 24, 2023

Notable filings

FOR the week of Dec 4 to 8, notable shareholding changes at Bursa Malaysia-listed companies included those at Kanger International Bhd, where executive director Steven Kuah Choon Ching ceased to be a substantial shareholder.

According to filings with Bursa Malaysia, Kuah disposed of his entire shareholding of 74.05 million shares or 11.395% equity interest in the ACE Market-listed company for RM5.18 million, or seven sen per share, in the open market on Nov 30.

Kuah has been paring down his shareholding in the bamboo flooring manufacturer since March 2022. He first emerged as a substantial shareholder in September 2021, after subscribing to 769.51 million new shares via a rights issue. At the time, he held a direct stake of 13.707%.

Shares in Kanger have risen 50% year to date to last Wednesday’s close of six sen, valuing the group at RM35.74 million.

Over at SWS Capital Bhd, palm kernel expeller manufacturer Muar Ban Lee Group Bhd mopped up 15.94 million shares or a 5.273% stake in the furniture and plastic ware manufacturer for a total of RM4.56 million or between 28.5 sen and 28.8 sen per share in the open market. This brings Muar Ban Lee’s total shareholding in SWS Capital to 82.94 million shares, or 27.438% — making it the largest shareholder of the company, followed by its co-founder and non-executive chairman Tan Sri Dr Tan King Tai @ Tan Khoon Hai, who has 6.602% equity interest.

Muar Ban Lee first emerged as a substantial shareholder in SWS Capital in August this year with a 12.536% stake. It said then that the investment presented a good fit for the group’s investment strategy — to diversify into other segments such as SWS Capital’s plastic wares and furniture businesses.

Notable movements

Singapore-listed Frasers Centrepoint Trust (FCT) took profit on its investment in Hektar Real Estate Investment Trust as unit prices in the REIT rose, and ceased to be a substantial shareholder after disposing of its entire shareholding of 154.46 million units or 30.967% equity interest via a direct business transaction on Dec 4.

Units in Hektar REIT have been on an upward trend, rising 10% over the past one month. However, its units are down 10.81% year to date, closing at 66 sen last Wednesday and giving it a market capitalisation of RM333.68 million.

Based on filings with Bursa, it appears that FCT has sold off its holding in Hektar REIT to businessman Datuk Eddie Ong Choo Meng, who emerged as a substantial shareholder after acquiring 42.8 million units or an 8.465% stake via a direct business transaction on Dec 4 as well. He is also deemed to be interested in Hextar Rubber Sdn Bhd, which also emerged as a substantial shareholder in Hektar REIT, after purchasing 101.1 million units or 19.997% on the same day.

Ong told The Edge on Dec 5 that he bought into Hektar REIT as he sees long-term value in it.

Filings during the week in review also show Guan Chong Bhd managing director and CEO Brandon Tay Hoe Lian and the Employees Provident Fund (EPF) continuing to mop up shares in the cocoa grinder and industrial chocolate player in the open market.

Shares in Guan Chong were trading in the range of RM1.84 to RM1.87 between Dec 4 and 8. Its share price has fallen 24.28% so far this year to hit a 52-week low of RM1.82 at the close on Dec 12. The stock settled at RM1.84 last Wednesday, valuing the group at RM2.16 billion.

Post-acquisitions, the EPF now holds 66.52 million shares or 5.664% equity interest in Guan Chong, while Tay has 53.66 million shares or a 4.568% stake. 

 

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