Insider Moves: PUC Bhd, Bina Puri Holdings Bhd, Minetech Resources Bhd, Sunway Bhd, Kretam Holdings Bhd

TheEdge Tue, Feb 13, 2024 02:00pm - 2 months View Original

This article first appeared in Capital, The Edge Malaysia Weekly on February 5, 2024 - February 11, 2024

Notable filings

For the week of Jan 22 to 26, notable shareholding changes at Bursa Malaysia-listed companies included those at technology firm PUC Bhd, which saw Proven Venture Capital PLT cease to be a substantial shareholder.

According to a filing with Bursa, the local venture capital firm disposed of its entire shareholding of 185.87 million shares or 7.85% equity interest in the ACE Market-listed company in off-market transactions on Jan 26.

Separate filings showed that former Cocoaland Holdings Bhd executive directors Lau Pak Lam and Liew Fook Meng emerged as substantial shareholders of PUC after acquiring 232 million shares and 241.55 million shares respectively in off-market transactions on the same day. Following the acquisitions, Lau and Liew now have 9.644% and 9.788% equity interest respectively in PUC.

Proven Venture Capital emerged as a substantial shareholder of PUC in October last year after subscribing for a block of shares in a private placement.

Over at Bina Puri Holdings Bhd, Maju Offshore Capital Sdn Bhd ceased to be a substantial shareholder of the civil and building construction group after disposing of 100 million shares, or a 2.96% stake, in a direct business transaction, according to filings with Bursa.

Bloomberg data showed that the block of 100 million shares was transacted on Jan 22 at four sen apiece, or a total of RM4 million — a 50% discount to that day’s closing price of eight sen.

Maju Offshore Capital, through its parent company Maju Offshore Sdn Bhd, emerged as a substantial shareholder of Bina Puri in April last year after subscribing for 169.64 million new shares via a rights issue. At the time, it held a direct stake of 5.035%.

In December last year, Bina Puri announced a proposal to undertake a five-to-one share consolidation to reduce the volatility in the trading of its shares, as well as raise between RM69.75 million and RM75.62 million through a private placement of new shares of up to 30% of its issued shares to fund its existing property development and construction projects and to repay bank borrowings.

At Minetech Resources Bhd, its founder and former executive director Choy Sen @ Chin Kim Sang ceased to be a substantial shareholder of the company after disposing of 16.59 million shares on the open market on Jan 19. Minetech is a civil engineering specialist, bituminous products manufacturer and an emerging player in the solar energy space.

Earlier, on Jan 16, Minetech announced the resignation of Choy, 70, citing spending more time with the family as the reason for the move. At the time, he had a direct stake of 2.74% in the company, as well as an indirect stake of 5.46% through his family.

Minetech saw the entry of Abang Abdillah Izzarim Abang Abdul Rahman Zohari, the son of Sarawak Premier Tan Sri Abang Abdul Rahman Zohari Abang Openg, as its largest shareholder in December last year. On Jan 3, Minetech appointed Abang Abdillah Izzarim as its new executive chairman. He owned 16.828% equity interest in the company as at Jan 11.

Notable movements

The Employees Provident Fund (EPF) took profit on its investment in Sunway Bhd as the property development and construction group’s share price rose, and ceased to be a substantial shareholder after disposing of 5.34 million shares on Jan 22. EPF had sold 4.22 million shares in four blocks on Jan 19, leaving it with 277.29 million shares or a 5.06% stake.

Sunway’s share price had risen 30% year to date and 66% over the past year to close at RM2.68 last Wednesday, valuing the group at RM14.69 billion.

Filings during the week in review also showed Kretam Holdings Bhd CEO Datuk Freddy Lim Nyuk Sang acquiring an additional 25 million shares, or a 1.074% stake, in the palm oil company for a total of RM12.5 million, or 50 sen apiece. Lim now holds a direct stake of 47.7% and an indirect stake of 18.43% in Sabah-based Kretam.

Kretam’s shares were trading in the range of 56.5 sen to 58.5 sen during the week in review. The share price has slipped 1.6% over the past year. The stock settled at 60 sen last Wednesday, valuing the group at RM1.38 billion. 


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