Insider Moves: Dolphin International Bhd, Eden Inc Bhd, Eduspec Holdings Bhd, Kretam Holdings, MISC Bhd, Solarvest Holdings Bhd

TheEdge Tue, Apr 30, 2024 02:00pm - 1 month View Original


This article first appeared in Capital, The Edge Malaysia Weekly on April 22, 2024 - April 28, 2024

Notable filings

OVER the week of April 8 to 12, among the notable changes in shareholding for companies publicly traded on Bursa Malaysia was one at palm oil miller and restaurant operator Dolphin International Bhd.

At Dolphin, privately held Oasis Harvest Holdings Sdn Bhd — the vehicle of Datuk Seri Tan Ooi Han — acquired 6.01 million shares in the company to strengthen its shareholding to 13.65 million shares, or 10.21% equity interest.

Tan was appointed as a non-independent executive director of Dolphin in November last year.

Oasis Harvest surfaced as a substantial shareholder on April 5 with 7.65 million shares, or a 5.72% stake. On the same day, Datuk Yeo Boon Leong ceased to be a substantial shareholder after hiving off 10.64 million shares, or his entire 7.95% equity interest in Dolphin. Yeo surfaced as a substantial shareholder in July 2022, with a 10.57% stake.

Dolphin finished last Wednesday at 20.5 sen, translating to a market capitalisation of RM27.4 million.

During the week in review, Datin Leong Kim Fong surfaced as a substantial shareholder in diversified Eden Inc Bhd after acquiring 35.21 million shares via a private placement, nudging up her shareholding to 55.99 million shares, or 11.08% equity interest.

Eden Inc is involved in power generation, restaurants and manufacturing, and it also owns and operates Underwater World Langkawi, one of the largest marine and freshwater aquaria in Southeast Asia. In addition, Eden has a property arm that owns a land bank in Gebeng, Pahang.

Just last month, Leong surfaced as a substantial shareholder in TWL Holdings Bhd after acquiring 380 million shares, or a 6.9% stake, via an off-market acquisition.

TWL, meanwhile, has interests in property development, plantations, timber and manufacturing, among others.

Little is known about Leong.

Eden Inc ended trading last Wednesday at 15.5 sen which translates to a market value of RM78.3 million.

Datuk Kang Pang Kiang, who is the CEO and executive director of EG Industries Bhd, surfaced as a substantial shareholder in Eduspec Holdings Bhd after he acquired 24 million shares in the latter and increased his shareholding to 59.93 million shares, or 5.1% equity interest.

Bursa Malaysia filings also indicate that Kang has an indirect 7.01% (82.33 million shares) stake in Eduspec, but how this came about is not clear. Kang also has 15.71% equity interest in EG Industries.

Eduspec closed last Wednesday at 13 sen, valuing the company at RM152.7 million.

At plantation outfit Kretam Holdings Bhd, Santraprise Sdn Bhd, the vehicle of businessman Datuk Freddy Lim Nyuk Sang, sold 34.73 million shares and reduced its stake to 382.13 million shares, or a 16.42% stake.

This is the second time this year that Santraprise is selling shares in Kretam Holdings. In January, it disposed of a block of 25 million shares. In July last year, Santraprise had 18.98% equity interest, or 441.86 million shares, in Kretam Holdings.

Nevertheless, while Santraprise may be trimming its stake in Kretam Holdings, Lim owns a direct 47.7% stake, or 1.11 billion shares, in the publicly traded plantation company.

Kretam Holdings ended trading last Wednesday at 60.5 sen, for a market capitalisation of RM1.39 billion.

Notable movements

Shipping company MISC Bhd’s stock hit a 52-week high of RM7.94 in intraday trading recently on April 5 and closed last Wednesday at RM7.80, having gained almost 12% equity interest since mid-December last year.

The Employees Provident Fund (EPF) has been trading MISC’s stock and, during the week in review, it was a net buyer, accumulating 3.78 million shares to nudge its shareholding up to 538.73 million shares, or a 12.07% stake.

However, checks on Bursa Malaysia indicate that the EPF had been trimming its stake in MISC as it owned 562.11 million shares, or 12.61% equity interest, in early January this year.

Earlier this month, MISC announced that three of its liquefied natural gas vessels, which are being built by Samsung Heavy Industries Co Ltd, have signed charter contracts with QatarEnergy for a 15-year period starting in 2026.

Solarvest Holdings Bhd’s stock has gained more than a 29% stake since early December last year, closing at RM1.55 last Wednesday. The renewable energy player’s shares hit a 52-week high of RM1.60 in intraday trading recently on March 20.

Trading volume on Solarvest has also gained over the past few months and, during the week in review, privately held Divine Inventions Sdn Bhd hived off 5.25 million shares in the company, reducing its stake to 39 million shares, or 5.82% equity interest. In early April, Divine Inventions owned 64.25 million shares, or 9.58% of the equity.

Divine Inventions is the vehicle of businessman Datuk Seri Chiau Beng Teik, his wife Datin Seri Wong Mee Leng and his son Chiau Haw Choon.
 

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Related Stocks

BURSA 8.830
DOLPHIN 0.205
EDEN 0.155
EDUSPEC 0.175
EDUSPEC-WB 0.005
EDUSPEC-WC 0.145
EG 1.430
KRETAM 0.585
MISC 8.350
SLVEST 1.720
SLVEST-WA 0.690
TWL 0.030
TWL-LA 0.015
TWL-WD 0.005
TWL-WE 0.005

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