Insider Moves: Excel Force MSC Bhd, Omesti Bhd, United Plantations Bhd, Jentayu Sustainables Bhd, Transocean Holdings Bhd

TheEdge Tue, May 07, 2024 02:00pm - 1 month View Original


This article first appeared in Capital, The Edge Malaysia Weekly on April 29, 2024 - May 5, 2024

Notable filings

During the week of April 15 to 19, notable shareholding changes at Bursa Malaysia-listed companies included those at Excel Force MSC Bhd (EForce), which saw Chinese businessman Chen Hui cease to be a substantial shareholder.

According to filings with Bursa, Chen sold 30 million shares, or a 4.9% stake, in EForce, which is involved in the development, provision and maintenance of complete share trading application and system solutions for the financial services industry, via a direct business transaction on April 16.

Chen emerged as a substantial shareholder of EForce in February following the acquisition of 100% equity interest in Orca Capital Holdings Ltd, which is involved in extended reality (XR) content production, proprietary technology development and XR content publishing, for RM18.15 million. The acquisition was partly satisfied by an issuance of 50.5 million new shares in EForce for RM16.9 million, or 33.5 sen per share, and the balance of RM1.23 million in cash. The acquisition gave Chen 50.5 million shares or an indirect stake of 8.28% through Hong Kong-based Honest Winner Ltd.

The disposal brings Chen’s total indirect shareholding to 20.5 million shares, equivalent to 3.4%.

EForce’s share price had fallen 9% so far this year to close at 35.5 sen last Wednesday, valuing the group at RM213.4 million. As at Jan 30, its largest shareholder was MyEG Services Bhd managing director Wong Thean Soon, with a direct stake of 18.231% and an indirect stake of 12.067% through Asia Internet Holdings Sdn Bhd.

Over at Omesti Bhd, the technology group saw its executive director Monteiro Gerard Clair dispose of 17.4 million shares for RM2.58 million during the week in review. The disposals were made in three blocks — 16 million shares or a 2.959% stake via a direct business transaction for RM2.4 million or 15 sen per share, 400,000 shares or a 0.074% stake on the open market for RM29,600 or 7.4 sen per share, and another one million shares or a 0.185% stake for RM155,000 or 15.5 sen per share.

Monteiro now holds a direct stake of 3.595% and an indirect stake of 12.269% through H2O Holdings Sdn Bhd.

The block of 16 million shares was sold to Omesti non-executive vice-chairman Datuk Mah Siew Kwok, filings with Bursa show. He now holds an 18.744% stake in Omesti.

Omesti’s share price had dropped 50% so far this year to close at 15 sen last Wednesday, valuing the group at RM81.1 million.

At United Plantations Bhd, Perak State Agricultural Development Corp (Perak SADC) ceased to be a substantial shareholder of the plantation outfit after selling 416,000 shares on April 3. As at Nov 21, 2023, Perak SADC had a direct stake of 5.344% or 22.17 million shares in United Plantations.

United Plantations’ share price had risen 46% year to date (YTD) to close at RM26.10 last Wednesday, giving the group a market capitalisation of RM10.9 billion.

Notable movements

Morgan Stanley & Co International plc ceased to be a substantial shareholder of Jentayu Sustainables Bhd after disposing of 34.66 million shares on April 15. Mitsubishi UFJ Financial Group Inc, which holds more than 20% equity interest in Morgan Stanley, also ceased to be a substantial shareholder with the same deemed interest. It had emerged as a substantial shareholder in December 2023 with 21.22 million shares or a 5.05% stake when Jentayu’s shares were trading at an average price of RM1.25 each that month.

Jentayu’s share price had fallen 29% YTD but was up 5% over the past year to close at 92 sen last Wednesday, valuing the group at RM403.8 million.

Filings with Bursa during the week in review also showed Enfrasys Consulting Sdn Bhd ceasing to be a substantial shareholder of Transocean Holdings Bhd, as the former’s 21 million shares or a 32.259% stake was transferred to Digital Planners Sdn Bhd pursuant to a capital reduction exercise. Sultan Idris Shah of Selangor and Datuk Syed Budriz Putra Jamalullail are deemed to have an interest in Transocean through Digital Planners.

The Selangor ruler emerged as a substantial shareholder of the logistics and IT company in April last year after acquiring 20 million shares or a 30.723% stake.

Transocean’s share price had fallen 9% since the beginning of the year to close at RM1.55 last Wednesday, giving the company a market capitalisation of RM100.9 million.

 

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