This article first appeared in Capital, The Edge Malaysia Weekly on September 9, 2024 - September 15, 2024

From Aug 26 to 30, notable shareholding changes at Bursa Malaysia-listed companies included those at Bahvest Resources Bhd (KL:BAHVEST), which saw substantial shareholder Lee Vui Han dispose of shares in the Sabah-based gold mining company.

Lee sold 41.07 million shares from Aug 20 to 27, which left him with a 5.51% stake, or 100.33 million shares, in the ACE Market-listed company. He remains the third-largest shareholder.

The second-largest shareholder, RHB Trustees Bhd, acquired 80.08 million shares on Aug 26, raising its stake to 12.41%, or 226.07 million shares. Bahvest reported a net profit of RM21.39 million for the nine months ended June 30, 2024. There are no comparable figures for the year-ago period, as Bahvest had in August last year changed its financial year end from March 31 to Sept 30.

At Kucingko Bhd (KL:KUCINGKO), which was listed on the ACE Market on July 26, executive director Ooi Kok Hong acquired 400,000 shares in the first animation studio to be listed on the local bourse, on Aug 28 and 29. This raised his stake in the company to 0.14%, or 700,001 shares. Another executive director See Chin Joo acquired 173,000 shares on Aug 29, taking his stake to 0.09%. Both directors also have an indirect interest of 34.58%.

On its trading debut, Kucingko’s share price more than doubled to 80.5 sen at the opening, from its initial public offering price of 30 sen, before ending the day at 57 sen. Its highest close since then was 81 sen, on July 27. At the time of writing on Sept 3, its closing price was 40 sen, giving the company a market value of RM197.14 million.

Meanwhile, MQ Technology Bhd (KL:MQTECH) saw its executive director Terence Cheah Eu Lee dispose of more shares in the ACE Market-listed company. Cheah has sold a total of 25.5 million shares on the open market since May, the latest transaction being 7.5 million shares on Aug 28. This leaves him with a 0.96% stake, or 15.69 million shares, compared with 3.03% before.

MQ Technology produces moulds, tools, dies, jigs and fixtures used in the manufacturing of hard disk drives. The company narrowed its net loss to RM4.29 million for the nine months ended June 30, 2024, from a loss of RM8.47 million a year earlier. In July, it changed its financial year end to Feb 28 from Sept 30.

Elsewhere, PRG Holdings Bhd (KL:PRG) group executive vice-chairman Datuk Lua Choon Hann disposed of 2.3 million shares in the property developer from Aug 23 to 28, leaving him with a 7.38% stake, or 34.18 million shares, in the Main Market-listed company. He remains its second-largest shareholder.

PRG’s net profit fell to RM269,000 in the first six months of the financial year ending Dec 31, 2024, from RM5.53 million a year earlier, as revenue fell to RM119.22 million from RM187.35 million before. The shares closed at 12.5 sen on Sept 3, valuing the company at RM55.64 million.

Citaglobal Bhd’s (KL:CITAGLB) share price sank to a one-year low of 70 sen on Aug 27, but has since gained a sharp 57.1% to close at RM1.10 on Sept 3, which gives the company a market value of RM468.02 million.

Its executive chairman and president Tan Sri Mohamad Norza Zakaria acquired about a million shares on the open market on Aug 28 and 29, raising his stake in the Main Market-listed company to 1.29%, or 5.51 million shares. He also has an indirect interest of 32.23%.

On Aug 28, Citaglobal, which is involved in the civil engineering and construction, telecommunications, oil and gas, power generation and manufacturing sectors, said it planned to team up with Tree Technologies Sdn Bhd, a privately held home-grown electric vehicle maker, to jointly develop a parcel of leasehold industrial land in Gebeng Industrial Estate, Pahang, into an industrial park with green elements.

Meanwhile, shares in CIMB Group Holdings Bhd (KL:CIMB) shot up to a fresh record high of RM8.38 on Aug 28. Two days later, the country’s second-largest banking group by assets reported an 11% increase in net profit to RM1.96 billion for the second quarter ended June 30, 2024. It proposed a cash dividend of 27 sen a share, which included a special dividend of seven sen a share.

Filings to the stock exchange during the week in review show that, from Aug 21 to 26, the Employees Provident Fund was a net buyer of 20.76 million CIMB shares, raising its stake to 13.93%, or 1.49 billion shares. CIMB’s share price closed at RM8.25 on Sept 3 for a market value of RM88.3 billion. 

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