This article first appeared in Capital, The Edge Malaysia Weekly on January 5, 2026 - January 11, 2026

During the week of Dec 22 to 26, 2025, notable changes in shareholding at Bursa Malaysia-listed companies included those at engineering group Ecobuilt Holdings Bhd (KL:ECOHLDS), which saw privately held Kilau Makmur Sdn Bhd dispose of 102.04 million shares or a 24.25% stake to Bemas Holdings Sdn Bhd.

Bemas Holdings is a private vehicle controlled by businessman Chung Ching Chi.

Early last year, Bemas Holdings made the headlines after the company, together with Datuk Seow Gim Shen and Metaco Assets Holdings Sdn Bhd, emerged as new substantial shareholders of Rexit Bhd (KL:REXIT). The parties acquired a combined 53.27% stake in the IT solutions and related services company for RM78.43 million, or 85 sen per share, triggering a mandatory general offer. The offer, however, was not widely taken up by shareholders.

Ecobuilt has recorded quarterly losses since the quarter ended Aug 31, 2024. Its shares closed at 5.5 sen last Wednesday, giving the company a market capitalisation of RM23.1 million. The stock has gained 37.5% over the past year.

At property developer HCK Capital Group Bhd (KL:HCK), Hiichiikok Equities Sdn Bhd — the private vehicle of executive chairman Tan Sri Clement Hii Chii Kok @ Hii Chee Kok — acquired 20.67 million shares, lifting its stake to 50.33% or 314.6 million shares, from 47.5% or 293.93 million shares previously.

HCK Capital recently said it is seeking to act as a white knight to revive the long-stalled Empire Remix 1 project in Subang Jaya’s USJ 1 in Selangor. The development, which is located along the Kesas Highway, is about 30% complete and has been dormant since 2019.

Hii also holds a direct stake of 6.6% or 41.28 million shares in HCK Capital.

HCK Capital’s shares closed at RM2.15 last Wednesday, valuing the group at RM1.34 billion. As at end-September 2025, the company’s net asset per share stood at 83 sen.

Separately, Ministry of Finance-controlled Urusharta Jamaah Sdn Bhd ceased to be a substantial shareholder in oil and gas (O&G) service provider Uzma Bhd (KL:UZMA) after disposing of two million shares during the week in review, reducing its stake to below the 5% threshold required for public disclosure.

Urusharta Jamaah first emerged as a substantial shareholder in Uzma in July 2024, holding a 6.4% stake or 27.85 million shares, after subscribing for a private placement of 10 million shares at RM1.17 apiece. Since then, Urusharta Jamaah has been gradually paring its holding in the O&G service provider.

Uzma’s shares closed at 38 sen last Wednesday, giving the company a market capitalisation of RM595.3 million.

Elsewhere, Solarvest Holdings Bhd (KL:SLVEST) acquired 93.24 million shares or a 22% stake in Solar District Cooling Group Bhd (KL:SDCG) for RM41.96 million, or 46 sen per share, during the week under review.

The stake was sold by Solar District Cooling managing director Edison Kong and his wife, Eileen Liuk, an executive director at the company. Following the transaction, the couple reduced their combined holding to 50% or 211.91 million shares.

Solar District Cooling’s shares ended last Wednesday at 54.5 sen, valuing the company at RM231 million.

During the week under review, the Employees Provident Fund (EPF) was an active trader in AMMB Holdings Bhd (KL:AMBANK) and emerged as a net buyer, acquiring 10.35 million shares. This lifted its stake to 17.38% or 574.8 million shares, from 15.95% or 527.71 million shares in early December 2025. In June 2025, EPF held a 12.47% stake or 411.69 million shares.

AMMB’s shares have performed strongly, gaining about 11.5% since end-November 2025 and closing at a record high of RM6.52 last Wednesday. The lender has also been buying back its own shares and held 6.87 million treasury shares as at mid-December 2025.

Shares of telecommunications company TIME dotCom Bhd (KL:TIMECOM) have also rallied, hitting an intraday record of RM5.71 on Dec 30, 2025, and rising more than 20% over the past month.

Against this backdrop, sovereign wealth fund Khazanah Nasional Bhd took profit on its investment in TIME dotCom, disposing of 70 million shares and trimming its stake to 13.17% or 243.54 million shares.

During the same period, EPF acquired 52.09 million shares, raising its holding in TIME dotCom to 16.74% or 309.45 million shares. Kumpulan Wang Persaraan (Diperbadankan), or KWAP, bought 3.79 million shares, lifting its stake to 9.52% or 176.1 million shares, while TIME dotCom CEO Afzal Abdul Rahim purchased one million shares, increasing his holding to 20.25% or 374.48 million shares.

TIME dotCom’s shares closed at RM5.59 last Wednesday, valuing the company at RM10.33 billion. 

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