THE trading week was shortened by the Nuzul Quran holiday on May 22. During the period under review, the most notable off-market trade resulted in the emergence of Datuk Dr Ir Mohd Abdul Karim Abdullah as the largest shareholder of Sarawak Consolidated Industries Bhd (SCIB). On May 27, Karim acquired 19.35 million shares of the concrete pipe manufacturing company, giving him a 22.53% stake. The shares were acquired at 70 sen apiece, which was a 1.4% to 7.9% discount to the stock’s traded price on that day.

The sellers could include Koh Pee Seng, as SCIB announced that he had ceased to be a substantial shareholder after disposing of 6.53 million shares via an off-market transaction on the same day.

Karim is the founder of engineering and construction outfit Serba Dinamik Holdings Bhd, of which he owns 23.67%.

Tan Sri Lee Kim Yew emerged as the largest shareholder of Metronic Global Bhd on May 24, after acquiring 200 million shares via off-market deals. The property tycoon now owns 20.78% of the engineering and construction outfit.

The shares were acquired at 7.5 sen apiece, midway between the 7 sen and 8 sen they were trading at on that day. Metronic had a market value of RM77 million as at May 29.

The sellers of the shares could include Ooi Chieng Sim, given Metronic’s announcement that he had disposed of 51.9 million shares on May 24. The disposals left Ooi with an 11% stake in the group.

Lee is more synonymous with Country Heights Holdings Bhd, the property company he founded and in which he has a 60.29% stake.

Over at cement producer Tasek Corp Bhd, its largest shareholder, Hong Leong Asia Ltd (HLA), through its subsidiary Ridge Star Ltd, acquired 7.9 million shares or 6.52% of the issued and paid-up shares of the company at RM5.50 apiece on May 28.

As a result of the acquisition, Tasek’s public shareholding spread dipped to 19.2%. Pursuant to the acquisition, HLA, via Ridge Star and HL Cement (Malaysia) Sdn Bhd, issued an unconditional takeover offer for the remaining shares in Tasek it does not own at RM5.50 per share. The offer is at an 8.48% premium to Tasek’s closing price on May 27, and an 8.06% premium to the group’s five-day volume weighted average price (VWAP) of RM5.09 per share. However, it is almost in line with the 3-month VWAP of RM5.47.

Tasek is the second Bursa Malaysia-listed cement producer to have received a takeover offer in recent weeks. On May 15, YTL Cement Bhd made a mandatory general offer for the remaining shares of Lafarge Malaysia Bhd it did not own.

At Revenue Group Bhd, Ng Chee Siong has disposed of 13 million shares, or a 5.6% stake in the payment platform services provider, through off-market deals. The shares were sold at RM1.16 apiece to unidentified buyers.

Following the disposal on May 28, Ng’s shareholding in Revenue declined to 15.1%. The price was a 6.45% to 10.08% discount to the traded price on that day. The stock closed at RM1.25 on May 29, valuing the group at RM290 million.