Off-Market Trades: Grand-Flo Bhd, Apex Equity Holdings Bhd, MMag Holdings Bhd, Meridian Bhd, Pimpinan Ehsan Bhd

TheEdge Thu, Aug 15, 2019 02:00pm - 1 year ago

ON July 29, Grand-Flo Bhd saw 250.81 million shares or a 53.32% stake change hands off market. Filings with Bursa Malaysia show that the enterprise data management company had received an unconditional mandatory takeover offer from YBG Yap Consolidated Sdn Bhd, which had entered into a share sale agreement with a group of Grand-Flo shareholders to acquire 250.81 million of their shares at 26 sen apiece or RM65.2 million in total. The purchase price was a 10.34% discount to Grand-Flo’s closing price of 29 sen on July 26 and a 5.28% discount to its five-day volume weighted average price.

The shareholders involved in the transaction were managing director Tan Bak Hong, executive directors Chuah Chew Hai and Cheng Ping Liong, Asas Mashyur Sdn Bhd, Miracle Hectares Sdn Bhd, Lee Kuan Meng, Lim Bee Leong, Grand-Flo Corp Sdn Bhd, Thongkam Manasilapapan, Lim Wee Chai, Moi Ming Huei and AI Capital Sdn Bhd.

YBG Yap is controlled by brothers Datuk Seri Yap Ngan Choy and Datuk Joe Yap Fook Choy. They are also the people behind NCT Group, which is involved in property development.

Apex Equity Holdings Bhd saw 48.68 million shares or a 24.02% stake cross off market at RM1.997 apiece or RM97.22 million in total on July 26. quoted a source as saying that the transaction was a transfer of shares involving Apex Equity’s largest shareholder, Ace Investment Bank Ltd (Ace IB).

The report stated that Ace IB had transferred its stake to Ace Credit (M) Sdn Bhd to meet the bank’s capital adequacy ratio (CAR) requirements.

As Ace IB’s cost of investment was about RM2 per share and the share price of Apex Equity had declined by 55.5% — it closed at 89 sen on July 26 — Ace IB offloaded the shares to a related unit so that its paper losses would not weigh down its CAR.

Over at MMag Holdings Bhd, a block of 35 million shares or a 4.99% stake crossed off market at RM10.5 million or 30 sen apiece on July 29. This was a 28% premium to the counter’s closing price of 23.5 sen.

MMag is involved in the provision of supply chain management services and the distribution of mobile devices. On July 10, it was granted a money lending licence by the Registrar of Moneylenders of the Ministry of Housing and Local Government.

During the week in review, property developer Meridian Bhd (formerly known as Meda Inc Bhd) saw 22.05 million shares or a 4.57% stake cross off market for RM2.74 million.

The shares were transacted in four blocks — 10 million shares and 2.6 million shares at six sen apiece; 475,000 shares at 20 sen apiece; and 8.98 million shares at 21 sen apiece.

Meridian shares were last traded at 19 sen on July 29.

Filings indicate that one of the parties in the transaction was Datuk Seth Yap Ting Hau, who disposed of a block of 10 million Meridian shares on July 24. He is the founder and CEO of M101 Group of Companies, which is a major shareholder of Meridian.

On July 29, Practice Note 16 company Pimpinan Ehsan Bhd saw 3.02 million shares or a 4.37% stake traded off market for RM2.36 million or 78 sen per share — a 9% discount to the counter’s market price of 86 sen.

Pimpinan Ehsan, which is chaired by Puncak Niaga Holdings Bhd executive chairman Tan Sri Rozali Ismail, became a PN16 or cash company in May last year upon the completion of the disposal of its principal subsidiary, TRIplc Bhd, to Puncak Niaga.

Chee Shu Ying, who emerged as a substantial shareholder of Pimpinan Ehsan in August last year, has been actively buying the company’s shares. As at April 30, she had a 6.3% stake.


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