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Insider Moves: Handal Resources Bhd, Sarawak Consolidated Industries Bhd, Metronic Global Bhd, Meridian Bhd, Rapid Synergy Bhd, Kejuruteraan Asastera Bhd, Serba Dinamik

TheEdge Tue, Sep 03, 2019 02:00pm - 2 months ago


Notable filings

BETWEEN Aug 9 and Aug 16, notable filings on shareholding changes in companies listed on Bursa Malaysia included that by Handal Resources Bhd, which saw the acquisition of 42.86 million shares, representing a 19.6% stake, by Seaoffshore Capital Sdn Bhd.

This is pursuant to a conditional share sales agreement signed between the parties on April 16. Seaoffshore Capital is a vehicle of Sunildeep Singh Dhaliwal, the managing director of Handal Resources, and Yamani Hafez Musa, Member of Parliament for Sipitang and the son of former Sabah chief minister Tan Sri Musa Aman.

Over at Sarawak Consolidated Industries Bhd (SCIB), executive director Rewi Hamid Bugo disposed of his direct interest of 2.09 million shares or a 2.4% stake, and together with his father, SCIB chairman Tan Sri Dr Hamid Bugo, disposed of their indirect shareholdings of 9.28 million shares or a 10.8% stake held via Pacific Unit Sdn Bhd.

The father-son duo ceased to be substantial shareholders of SCIB on Aug 15. On the same day, Datuk Dr Mohd Abdul Karim Abdullah, who is the group managing director of Serba Dinamik Holdings Bhd, upped his stake in SCIB to 44.28%.

Abdul Karim , who emerged as a substantial shareholder in SCIB on May 27, has launched a mandatory general offer to buy over the minorities’ stake in SCIB for RM1.10 a share.

On Aug 9, Country Heights Holdings Bhd founder and chairman Tan Sri Lee Kim Yew acquired 92.51 million shares, or a 8.2% stake, in Metronic Global Bhd.

The shares were likely acquired from Lagenda Perdana Sdn Bhd, which ceased to be a substantial shareholder in Metronic Global after it disposed of 90 million shares.

After the acquisition, Lee has a 29% stake in the company, which provides building management engineering solutions.

At Meridian Bhd, non-executive director Datuk Tiong Kwing Hee disposed of 20.2 million shares, or a 4.2% stake, to Datuk Seth Yap Ting Hau. Yap was appointed the CEO of Meridian on July 31.

After the disposal, Tiong, who is also the group CEO of EcoFirst Consolidated Bhd, is left with a 9.2% stake in Meridian. Meanwhile, Yap has increased his stake in Meridian to 27.3% and is its largest shareholder.

At Rapid Synergy Bhd, Datuk Dr Yu Kuan Chon raised his stake by 2.33 million shares, or 2.6%. Yu is the largest shareholder of Rapid Synergy with 31.2% equity interest.

 

Notable movements

On Aug 15, substantial shareholder Faith Chow Poh Ten acquired 539,000 shares of mechanical and electrical engineering company Kejuruteraan Asastera Bhd, bringing her total shareholding to 24.36 million shares or a 6.9% stake.

Kejuruteraan Asastera shares rose 6.2% within a week, from 24 sen apiece on Aug 9 to 25.5 sen on Aug 16. In July, its management outlined expectations of revenue growth in the current financial year ending Dec 31, 2019, on the back of plans to expand its operations, currently concentrated on the Klang Valley, into other states in the country. It also expects mechanical engineering and energy efficiency solutions to be the new revenue streams moving forward.

Over at Serba Dinamik, deputy group managing director Datuk Awang Daud Awang Putera disposed of four million shares, or a 0.3% stake, on Aug 9.

Meanwhile, Abdul Karim acquired 119,200 Serba Dinamik shares on Aug 8, bringing his total shareholding in the company to 23.6%.

Serba Dinamik shares rose 4.9% from RM4.06 apiece on Aug 9 to RM4.26 on Aug 16, and hit a record high of RM4.49 on Aug 21.

The group announced on Aug 13 that it had secured an engineering, procurement, construction and commissioning contract in Uzbekistan worth an estimated US$250.3 million (RM1.05 billion).

It added that its wholly-owned Serba Dinamik Sdn Bhd had secured two operations and maintenance contracts from Petronas Carigali Sdn Bhd.

The first contract, from June 10 this year to June 9, 2020, is for the provision of maintenance services for Weir gas compressors. The second, which runs from June 18 this year to June 17, 2022, is for the provision of maintenance of capstone micro-turbine generator.

Both contracts, however, carry no specific value as they are on a call-out basis, whereby work orders will be awarded at the discretion of the clients, and based on its activity schedules and rates throughout the duration of the contracts.

 








Related Stocks

BURSA 6.140
CHHB 1.330
ECOFIRS 0.335
HANDAL 0.360
KAB 0.610
MERIDIAN 0.060
MTRONIC 0.040
PERDANA 0.450
RAPID 6.020
SCIB 1.710
SERBADK 4.260

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