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Insider Moves: Destini Bhd, Unimech Group Bhd, Excel Force MSC Bhd, Cuscapi Bhd, Xin Hwa Holdings Bhd, Opcom Holdings Bhd

TheEdge Tue, Sep 24, 2019 02:00pm - 10 months ago

Notable filings
BETWEEN Aug 30 and Sept 5, notable filings on shareholding changes in companies listed on Bursa Malaysia included that at Destini Bhd, which saw Destination Marine Services Sdn Bhd dispose of 107.14 million shares, or a 9.24% stake.

Following the disposal, Destination Marine ceased to be a substantial shareholder of Destini. Destination Marine had emerged as a shareholder of Destini in December 2015, after its subsidiary, Everyday Success Sdn Bhd, was acquired by the group for RM90 million. Everyday Success is now known as Destini Shipbuilding and Engineering Sdn Bhd.

Over at Unimech Group Bhd, Japan-based KITZ Corp emerged as the second largest shareholder in the valve, instrument and fitting supplier on Sept 4, after acquiring 37.55 million shares, or a 25.1% stake, via direct deals.

KITZ bought the shares from the group’s CEO, Datuk Seri Lim Cheah Chooi, and several other shareholders, as per a share purchase agreement entered into between the parties on Sept 3. The block was acquired by KITZ for RM61.93 million.

Pursuant to that, Lim’s shareholding in Unimech fell 6.2% to 25.3%.

Also on Sept 4, his brother Lim Kim Guan disposed of 3.74 million shares, or a 2.5% stake, in Unimech, held by Star Wealth Management Sdn Bhd. The disposal reduced Kim Guan’s stake in the importer and distributor of engineering parts and equipment to 6.19%.

On Aug 30, MYEG Services Bhd group managing director and co-founder Wong Thean Soon acquired 40 million shares, or a 6.5% stake, in electronic trading systems company Excel Force MSC Bhd, bringing his holding to 27.17%.

The shares were acquired via Wong’s investment holding vehicle, Asia Internet Holdings Sdn Bhd.

Over at Cuscapi Bhd, Rose Vision Sdn Bhd ceased to be a substantial shareholder in the food and beverage IT solution company following the disposal of 42 million shares, or a 4.9% stake.

Rose Vision is the investment holding vehicle of Toe Teow Teck, who was formerly an executive director of Cuscapi. Toe, a Singaporean, resigned from the company on July 9 due to a personal matter. He had been a director in Cuscapi since March 28 last year.


Notable movements

On Aug 30, NF Capital Management Sdn Bhd disposed of 6.5 million shares, or a 3.01% stake, in Xin Hwa Holdings Bhd, reducing its total shareholding in the company to 147.34 million shares, or a 68.2% stake.

NF Capital is the investment holding vehicle of Xin Hwa managing director Ng Aik Chuan and his brother, executive director Ng Yam Pin.

Xin Hwa’s share price rose 20% to 42 sen between Aug 30 and Sept 5. Last Wednesday, it closed at 48 sen — almost double its closing price of 25.5 sen a month ago — boosting the company’s market capitalisation to RM103.7 million.

Fibre-optic cable manufacturer Opcom Holdings Bhd saw Datuk Seri Mukhriz Mahathir dispose of 2.95 million shares, or a 1.8% stake, between Aug 28 and 30. The transactions were announced on Aug 30 and Sept 3.

Mukhriz, the menteri besar of Kedah and son of Prime Minister Tun Dr Mahathir Mohamad, was the largest shareholder of Opcom with a 19.8% stake as at Sept 3. Between Aug 30 and Sept 5, the company’s share price increased 8.3% to 65.5 sen.

On Aug 13, Opcom announced that its deputy CEO and co-founder, Chhoa Kwang Hua, will go on a one-year sabbatical leave, starting from Sept 7. It said Chhoa’s absence presents an opportunity for the company to put its decade-long leadership succession plan into action.


Related Stocks

BURSA 10.360
EFORCE 0.565
MYEG 1.400
OPCOM 0.425
XINHWA 0.325


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