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Off-Market Trades: Green Packet Bhd, Green Ocean Corp Bhd, Johore Tin Bhd, Media Prima Bhd

TheEdge Thu, Oct 03, 2019 02:00pm - 9 months ago

NOTABLE off-market trades during the holiday-shortened week under review included those at telecommunications company Green Packet Bhd.

A total of 65.68 million shares, or a 7.27% stake, were crossed off market in 17 blocks at prices ranging from 60 sen to 66 sen, which was a discount of 9.77% to 0.76% to Green Packet’s closing price of 66.5 sen on Sept 10.

At press time, the parties involved in the transactions had yet to be made known.

Green Packet’s largest shareholders are its group managing director Puan Chan Cheong and non-executive director Tan Sri Kok Onn, who collectively own 29.61% of its shares.

On Sept 10, the group proposed a private placement of 135.18 million new shares to third-party investors to be identified later. The exercise is to raise up to RM85.17 million for future viable investments.

Green Packet’s shares closed at an eight-year high of 70.5 sen last Wednesday, giving the company a market capitalisation of RM637 million.

Over at Green Ocean Corp Bhd, 12.32 million shares, or a 4.25% stake, were transacted off market on Sept 17 at 10 sen apiece — a 17.65% premium to its closing price of 8.5 sen on Sept 13.

According to a filing with Bursa Malaysia, the shares were acquired by Khoo Chee Siang, who is a non-executive director of Green Ocean. Khoo emerged as a substantial shareholder of Green Ocean on Sept 10, with a 5.2% stake.

With the acquisition, he owns 9.79% of the group, which is involved in palm kernel crushing.

Green Ocean’s shares closed at nine sen last Wednesday, up 20% from its closing price of 7.5 sen on Sept 5.

On Sept 12, hotels and spa operator Avillion Bhd saw 39.33 million of its shares, or a 4.16% stake, traded off market at 15 sen apiece, or a 20% premium to its closing price of 12.5 sen on Sept 11.

The parties involved in the transaction were not immediately known. Avillion’s largest shareholders are Mazmur Capital Sdn Bhd, with a 28.91% stake, and Ibu Kota Developments Sdn Bhd, 28.8%.

Mazmur Capital is linked to See Ah Sing, the group managing director of Avillion while Ibu Kota Developments is the vehicle of Datuk Md Wira Dani Abdul Daim, the son of former finance minister Tun Daim Zainuddin.

Johore Tin Bhd saw a total of 10.99 million shares, or a 3.54% stake, change hands during the week under review. This comprised the sale of 4.5 million shares at RM1.56 apiece on Sept 12 by Johore Tin executive director Lim Hun Swee to fellow executive director Ng Keng Hoe. The transaction price was at a 14% premium to Johore Tin’s closing price of RM1.37 on Sept 11.

After the disposal, Lim still holds a 3.4% stake in the company.

Also on Sept 12, Ng disposed of 6.49 million Johore Tin shares at RM1.40 apiece — a 2.2% premium to the day’s closing price — reducing his total stake in the group to 9.9%. At the time of writing, it was not known who acquired the block of shares.

Over at Media Prima Bhd, 30 million shares, or a 2.7% stake, were traded off market on Sept 17 at 60 sen apiece — a 26.3% premium to its closing price of 47.5 sen on Sept 13.

According to a Bursa filing, the shares were acquired by Aurora Mulia Sdn Bhd, a company linked to Syed Danial Syed Mokhtar Shah, the son of tycoon Tan Sri Syed Mokhtar Albukhary. Aurora Mulia emerged as a substantial shareholder in Media Prima in July, and now holds a 23.26% stake in the media company.


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