Off-Market Trades: Subur Tiasa Holdings Bhd, Gunung Capital Bhd, Green Packet Bhd, INIX Technologies Holdings Bhd

TheEdge Thu, Mar 12, 2020 02:00pm - 4 years View Original


BETWEEN Feb 19 and 25, Sarawak-based oil palm plantation and timber company Subur Tiasa Holdings Bhd saw a total of 31.77 million shares, or a 16.89% stake, worth RM15.25 million change hands off market.

Bloomberg data shows that the shares were transacted at 48 sen each on Feb 20. This was at a 21% discount to Subur Tiasa’s closing price of 61 sen on Feb 19.

According to filings with Bursa Malaysia, Tan Sri Diong Hiew King @Tiong Hiew King acquired the 31.77 million shares via his interest in Tiong Toh Siong Enterprises Sdn Bhd on Feb 20. On that same day, Raya Abadi Sdn Bhd disposed of 16.57 million Subur Tiasa shares. At press time, it was still unclear who disposed of the remaining 15.2 million shares.

Then on Feb 25, Hiew King via his interest in Tiong Toh Siong Enterprises disposed of 31.77 million shares at 48 sen apiece, or at a 21% discount to the closing price of 61 sen on Feb 20. The shares were acquired by Amat Abadi Sdn Bhd.

Over at Gunung Capital Bhd, which is involved in the chartering of land-based transport services, a total of 14.4 million shares, or a 5.98% stake, changed hands in multiple direct deals for a total transaction value of RM7.5 million.

The shares were transacted in multiple blocks, with nine million shares transacted at 50 sen each, 4.4 million shares at 55 sen each and one million shares at 58 sen each.

At press time, the parties involved in the transaction were not known. On Feb 12, Gunung Capital managing director and CEO Datuk Syed Abu Hussin Hafiz Syed Abdul Fasal ceased to be a substantial shareholder of the company. Then on Feb 18, Ooi Hock Lai ceased to be a substantial shareholder.

The Edge reported in January that the previous owners of textile manufacturer Kumpulan Powernet Bhd, led by Datuk Chew Kam Wah, are set to emerge as the new major shareholders of Gunung Capital. The buyers and sellers are said to have agreed to conduct the transaction at 50 to 55 sen apiece.

Meanwhile, Green Packet Bhd saw 47.2 million shares, or a 5.1% stake, worth RM40.36 million change hands, Bloomberg data shows.

Filings with Bursa show that on Feb 19, Summit Synergy Ltd acquired 35 million Green Packet shares for 85 sen apiece, or a total transaction value of RM29.75 million. This brought its stake in the company to 100 million shares, or a 10.8% stake. Summit Synergy is the vehicle of Singapore-based private equity firm Kendall Court.

On Feb 10, Green Packet announced that its subsidiary Kiplepay Sdn Bhd had become the first fintech player in Malaysia to provide a white-labelled e-wallet solution with Bank Negara Malaysia’s approval.

Over at software development and IT consultancy company INIX Technologies Holdings Bhd, a total of 10 million shares representing a 3.3% stake changed hands for a total of RM750,000.

On Feb 24, five million shares were transacted at six sen apiece while the remaining five million shares were transacted at nine sen apiece. This was at a premium of 50% and 75% respectively to INIX’s closing price of four sen on that same date.

It was not known at press time who the buyers and sellers of the blocks of shares were.

On Jan 17, the group had appointed Chinese national Zhang Yang as its managing director. Zhang, 35, is the son of Datuk Zhang Li, an executive director of INIX.

 

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