Off-Market Trades: Caring Pharmacy Group Bhd, Media Chinese International Ltd, MClean Technologies Bhd, GHL Systems Bhd, Xinghe Holdings Bhd

TheEdge Thu, Mar 19, 2020 02:00pm - 4 years View Original

DURING the week under review, the most notable off-market trade was the change of ownership at Caring Pharmacy Group Bhd, where 55.198 million shares or a 25.35% stake crossed off market on Feb 27.

The block of shares was transacted at RM2.60 apiece in a single direct deal for a total transaction value of RM143.515 million.

According to a March 2 filing with Bursa Malaysia, Berjaya Group founder Tan Sri Vincent Tan Chee Yioun via Convenience Shopping (Sabah) Sdn Bhd acquired the block of shares from Motivasi Optima Sdn Bhd.

Motivasi Optima is co-owned by Caring Pharmacy managing director Chong Yeow Siang, non-executive director Ang Khoon Lim and executive directors Soo Chan Chiew and Tan Lean Boon.

Last November, it was announced that Convenience Shopping (Sabah) — a unit of listed convenience store chain operator 7-Eleven Malaysia Holdings Bhd — would be acquiring more than a fourth of Caring Pharmacy, a community pharmacy chain operator, from Motivasi Optima.

The deal, which triggered a mandatory general offer for Caring Pharmacy, values the company at RM566 million.

Note that Vincent Tan, who is a major shareholder of 7-Eleven Malaysia, has an indirect stake in Caring Pharmacy. The prominent tycoon does not intend to maintain the listing status of the retail pharmacy firm.

Over at Media Chinese International Ltd (MCIL), a total of 304.491 million shares or an 18.05% stake crossed off market between Feb 26 and March 2.

The block of shares was transacted at 10 sen to 23 sen apiece in multiple direct deals and block trades for a total transaction value of RM31.393 million.

Neither the seller nor the buyer was disclosed at press time as the media and publishing company has not made any announcement on shareholding changes since April 2008.

MCIL, which is dual listed on Bursa and the Hong Kong Stock Exchange, controls the four mainstream Chinese daily newspapers in Malaysia — Sin Chew Daily, China Press, Guang Ming Daily and Nanyang Siang Pau.

The media group is controlled by Tan Sri Tiong Hiew King, the self-made timber and media baron from Sibu, Sarawak.

Meanwhile, precision cleaning and surface treatment service provider MClean Technologies Bhd saw 16.238 million shares or an 8.26% stake cross off market during the week under review.

The block of shares was transacted at 36 sen to 38 sen apiece in multiple block trades for a total transaction value of RM6 million.

At the time of writing, it was not immediately known who the parties involved in the transactions were.

Over at GHL Systems Bhd, the payment service provider and merchant acquirer saw 45 million shares or a 6.01% stake change hands in a single direct deal on Feb 26.

The block of shares was transacted at RM1.75 per share — a premium of 10 sen or 6% over its close of RM1.65 that day — for a total transaction value of RM78.75 million.

A Feb 27 filing with Bursa shows that executive vice-chairman Simon Loh Wee Hian divested 45 million shares off market on Feb 26.

Meanwhile, China-based edible oil producer Xinghe Holdings Bhd saw 30.499 million shares or a 5.03% stake cross off market between Feb 26 and March 3.

The block of shares was transacted at 20 sen to 22 sen apiece in multiple direct deals and block trades for a total transaction value of RM6.34 million.

After three consecutive loss-making years, Xinghe said last Wednesday that the group is upbeat about its prospects for a turnaround in the financial year ending Dec 31, 2020, supported by its newly acquired aquaculture food business.



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