Insider Moves: Urusharta Jamaah Sdn Bhd, Alam Maritim Resources Bhd, Eastern & Oriental Bhd, WCT Holdings Bhd, Uzma Bhd, Dufu Technology Corp Bhd

TheEdge Tue, Apr 21, 2020 02:00pm - 3 years View Original


Notable filings

NOTABLE filings of shareholding changes in Bursa Malaysia-listed companies between March 30 and April 3 included the cessation of Urusharta Jamaah Sdn Bhd (UJ) — the special-purpose vehicle set up in late 2018 under the Ministry of Finance to manage Lembaga Tabung Haji’s (TH) underperforming assets — as a substantial shareholder in at least five of them.

UJ was no longer a substantial shareholder of Alam Maritim Resources Bhd after disposing of 14.67 million shares on March 19, according to a March 30 filing. UJ’s holding in Alam Maritim stood at 8.13% just five weeks earlier on Feb 12 but fell to 6.09% on March 16 following the disposal of 48.17 million shares. Another 2.74 million shares were sold on March 17, trimming its stake to 5.85%. The disposal of 14.67 million shares on March 19 likely reduced UJ’s equity interest to 4.5% or 51.53 million shares — below the 5% threshold for substantial shareholding.

Closing at eight sen on April 7, the stock’s price had slipped close to 43% from its 14-sen close on Feb 12 amid a weak market.

Similarly, UJ was also no longer a substantial shareholder of Eastern & Oriental Bhd (E&O) after disposing of 3.5 million shares on March 23, according to an April 1 filing. UJ — which took over 94.2 million shares or a 7.18% stake from TH on Dec 28, 2018 — likely saw its holding in E&O cut to 66.5 million shares or a 4.6% stake on March 2, given that its stake stood at 5.59% following the disposal of 13.8 million shares on March 20. Closing at 41 sen on April 7, E&O shares had retraced some losses from its recent low of 33 sen on March 20.

UJ also sold 3.28 million shares of WCT Holdings Bhd and 7.05 million shares of MCT Bhd and ceased to be a substantial shareholder in both the companies on March 27, separate filings dated April 1 show. UJ took over an 8.59% stake in WCT and 9.16% equity interest in MCT on Dec 28, 2018.

CSC Steel Holdings Bhd also no longer counts UJ as a substantial shareholder after the latter sold 507,000 shares or a 0.13% stake on March 26. UJ took over 27.28 million shares or a 7.38% stake from TH in December 2018.

According to an April 6 filing, UJ was also no longer a substantial shareholder of Puncak Niaga Holdings Bhd after selling 1.28 million shares or a 0.29% stake on March 31, likely paring its holding to 21.7 million shares or a 4.86% stake. When UJ emerged as a substantial shareholder in December 2018, it had 44.07 million shares or a 9.85% stake.

 

Notable movements

Closing at 67 sen on April 7, shares of oil and gas company Uzma Bhd had almost halved from its 52-week high of RM1.11 but had doubled in less than a month from its recent low of 33 sen.

Recent sellers of the stock included UJ, which filings show had cut its holding to only 4.69% on March 23 and is no longer a substantial shareholder. The Employees Provident Fund had also been selling Uzma shares, with its holding at 5.96% on April 3, compared with 7.59% on Feb 28.

Nonetheless, separate filings show the emergence of Brahmal Vasudevan — CEO and founder of private equity firm Creador Sdn Bhd — as a substantial shareholder of Uzma with a 3.91% direct stake and a 1.25% indirect stake as at April 3, following the purchase of one million shares on the open market.

Over at Dufu Technology Corp Bhd, an April 3 filing shows Prudential PLC emerging as a substantial shareholder, following the purchase of 12.9 million shares or a 5.03% stake by fund managers at Eastspring Investments Bhd on March 16. Its stake stood at 5.09% as at April 1.

One of the world’s largest makers and suppliers of precision metal components and disk spacers to the hard disk drive industry, Dufu saw its shares close at RM3.27 on April 7 — significantly below the stock’s 52-week high of RM4.86 on Feb 21, but had rebounded from RM1.99 as at March 19.

 

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WCT 0.545

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