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Insider Moves: Astral Asia Bhd, Yi-Lai Bhd, Euro Holdings Bhd, Dagang NeXchange Bhd, Kossan Rubber Industries Bhd

TheEdge Tue, Aug 04, 2020 02:00pm - 2 months ago

Notable filings

BETWEEN July 13 and 17, notable filings of companies listed on Bursa Malaysia included that of Astral Asia Bhd, which saw newly appointed executive director Tan Sri Lim Kang Yew acquire 89.55 million shares, or a 13.57% stake, from his brother Datuk Lim Kang Poh, who is also the company deputy executive chairman.

Kang Yew is currently TSR Capital Bhd’s deputy executive chairman and PLS Plantations Bhd’s managing director.

Astral Asia is involved in plantation, construction and property development, and has been loss-making since 2017, with net losses widening to RM10.31 million in 2019 from RM5.25 million in 2018.

At Yi-Lai Bhd, Boundless Vigour Sdn Bhd ceased to be a substantial shareholder after disposing of four million shares, or a 2.76% stake, to Gunung Resources Sdn Bhd on July 10.

Gunung Resources’ shareholding in Yi-Lai increased to 8.75%.

Yi-Lai, which has been in the red since 2017, reported a wider net loss of RM3.49 million for the first quarter ended March 31, 2020 against RM1.84 million in the same quarter a year ago, owing mainly to slower demand in the housing and construction sector and implementation of the Movement Control Order.

Last Tuesday, the ceramic and tiles manufacturer denied that it had entered into any written or oral agreement to acquire three properties for RM100 million, after it was cited as the second defendant in Kuala Lumpur High Court Suit No 285 filed on July 8 and served on the company on July 20 by Teng Kam Kheong.

Meanwhile, Euro Holdings Bhd’s second-largest shareholder Ong Kah Hon has been paring down his stake in the office furniture manufacturer and property developer since end-June.

On July 10 and 15, he divested a total of 7.65 million shares, or a 2.86% stake, reducing his shareholding to 11.29%.

Early this year, SPA Furniture (M) Sdn Bhd, which is owned by Datuk Seri Lim Teck Boon and his father, Lim Chaw Teng, emerged as the largest shareholder of Euro. Currently, SPA Furniture owns 63.55% of Euro.


Notable movements

During the week under review, Censof Holdings Bhd sold 71 million shares, or a 4.04% equity interest, in Dagang NeXchange Bhd (DNeX) for RM12.78 million, ceasing to be the latter’s substantial shareholder.

This comes after Datuk Samsul Husin, a board representative of Censof, failed to be re-elected to the DNeX board at the end of last month. Consequently, Samsul also relinquished the executive deputy chairman post.

Mohd Azhar Mohd Yusof was appointed DNeX acting managing director while the company looks for a suitable successor.

Worth noting is that Censof was forced to sell down its stake in DNeX at a hefty loss, owing to margin calls triggered by a sharp fall in DNeX shares in March as a result of the global market rout.

DNeX’s net profit fell 47.8% y-o-y to RM6.23 million for the first quarter ended March 31, 2020, from RM11.93 million, on the back of a lower share of contribution from an associate, lower recognition of other income and the completion of a submarine cable installation and repair contract in Indonesia.

The company’s share price rose a third to 24 sen on July 21, from 18 sen on July 3.

Over at Kossan Rubber Industries Bhd, about 22 million shares were sold by founder Tan Sri Lim Kuang Sia’s private vehicle Kossan Holdings (M) Sdn Bhd on July 13 and 14 in the open market. Upon disposal, Kossan Holdings still holds a 47.88% stake in Kossan Rubber.

Meanwhile, the Employees Provident Fund also saw its shareholding in Kossan Rubber reduce to 7.05% after divesting 3.4 million shares, or a 0.27% stake.

Shares in Kossan Rubber gained 9% from RM12.38 on July 10 to RM13.50 on July 17.

It posted a 10.35% rise in quarterly net profit to a record high of RM64.8 million for the first three months of FY2020.


Related Stocks

AASIA 0.125
BURSA 8.610
CENSOF 0.145
DNEX 0.190
EURO 1.830
GCAP 0.640
KOSSAN 7.490
PLS 0.865
TSRCAP 0.250
YILAI 0.885


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