Insider Moves:Caely Holdings Bhd, AppAsia Bhd, BCM Alliance Bhd, Oversea Enterprise Bhd, Inari Amertron Bhd, Poh Kong Holdings Bhd

TheEdge Tue, Aug 25, 2020 02:00pm - 3 years View Original


Notable filings

FROM Aug 3 to 7, one of the more notable changes in shareholding occurred at undergarment manufacturer Caely Holdings Bhd, which saw cookware company Ni Hsin Resources Bhd cease to be a substantial shareholder after disposing of 7.15 million shares or a 4.37% stake.

As at end-July last year, Ni Hsin had about 14.23 million shares or 8.7% equity interest in Caely, according to the latter’s annual report. The company had emerged as a substantial shareholder in April 2018 with a 7.26% stake, and gradually increased its holding.

Interestingly, in May, Caely announced that it would be producing fabric protective masks and personal protective equipment for Ni Hsin as a means of protection against Covid-19 infections. Whether this stake sale changes anything remains to be seen.

Caely’s share price has gained more than 100% since April. The counter closed at 40.5 sen last Wednesday, giving the company a market capitalisation of RM68.3 million.

During the week in review, Pelaburan Mara Bhd acquired 4.4 million shares in digital platform outfit AppAsia Bhd, strengthening its holding to 6.06% or 21.29 million shares. The acquisition seems to have piqued investors’ interest in AppAsia, and sent the stock soaring almost 600% since March. The counter closed at 80 sen last Wednesday to give the company a market capitalisation of RM281.1 million.

Whether Pelaburan Mara plans to mop up more shares in AppAsia is not known. The latter is a relatively small company and suffered a net loss of RM261,000 from RM91.42 million in sales for its financial year ended December 2019.

Over at medical device distributor BCM Alliance Bhd, Koh Lap Hing, Chung Eng Lam and Lim Jit Wei ceased to be substantial shareholders after disposing of 29.67 million shares (7.04%), 27.27 million shares (6.57%) and 24.27 million shares (5.76%) respectively.

Koh is deputy executive chairman at BCM while Chung and Lim are executive directors of the company. Its other substantial shareholders have also been selling large blocks of shares. 

BCM was trading at a mere six sen in mid-March, but closed last Wednesday at 28.5 sen, valuing the company at RM120.1 million.

Restaurant operator Oversea Enterprise Bhd saw Lim Lee & Sons Sdn Bhd cease to be a substantial shareholder after selling 50.9 million of the company’s shares or almost a 21% stake.

According to filings with the local bourse, the shares were acquired by Anzo Holdings Bhd managing director Datuk Chai Woon Chet. He had also acquired Oversea shares from other shareholders at 30 sen apiece for a total of RM45.38 million, ending up with a 63.37% stake in the company and triggering a mandatory general offer. The stock closed last Wednesday at 85.5 sen — almost triple the offer price.

Notable movements

From its 52-week low of 90 sen in mid-March, Inari Amertron Bhd’s stock has gained more than 100%, reaching a 52-week high of RM2.40 on Aug 4. It closed at RM2.09 last Wednesday.

During the week in review, the Employees Provident Fund (EPF) — which had been actively trading Inari’s shares — was a net seller, hiving off 18.81 million shares in the company and trimming its holding to 326.68 million shares or 10.03%.

Pension fund Kumpulan Wang Persaraan (Diperbadankan) has been trimming its stake in Inari. KWAP sold 5.42 million shares during the week in review, leaving it with 453.19 million shares or a 13.91% stake.

From a 52-week low of 30 sen on March 19, jeweller Poh Kong Holdings Bhd has seen its share price gain about 400%, reaching a 52-week high of RM1.80 on Aug 7. However, the stock has since tumbled close to 40%. It ended trading at RM1.10 last Wednesday.

During its period of strength, Mauritius-registered Yeoman 3-Rights Value Asia Fund, managed by Singapore-based Yeoman Capital Management Pte Ltd, sold 7.5 million shares in Poh Kong on Aug 5, leaving it with 22.5 million shares or a 5.48% stake. This compares with 7.8% equity interest on Oct 25 last year, according to Poh Kong’s 2019 annual report.

Poh Kong executive directors Choon Nee Siew and Cheong Teck Chong and a member of its senior management team, Choon Wan Joo, also sold blocks of shares in the jeweller.
 

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