Insider Moves: Brahim’s Holdings Bhd, Focus ­Dynamics Group Bhd, Hong Seng Consolidated Bhd, Muar Ban Lee Group Bhd, Metronic Global Bhd, Top Glove Corp Bhd, MESB Bhd

TheEdge Tue, Nov 03, 2020 02:00pm - 5 months ago


Notable filings

BETWEEN Oct 12 and 16, notable shareholding changes in companies listed on Bursa Malaysia included those at in-flight catering service provider Brahim’s Holdings Bhd.

Substantial shareholder ­Focus Dynamics Centre Sdn Bhd, a wholly-owned subsidiary of Focus ­Dynamics Group Bhd, announced on Oct 12 that it had acquired an additional 9.2 million shares, or a 3.89% stake, in loss-making Brahim’s from Brahim’s International Franchises Sdn Bhd, at 25.5 sen apiece for a total of RM2.35 million.

Brahim’s executive chairman Datuk Seri Ibrahim Ahmad and non-executive director Tan Sri Mohd Ibrahim Mohd Zain have an indirect shareholding interest in Brahim’s International Franchises.

The additional shares acquired by Focus Dynamics raises its total holding in Brahim’s to 38 million shares or 16.08%. Brahim’s had slipped into Practice Note 17 status in February last year after its shareholders’ equity on a consolidated basis for the fourth quarter ended Dec 31, 2018, fell below 25% of its issued capital.

In a separate filing with Bursa, Focus Dynamics, which is engaged in engineering services, manufacturing and food and beverage (F&B), announced on Oct 13 an investment in Hong Kong-listed restaurant operator Top Standard Corp. The investment was undertaken via a proposed subscription of 192 million new shares at HK$0.077 per share for a total of HK$14.78 million (RM7.9 million).

The subscription shares represent 16.67% of the enlarged issued share capital of Top Standard after completion of the subscription. Focus Dynamics said this is in line with its plan to grow its F&B portfolio in the Greater China region.

Goh Eugene, former chairman-cum-CEO of mTouche Technology Bhd, ceased to be a substantial shareholder of Hong Seng Consolidated Bhd (formerly known as MSCM Holdings Bhd) after disposing of 29.3 million shares, or a 5.7% stake, via his private investment vehicle Pentagon Parade Sdn Bhd on Oct 9.

Goh first surfaced as a substantial shareholder of Hong Seng in August, after subscribing for 52.63 million shares, or a 10.47% stake, following the conversion of irredeemable convertible preference shares by Pentagon Parade.

On Oct 19, Hong Seng proposed a diversification of its existing business of search and advertising, information technology, supply chain management and money lending to include healthcare-related and hire purchase activities.

Over at Muar Ban Lee Group Bhd, Cocoaland Holdings Bhd co-founder Liew Fook Meng is no longer a substantial shareholder of the palm oil machinery manufacturer after selling four million shares or a 1.8% stake on Oct 12. Liew had emerged as a substantial shareholder of the company on June 5 after acquiring 5.95 million shares or a 5.96% stake.

Metronic Global Bhd’s substantial shareholder Cita Realiti Sdn Bhd disposed of 162.3 million shares, or an estimated 13% stake, in the company on the open market during the week in review. The shares were transacted in six blocks, at between seven sen and 10 sen a share. Cita Realiti is the private vehicle of Sanichi Technology Bhd founder and group managing director Datuk Seri Pang Chow Huat. Post-disposal, Cita Realiti owns 189.49 million shares or a 15.2% stake in Metronic.

Notable movements

Top Glove Corp Bhd’s share price rose 4% to RM9.34 on Oct 16 from RM8.97 on Oct 12. The stock has surged 504% year to date, closing at RM9.48 last Tuesday to give the world’s largest manufacturer of rubber gloves a market capitalisation of RM77.2 billion. During the week in review, filings with Bursa show that the Employees Provident Fund (EPF) had been actively trading in Top Glove’s shares. As at Oct 20, the pension fund owned 437.1 million shares or a 5.37% stake in the company.


Shares of leather products manufacturer MESB Bhd have been on an upward trend of late, gaining 61% from their closing price of 28 sen on Oct 8 to 45 sen last Tuesday (Oct 20).

On Oct 12, the company received a takeover offer from Lotus KFM Bhd directors Wong Sak Kuan and Yau Ming Teck, after the duo acquired an additional 29.49 million shares in the company at 30 sen per share for a total of RM8.85 million.

Wong had acquired an additional 25.68 million shares in MESB in two blocks on Oct 12, bringing his total holding to 35.51 million shares or 33.47%, while Yau bought an additional 3.8 million shares, upping his holding to 11.32 million shares or 10.67%, to trigger the threshold for a takeover offer.

The duo are offering 31.5 sen per share and 1.5 sen per warrant for all the shares and warrants in the company they do not own. The joint offerors intend to maintain the listing status of MESB on the Main Market of Bursa.

 

 






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BURSA 8.500
COCOLND 2.050
FOCUS 0.150
LOTUS 0.260
MBL 0.620
MESB 0.520
MTOUCHE 0.025
MTRONIC 0.060
SANICHI 0.160
TOPGLOV 5.570

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