Notable filings

ON Oct 30, Ekovest Bhd acquired a total of 89.14 million shares in PLS Plantations Bhd through a private arrangement with shareholders of the plantation group as part of a takeover offer for PLS.

On Nov 2, PLS announced that Ekovest had bought 74.97 million shares from Limbongan Resources Sdn Bhd, a private investment vehicle linked to Ekovest’s largest shareholder, Tan Sri Lim Kang Hoo.

PLS managing director Tan Sri Lim Keng Cheng and Lim Seong Hai Holdings Sdn Bhd were some of the other shareholders who had sold their shares to Ekovest as part of the private arrangement.

Following the acquisition, Ekovest owns 57.4% of PLS. It had launched the takeover of PLS on Oct 30, offering to acquire its shares at 95 sen apiece and warrants at 15 sen each. However, it is not looking to privatise the group.

Kang Hoo said the company would invest more to expand the durian business of PLS, which currently has close to 45,000ha of plantation land in Johor, of which about 600ha is planted with durians.

Meanwhile, at construction company SC Estate Builder Bhd, Sunstar Development Sdn Bhd ceased to be a substantial shareholder after disposing of 79.9 million shares or more than 9% of the group’s share base on Nov 4. Prior to the disposal, Sunstar was the third largest shareholder of the company, after Takzim Empayar Sdn Bhd (13.88%) and SC Estate World Sdn Bhd (10.79%).

The disposal came at a time when SC Estate was in the midst of raising about RM3.6 million through a proposed private placement of 88.31 million shares at 4.04 sen each. The issue price represented a discount of about 9.82% to SC Estate’s five-day volume-weighted average share price as at Nov 3.

At Tadmax Resources Bhd, Impiria Jaya Sdn Bhd ceased to be a substantial shareholder of the group on Nov 4 because its stake was diluted following the issue of new shares as consideration for the acquisition of Majestic Maxim Sdn Bhd.

Tadmax had acquired Majestic Maxim from Maxim Holdings Sdn Bhd for RM115 million on Oct 16, which was satisfied via the issuance of 469.39 million shares in the group to the vendor. Following the share issuance, Maxim became the largest shareholder of Tadmax, with a 37.47% stake. Tadmax is now known as Maxim Global Bhd.

Notable movements

Over at Menang Corp (M) Bhd, Liew Sook Pin acquired 24.26 million shares on Nov 3 to emerge as a substantial shareholder of the concession holder and property development company with a 5.05% stake.

During the week under review, Menang’s share price increased 3.4% to 60.5 sen. The stock had been on an upward trend since June 4 and more than doubled during the period to close at 60 sen last Wednesday.

Menang is in the midst of disposing its 71% stake in Inovatif Mewah Sdn Bhd — a concession holder for the development and maintenance of the Universiti Teknologi Mara (UiTM) campus in Seremban 3 — to Innovative City Holdings Sdn Bhd, an indirect wholly-owned subsidiary of Widad Group Bhd, for RM86.62 million.

During the week under review, Widad also saw changes in its substantial shareholders’ equity interest, with its largest shareholder Tan Sri Ikmal Opat Abdullah acquiring a further 52.2 million shares or 2.1% of the group’s share base on Nov 4. The shares were acquired at 52.5 sen each and boosted Ikmal’s shareholding in Widad to 70.83%.

Widad is in the midst of acquiring Serendah Heights Sdn Bhd from its shareholders for a total consideration of RM127.02 million, to be satisfied by a combination of cash and issuance of shares. Serendah Heights is the concession holder for the development and maintenance of the UiTM campus in Jasin, Melaka.