Insider Moves: AirAsia Group Bhd, DPS Resources Bhd, E.A. Technique (M) Bhd, Industronics Bhd, Jade Marvel Group Bhd

TheEdge Tue, Mar 16, 2021 02:00pm - 3 years View Original


Notable filings

BETWEEN Feb 22 and 26, notable shareholding changes at companies listed on Bursa Malaysia included those at AirAsia Group Bhd, where Hong Kong-based investor Dr Stanley Choi emerged as a substantial shareholder.

Choi, an expert in mergers and acquisitions and one of the founders of private equity fund Yunfeng Capital, subscribed for 167.1 million AirAsia shares or 4.5% of the group’s share base on Feb 18. This increased his stake in the airline to 8.96%.

Choi’s subscription was part of a private placement exercise that AirAsia has embarked on to raise RM454.5 million through the issuance of 668.39 million new shares. The sum indicates a price of 68 sen per share.

The emergence of Choi as a substantial shareholder appears to have boosted investor interest in the stock, given that from Feb 22 to last Wednesday, AirAsia’s share price had jumped 20.4% to 94.5 sen, valuing the group at RM3.5 billion.

Over at DPS Resources Bhd, substantial shareholder Biotrend Resources Sdn Bhd disposed of 38.5 million shares or 5.5% of the furniture maker’s share base between Feb 18 and 22. Following the disposals, its stake in DPS decreased to 7.7% or 54.1 million shares.

Biotrend Resources disposed of another two million shares on Feb 24, further trimming its stake in DPS to 7.4% as at March 1. The largest shareholder of DPS is Datuk Seri Dr Sow Chin Chuan, with 30.73% equity interest.

DPS reported a net profit of RM3.3 million in the first half of the financial year ending March 31, 2021 (1HFY2021), compared with a net loss of RM511,000 in the previous corresponding period. Over the past year, the stock had appreciated 73.3% to close at 13 sen last Wednesday.

Over at E.A. Technique (M) Bhd’s (EATech), Datuk Lim Chai Beng disposed of 2.93 million shares between Feb 22 and 24. This represented 0.55% of the offshore vessel chartering company’s share base.

Lim, the largest shareholder of CB Industrial Products Bhd, first emerged as a substantial shareholder of EATech in May last year after increasing his stake to 5.05% by acquiring 852,800 shares. His remaining shareholding was not disclosed by the group and he continues to be a substantial shareholder of EATech.

As at May 18, 2020, EATech’s largest shareholder was Sindora Bhd — a subsidiary of Johor Corp — with a 50.05% stake, followed by Datuk Ir Abdul Hak Md Amin (16.25%) and Lim (5.3%). EATech’s share price had declined 24.6% year to date to 21.5 sen last Wednesday.

Notable moves

The share price of Industronics Bhd jumped 134% during the week in review to 48 sen per share, giving the electronics company a market value of RM63.84 million. The stock closed at 47 sen last Wednesday.


On Feb 18, Kevin Chan Ka Leung ceased to be a substantial shareholder of Industronics after disposing of 17.5 million shares or 13.2% of its share base. The Hong Kong citizen emerged as a substantial shareholder on March 25, 2019, after subscribing for a private placement of 10.3 million shares or a 10% stake.

At Jade Marvel Group Bhd, formerly known as JMR Conglomeration Bhd, e-wallet developer X Infinity Holdings Sdn Bhd emerged as a substantial shareholder after acquiring 12.6 million shares in an off-market transaction on Feb 24.

Jade Marvel’s shares jumped 17% between Feb 22 and 26 to RM1.23. However, the share price had declined to RM1.07 last Wednesday, valuing the company at RM136 million.  

 

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