Insider Moves: Excel Force MSC Bhd, Malaysian Bulk Carriers Bhd, MCE Holdings Bhd, Silver Ridge Holdings Bhd, Globetronics Technology Bhd, MISC Bhd

TheEdge Tue, May 25, 2021 02:00pm - 6 months View Original


Notable filings

FOR the week of May 3 to 7, notable shareholding changes at Bursa Malaysia-listed companies included those at Excel Force MSC Bhd. During the week in review, businessman Wong Thean Soon’s private vehicle Asia Internet Holdings Sdn Bhd acquired three million shares in Excel Force, strengthening its shareholding to 113.4 million shares or 20.27% equity interest.

Wong also has a direct stake of 70.98 million shares or 12.69% in the IT solutions provider, so the transaction effectively gives him a total stake of 32.96%. He is co-founder and managing director of MyEG Services Bhd.

Excel Force’s share price closed at 59.5 sen last Monday, giving the company a market capitalisation of RM366 million.

At shipping company Malaysian Bulk Carriers Bhd (Maybulk), Bank Pembangunan Malaysia Bhd (BPMB) ceased to be a substantial shareholder after selling nine million shares or a 0.9% stake during the week in review.

BPMB had been a substantial shareholder of Maybulk since the shipping company’s flotation exercise in December 2003, having funded some of its vessel acquisitions. As at end-March, it held 12.33% of the company.

Maybulk’s share price hit a two-year high of 82 sen on May 6, buoyed by better freight rates. It closed at 75.5 sen last Monday, valuing the company at RM755 million.

Lembaga Tabung Amanah Warisan Negeri Terengganu was a net buyer of shares in automobile alarm systems and central locking systems company MCE Holdings Bhd, acquiring 28,000 shares and disposing of 9,000 shares during the week in review. This strengthened the Terengganu state-controlled fund’s position to 2.77 million shares or 5.68% equity interest. The fund had emerged as a substantial shareholder of MCE at end-December, with a 5% stake or 2.44 million shares.

MCE managing director Dr Goh Kar Chun, who previously had the largest stake in the company, ceased to be a substantial shareholder in late February. According to MCE’s FY2020 annual report, he had a 20.47% stake in the company as at Nov 11 last year.

Another substantial shareholder Eng Sam Tiang, who held a 6.35% stake as at Nov 11 last year, also ceased to be a substantial shareholder in late February. At about the same time, privately held Dulcet One Holdings Sdn Bhd emerged as a substantial shareholder of MCE, with 11.8 million shares or a 24.16% stake.

Last Monday, MCE’s share price closed at RM1.37 to give the company a market value of RM67 million.

At Silver Ridge Holdings Bhd, Jonathan Chong Tiek Cheh ceased to be a substantial shareholder in the designer of telecommunications systems after selling 750,000 shares. In early January, Chong held 27.72 million shares or 17.64% equity interest in the company.

At end-April, privately held Sapphire Crystal Sdn Bhd emerged as a substantial shareholder of Silver Ridge with 11.1 million shares or a 6.56% stake in the company. The stock ended at 43.5 sen last Monday, valuing the company at RM74 million.

Notable movements

Globetronics Technology Bhd had seen its share price shed a third of its value since mid-February, closing at RM2.14 last Monday for a market capitalisation of RM1.43 billion.


During this period of share price weakness, the Employees Provident Fund (EPF) had been accumulating the stock, snapping up 2.66 million shares during the week in review and nudging its shareholding to 125.04 million shares or 18.67% equity interest.

In mid-March, EPF held 115.63 million shares or a 17.27% stake in Globetronics. It is currently the largest shareholder of the company, which deals in semiconductors, smart sensors and laser automotive headlamps, among others.

MISC Bhd’s share price, which slipped to RM5.96 in mid-February — its lowest level since October 2018 — had since gained more than 12% to close at RM6.85 last Monday. This values the shipping company at RM30.58 billion.

EPF has been actively trading MISC’s shares, acquiring 1.75 million shares during the week in review to take its shareholding to 497.08 million shares or 11.14%. In early March, the provident fund held an 11.32% stake or 505.22 million shares in the company.

 

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