Insider Moves: HB Global Ltd, MAG Holdings Bhd, AE Multi Holdings Bhd, Datasonic Group Bhd, Excel Force MSC Bhd, Chin Hin Group Bhd

TheEdge Tue, Aug 03, 2021 02:00pm - 1 year View Original

Notable filings

BETWEEN July 12 and 16, notable shareholding changes in companies listed on Bursa Malaysia included that at HB Global Ltd, a Main Market-listed gourmet convenient food producer that is venturing into the telecommunications industry by providing fifth-generation (5G) infrastructure.

A July 12 Bursa filing shows that Chee Chen Hao surfaced as a major shareholder of HB Global with a 27.06% direct stake after subscribing for 208.413 million shares in a private placement on July 9.

On July 12, Chee was appointed chief operating officer of HB Global. The 30-year-old, who was a stockbroker at UOB Kay Hian, also sits on the board of a few private investment holding companies across Southeast Asia.

It is worth noting that on June 25, HB Global had secured shareholders’ approval for the acquisition of 5G infrastructure firm Forward Resources & Construction Sdn Bhd, a company that had been awarded two projects worth a total of RM1.1 billion a day earlier, with a gross profit margin of between 15% and 20%.

Over at MAG Holdings Bhd, executive chairman Stephen Ng Min Lin mopped up 270.728 million shares or 19.5% equity interest on July 12, raising his direct stake in the aquaculture group to 24.08%.

The transaction of the additional shares was pursuant to the allotment of shares by MAG as part of consideration paid for the acquisition of the entire stake in North Cube Sdn Bhd. According to a MAG press statement last Monday, the acquisition of North Cube could cement MAG’s position as a top three player in the local aquaculture industry.

Post-acquisition, MAG has an annual breeding capacity of 4,000 tonnes of vannamei, better known as whiteleg shrimp or king prawn, with 235 prawn cultivation ponds. It is noteworthy that the acquisition of North Cube comes with a profit guarantee of not less than RM18 million in aggregate on a consolidated basis for the 18-month financial period ending June 30, 2022.

Meanwhile, Seah Yee Teng ceased to be a substantial shareholder of loss-making printed circuit board manufacturer AE Multi Holdings Bhd after disposing of 35.29 million shares on July 12.

AE Multi is in the midst of undertaking a rights issue exercise involving the issuance of 1.442 billion new shares at an issue price of five sen per rights share, together with 1.081 billion free detachable warrants, on the basis of four rights shares with three free warrants for every two existing shares held.

Datuk Abu Hanifah Noordin, the former managing director and CEO of Datasonic Group Bhd, has emerged as a substantial shareholder of the ICT solutions provider following his acquisition of 50 million shares or a 1.73% stake via a direct business transaction on July 14. His total equity interest rose to 5.51%.

The seller of the stake is believed to be Chew Ben Ben, who divested 50 million shares via a direct business transaction on July 14. In March, Chew resigned as deputy managing director of Datasonic “to further studies for self-improvement and pursue personal interest”, a company filing stated.

His resignation comes on the heels of a corruption proceeding on March 18 involving himself and an offshore vessel support company in which he once served as director. Chew pleaded not guilty.

Notable movements

Public display system provider Excel Force MSC Bhd saw its share price jump from 49 sen on April 20 to a 52-week high of 74 sen on May 27, before slipping to 51 sen last Wednesday, which translates into a market capitalisation of RM285.28 million.

A filing with Bursa on July 14 shows that Asia Internet Holdings Sdn Bhd had offloaded 10 million shares or a 1.78% stake via a direct business transaction on that day. It now owns 103.398 million shares or an 18.48% direct stake in the company.

Chin Hin Group Bhd, one of the country’s largest home-grown building materials distributors, saw its share price gain 36% to close at RM1.27 last Wednesday, giving it a market capitalisation of RM1.06 billion.

Founder Datuk Seri Chiau Beng Teik had divested 8.28 million shares or a 0.99% stake on the open market between July 13 and 16. He still has a controlling stake of 54.87% in the company.


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Related Stocks

AEM 0.020
BURSA 6.380
DSONIC 0.515
EFORCE 0.440
HBGLOB 0.110
MAG-WB 0.010


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