Insider Moves: Bintai Kinden Corp Bhd, BCM Alliance Bhd, Industronics Bhd, YGL Convergence Bhd, Sersol Bhd, EA Technique (M) Bhd

TheEdge Tue, Aug 17, 2021 02:00pm - 11 months View Original

Notable filings

BETWEEN July 26 and 30, notable shareholding changes in companies listed on Bursa Malaysia included those at Bintai Kinden Corp Bhd, which saw newly appointed executive director Noor Azri Noor Azerai emerge as a shareholder.

Noor Azri, 22, who was appointed to the role on July 23, acquired a total of three million shares on the open market on July 26 to 28 at about 36 sen each, giving him a direct 0.79% stake in the engineering and construction specialist.

Bintai Kinden recently reported a deeper net loss of RM9.21 million for the financial year ended March 31, 2021, compared with a loss of RM359,000 in the previous year, even as revenue fell 35.2% to RM58.26 million. Last August, the company announced plans to get into the distribution of Covid-19 vaccines, and earlier this year, into property development and management.

BCM Alliance Bhd’s substantial shareholder, MNC Wireless Bhd, bought a total of 32.07 million of the company’s shares on the open market at an undisclosed price on July 26 and 27. This raised its direct stake in BCM to 6.52% (40.78 million shares).

Interestingly, another shareholder, Cita Realiti Sdn Bhd, also raised its stake in BCM. Cita Realiti acquired a total of 16.17 million shares on July 29 and 30 on the open market, which lifted its direct stake in BCM to 7.23% (45.22 million shares).

The acquisitions come on the heels of BCM announcing new business ventures. On July 26, BCM, which distributes commercial laundry equipment and medical devices, said it was teaming up with Hong Kong-based rLoop Ltd to make virus attenuation devices using photon-mediated electrons and emitters under rLoop’s own brand name “rGuard”.

BCM’s wholly-owned subsidiary, BC Medicare Sdn Bhd, had entered into an early agreement with rLoop, effective for three months, for the purpose of the proposed project.

BCM also announced that BC Medicare and rLoop had received a letter of offer from China-based Euro-China Technology Achievement Transformation (Tianjin) Co Ltd to purchase 100,000 units of the virus attenuation devices worth US$200 million (RM844 million).

Meanwhile, Industronics Bhd’s substantial shareholder, Bluemount Investment Fund SPC — a Cayman Islands-incorporated firm, sold 22.38 million shares in the loss-making company on July 22 on the open market at an undisclosed price, according to a stock exchange filing on July 26. Bluemount is left holding a 5.28% direct stake (15.84 million shares) in the electronics company after the disposal.

On July 30, Industronics announced that it was still in discussions with Hong Kong’s Bluemount Financial Group Ltd (BFGL) and Li Hok Yin, the latter’s director and shareholder, on a proposed acquisition of shares in BFGL. Back in March, the parties had entered into a memorandum of understanding to consider venturing into the financial technology industry.

YGL Convergence Bhd, which deals in computer hardware and software, saw investor Datuk Datuk Tai Kau @ Tai Fah Chong cease to be a substantial shareholder after he sold 11.61 million shares in the ACE Market-listed company on July 29.


Notable movements

Shares in Sersol Bhd closed at an over five-year high of 55 sen on July 30 on the back of a series of transactions.

Sersol Holdings Sdn Bhd, in which Lim Kim Chai and Toh Hong Chye have an interest, ceased to be a substantial shareholder after selling a total of 40.01 million shares in the ACE Market-listed paints and coatings company on July 27 and 28. Lim was later made Sersol’s executive chairman on July 30, taking over from Toh who was redesignated as executive director.

On July 28, Justin Lim Hwa Tat emerged as a substantial shareholder after acquiring 23 million shares in Sersol on the open market. He bought another 27 million shares on July 30, raising his directly held stake in the company to 23.22% (50 million shares). On the same day, Toh acquired five million shares through the exercise of a share issuance scheme, giving him a direct 2.22% stake in Sersol.

Main Market-listed EA Technique (M) Bhd’s shares were actively traded in the period under review as its former managing director and substantial shareholder Datuk Abdul Hak Md Amin, who retired on Dec 31 last year, continued to actively sell his shares in the loss-making marine transportation and oil storage group.

Stock exchange filings show that between July 15 and 26, he sold a total of 8.97 million shares — estimated at about 1.7% of the company’s total issued shares — on the open market, but did not state how much he is left with. Abdul Hak had a 15.92% direct interest (or 84.44 million shares) in the company as at May 6, according to EA’s latest annual report.


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