Notable filings

FOR the week of Sept 27 to Oct 1, notable shareholding changes at Bursa Malaysia-listed companies included those at Complete Logistic Services Bhd (CLSB), in which executive director Chia Kah Ying disposed of his entire stake of 1.51%, or 1.93 million shares. The counter has climbed rapidly over the past month, rising 40% from its closing price of RM1.36 on Sept 6 to a peak of RM1.91 last Wednesday.

In March, businessman Datuk Eddie Ong Choo Meng emerged as the largest shareholder of CLSB after acquiring a 29.18% stake, or 37.45 million shares, from Dolphin Assets Sdn Bhd in an off-market transaction. There have been no changes to his shareholding since he emerged as a substantial shareholder, based on filings with Bursa.

At Heitech Padu Bhd, Asia Internet Holdings Sdn Bhd ceased to be a substantial shareholder after it disposed of 341,100 shares during the week in review. It had emerged as a substantial shareholder on Jan 6, after acquiring 620,000 shares. Post-disposal, the company is left with 278,900 shares.

Recently, Heitech Padu bagged a RM36.25 million contract to provide maintenance and technical support for ICT infrastructure and the mySIKAP system at all Road Transport Department (JPJ) offices. The contract runs from Sept 6 this year to Sept 30 next year.

During the week in review, Minetech Resources Bhd executive director Choy Sen @ Chin Kim Sang disposed of 40 million shares in the company via a direct business transaction. The other party involved in the transaction has not been disclosed at this juncture.

Post-disposal, Choy’s direct stake was reduced to 127.09 million shares, or 10.91%. He also has an indirect stake amounting to 4.12% in Minetech.

For the first quarter ended June 30 (1QFY2022), Minetech registered a wider net loss of RM3.35 million, from RM2.53 million a year ago. However, its revenue increased 74.6% to RM16.81 million from RM9.62 million in the previous year, owing to an improvement in its civil engineering business, which contributed 52% or RM10.18 million to its total revenue for the quarter.

Notable movements

Subur Tiasa Holdings Bhd’s shares have come under focus as the counter has been on an upward trend since Sept 29. Over two trading days, its share price gained 11.5% to 87 sen on Oct 1, from 78 sen on Sept 29.

Continuing with its rally, the stock trended further north to hit limit up on Oct 5, after gaining as much as 30 sen, or 30%, to RM1.30.

The last time the wood products manufacturer’s share price closed at this level was four years ago. The counter has been climbing since minority shareholders were advised on Sept 30 that independent advisers had deemed an unconditional mandatory takeover offer by the company’s major shareholder, Tiong Toh Siong Enterprises Sdn Bhd (TTSE), to be “not fair and not reasonable”.

On Sept 28, Subur Tiasa chairman Tiong Kiong King disposed of his direct stake in the company, amounting to 416,443 shares, in a direct business deal. Tiong is a director of TTSE.

Meanwhile, Hong Seng Consolidated Bhd’s share price has been rising. Between Sept 27 and Oct 1, it gained 30% to RM2.72 from RM2.10. The stock rose to a peak of RM3.08 on Oct 3.

During the week in review, Hong Seng Consolidated group managing director Datuk Seri Teoh Hai Hin acquired 9.5 million shares at RM2.08 apiece. He also acquired 9.5 million shares indirectly through Hong Seng Frontier Sdn Bhd, in which he is deemed to have indirect interest. Post-acquisition, his direct stake in the company increased to 7.38% while his indirect holding rose to 6.4%.