Insider Moves: XL Holdings Bhd, Euro Holdings Bhd, BIG Industries Bhd, MMAG Holdings Bhd, Dataprep Holdings Bhd, Mieco Chipboard Bhd, Pekat Group Bhd

TheEdge Tue, Mar 01, 2022 02:00pm - 2 years View Original


Notable filings

For the week of Feb 7 to 11, notable shareholding changes at Bursa Malaysia-listed companies included those at XL Holdings Bhd (formerly known as Xian Leng Holdings Bhd). The group, which is principally involved in the commercial captive breeding of Asian arowana, stingray and other ornamental fish, saw 6.77 million shares, or a 4.8% stake, acquired by Ng Min Lin.

Ng was appointed executive chairman of XL on Jan 11. Following the acquisition, he is now the largest shareholder of the company, with 20.91 million shares, or 14.8% equity interest. Ng is also executive chairman of aquaculture and edible oils company MAG Holdings Bhd.

Over at furniture manufacturer Euro Holdings Bhd, S.P.A Furniture (M) Sdn Bhd disposed of 34 million shares or a 4.2% stake in the company. S.P.A Furniture is the vehicle of Euro group managing director Datuk Seri Lim Teck Boon and Datuk Lim Chaw Teng. After the disposal, the firm still held 475.58 million shares or 59.3% equity interest in Euro.

The group recently announced that it had called off a special placement of 74 million shares to independent third-party investors, which was initially undertaken to remedy its public shareholding spread requirement. The group now expects to comply with the public spread requirement of 25% upon completion of its other corporate proposals.

The week in review also saw the disposal of 2.04 million shares or a 3.22% stake in industrial gas manufacturer BIG Industries Bhd by former merchant banker Robert Ti. He had emerged as a shareholder of the company in December last year following a private placement exercise.

Meanwhile, Bistari Menawan Sdn Bhd ceased to be a substantial shareholder of BIG after disposing of 50,600 shares or a 0.08% stake.

At supply chain management company MMAG Holdings Bhd, executive director Kenny Khow Chuan Wah sold 39.97 million shares, or a 3.05% stake, at 8.56 sen apiece for a total transaction value of RM3.4 million. A former auditor with PricewaterhouseCoopers Malaysia, Khow also holds directorships in Green Packet Bhd, CSH Alliance Bhd and Hong Seng Consolidated Bhd.

Over at IT service management company Dataprep Holdings Bhd, Widad Business Group Sdn Bhd disposed of 11.55 million shares or a 1.7% stake in the company. After the disposal, Widad still held 169.7 million shares or 25% equity interest. Widad is the vehicle of businessman Tan Sri Muhammad Ikmal Opat Abdullah.

Notable movements

Mieco Chipboard Bhd group managing director Datuk Seri Ng Ah Chai acquired 4.8 million shares or a 0.48% stake in the company during the week in review. Following the acquisition, his shareholding now stands at 522.37 million shares or 52.24% equity interest.

Mieco, which has manufacturing plants in Pahang and Negeri Sembilan, manufactures and distributes particleboards (or chipboards). Its share price closed at 64.5 sen on Feb 11, having appreciated 13% from 57 sen on Jan 31.

Pekat Group Bhd saw its share price appreciate 7% to 74 sen on Feb 11 from 68.5 sen on Feb 3. The group, which is involved in photovoltaic systems as well as earthing and lightning protection, was listed on Bursa’s ACE Market in June last year.

During the week in review, Hextar Holdings Sdn Bhd acquired 3.425 million shares, representing a 0.53% stake, in Pekat. Hextar is the private vehicle of businessman Datuk Eddie Ong Choo Meng, who has emerged as a substantial shareholder of several Bursa-listed companies of late, including KIP Real Estate Investment Trust, Complete Logistic Services Bhd and Classic Scenic Bhd.

 

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