This article first appeared in Capital, The Edge Malaysia Weekly on May 3, 2021 - May 9, 2021
Notable filings
From April 19 to 23, notable shareholding changes at Bursa Malaysia-listed companies included those at property and hotel company Eastern & Oriental Bhd (E&O).
During the week in review, Kerjaya Prospek Group Bhd executive chairman Datuk Tee Eng Ho strengthened his grip on E&O after acquiring an additional 10.37 million shares in two blocks via his private investment vehicle Amazing Parade Sdn Bhd. This brought his total indirect shareholding to 399.2 million shares or 27.89%. His total stake is 37.93% or 542.63 million shares.
Tee emerged as a substantial shareholder of E&O in September 2016 with an 11.18% stake, and has accumulated his shares over the years. In March, he created quite a stir when Amazing Parade acquired a 10.89% stake in E&O from conglomerate Sime Darby Bhd, forking out RM93.5 million.
E&O’s share price closed last Tuesday at 60 sen, having gained more than 36% since early March. The closing price gave the company a market capitalisation of RM874.16 million.
Tee is the controlling shareholder of Kerjaya Prospek, with 71.09% equity interest in the construction and property development company.
Kington Tong Kum Long has been accumulating shares in electrical and mechanical engineering company Kejuruteraan Asastera Bhd (KAB). During the week in review, he acquired 167,600 shares to nudge his shareholding to 154.96 million shares or 9.16%. He emerged as a substantial shareholder in August last year, with a 5.31% stake or 49.12 million shares.
Meanwhile, another substantial shareholder of KAB, Faith Chow Poh Ten, has been trimming her stake, selling 2.8 million shares during the week in review. She now holds 8.51% equity interest in the company. In late February, she had a 9.88% stake.
KAB’s share price had gained from just above 50 sen in early February to close at 89.5 sen last Tuesday, giving the company a market capitalisation of about RM1.5 billion.
Over at shipping company Malaysian Bulk Carriers Bhd (Maybulk), development financial institution Bank Pembangunan Malaysia Bhd (BPMB) has been selling down its stake. It hived off 12.2 million shares during the week in review, trimming its equity interest to 7.48% or 74.8 million shares. BPMB had an 18.08% stake or 180.8 million shares at end-December last year.
Maybulk’s stock was trading at less than 40 sen for the larger part of November last year, but it had gained in tandem with the Baltic Dry Index to close at 65.5 sen last Tuesday for a market value of RM655 million.
In January, Maybulk was largely trading below the 50 sen level. Earlier last week, the Baltic Dry Index tested the 2,900-point mark, from below 1,400 points in early January.
Hextar Rubber Sdn Bhd disposed of 107 million shares in Rubberex Corp (M) Bhd, cutting its stake to 37.24% from 50.1% previously. Datuk Ong Choo Meng, who has large stakes in a slew of companies, including Hextar Global Bhd, Opcom Holdings Bhd, Complete Logistic Services Bhd, Classic Scenic Bhd and SWS Capital Bhd, emerged as a shareholder of Rubberex in February last year with a 26.69% stake.
Rubberex shares closed at RM1.42 last Tuesday, giving the company a market capitalisation of about RM1.2 billion.
Notable movements
Shapadu Capital Sdn Bhd has been nibbling at Mesiniaga Bhd’s shares. It snapped up 63,400 shares in the company during the week in review, increasing its stake to 14.04 million shares or 23.25% equity interest.
Privately held Shapadu, the vehicle of the late Datuk Sharani Abdullah, emerged as a shareholder of Mesiniaga at end-February with 13.14 million shares or 21.76% equity interest.
From RM1.22 in mid-January, Mesiniaga’s share price had gained more than 20% to close at RM1.47 last Tuesday. At that price, the company had a market value of RM88.79 million.
Boustead Holdings Bhd’s share price had fallen more than 19% from 76 sen in mid-January to 61.5 sen at last Tuesday’s close. The closing price gave the company a market capitalisation of RM1.25 billion.
During the week in review, pension fund Kumpulan Wang Persaraan (Diperbadankan) sold 1.93 million shares in Boustead, trimming its stake to 165.55 million shares or 8.17% equity interest from 174.32 million shares or an 8.61% stake in early March.
Boustead is a sprawling conglomerate with interests in the plantation, heavy industries, property and industrial, trading, finance and investment, and pharmaceutical sectors.
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