Wednesday 29 Nov 2023
By /
main news image

This article first appeared in Capital, The Edge Malaysia Weekly on September 7, 2020 - September 13, 2020

Notable filings

FROM Aug 24 to 28, notable shareholding changes took place in several listed companies on Bursa Malaysia, including GPA Holdings Bhd, in which Galaxy Coast Ventures Ltd acquired a block of 277.65 million shares, or a 28.32% stake, from Tan Sri Tan Hua Choon.

In line with the disposal, Tan resigned as GPA non-executive chairman on Aug 26. Datuk Thor Poh Seng, Ou Wee Sun and Lee Yu-Jin also stepped down from the board. They were replaced by Tang Boon Koon, Khoo Chee Siang and Koo Kien Yoon.

Recently, The Edge reported that Datuk Eddie Ong Choo Meng had bested data centre operator Regal Orion Sdn Bhd and is now in final talks to wrest control of GPA.

GPA, which is involved in battery manufacturing, posted a 61.7% drop in net profit to RM69,000 for the first quarter ended June 30.

During the week under review, Urusharta Jamaah Sdn Bhd divested five million shares, or a 4.22% stake, in Melati Ehsan Holdings Bhd and ceased to be a substantial shareholder of the construction firm.

Melati Ehsan’s net profit fell to RM799,000 for the nine months ended May 31, from RM1.19 million in the previous corresponding period, as its operations were affected by the Movement Control Order (MCO).

Amanahraya Trustees Bhd — Amanah Saham Bumiputera ceased to be a substantial shareholder of Wah Seong Corp Bhd after disposing of 530,800 shares, or a 0.07% stake, in the pipe coating firm.

Wah Seong was in the red for the six months ended June 30, with a net loss of RM74.06 million against a net profit of RM39.44 million in the same period a year ago, owing to losses in the oil and gas, and industrial trading and services segments.

Over at Kejuruteraan Asastera Bhd (KAB), Kington Tong Kum Loong sold 20 million shares, or a 2.16% stake, and ceased to be a substantial shareholder of the company.

KAB, which is involved mainly in the provision of electrical engineering services, was transferred to the Main Market from the ACE Market on Aug 28.

For the six months ended June 30, its net profit slumped 62.5% to RM1.59 million, from RM4.24 million in the previous corresponding period, as construction activities were halted during the MCO period.

Notable movements

At Gets Global Bhd, Teong Lian Aik bought 40.16 million shares, or a 31.87% stake, and emerged as a new substantial shareholder of the express bus operator.

In contrast, Arca Corp Sdn Bhd ceased to be a substantial shareholder after divesting 30.24 million shares, or 24% equity interest, in the company.

Fuelled by the penny stock rally, Gets Global’s share price shot up more than three times to 69.5 sen on Aug 28, from 19.5 sen on Aug 21, prompting an unusual market activity query from Bursa.

In response, the company said Teong — together with the company’s management and auditors — had been evaluating or exploring viable options available (that is, fundraising) to address the company’s financial difficulties, in particular principal and interest payments amounting to about RM18 million related to borrowings.

For the financial year ended June 30, Gets Global saw a higher net loss of RM18.36 million, against RM9.67 million a year ago, owing to lower revenue and provision for impairment of properties, plants and equipment, and written-down inventories and receivables totalling RM15 million.

At Iconic Worldwide Bhd, former managing director Datuk Chua Tiong Moon ceased to be a substantial shareholder, following the disposal of eight million shares, or a 2.47% stake, through Rangkaian Jiwa Sdn Bhd.

Iconic Worldwide, which is involved in property development and tourism businesses, is venturing into the manufacturing of surgical masks.

Its share price rose 15.3% to 64 sen on Aug 28, from 55.5 sen on Aug 21.

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

      Text Size