FROM Aug 1 to 5, notable shareholding changes at companies listed on Bursa Malaysia included the acquisition of a 54.95% stake in Malaysia Packaging Industry Bhd (Maypak) by Japan-incorporated Taisei Lamick Co Ltd, which made it the largest shareholder and triggered a mandatory general offer.
The purchase is not yet completed but the filing is to reflect deemed interest. Trading of Maypak shares was suspended from 4.23pm on July 28 to announce a material deal. On July 29, Maypak announced that Taisei had entered into a conditional sale and purchase agreement with the company’s previous major shareholder — Toyo Seikan Co Ltd — for that controlling stake in Maypak.
Toyo Seikan, also a Japanese company, disposed of its stake for RM3.84 million or 16.6 sen per share. Maypak shares closed at 42 sen apiece last Thursday. Both Taisei and Toyo need to fulfil several conditions precedent within two months of July 29 or another agreed date.
At Tadmax Resources Bhd, controlling shareholder and managing director Datuk Seri Anuar Adam acquired 190,000 shares on the open market on Aug 4, raising his direct holdings to 30.25%. Tadmax was awarded a 1,000mw gas-fired power plant concession by the government on Aug 2 (announced Aug 3). Anuar acquired the shares for 47 sen to 47.5 sen apiece on Aug 4, filings show. It is interesting to note that executive deputy chairman Datuk Faizal Abdullah resigned from the board on Aug 1 to pursue personal interests.
Another notable transaction is the disposal of 10.65 million Gabungan AQRS Bhd warrants by director Ng Chun Kooi at 20 sen apiece on Aug 3, via a direct off-market transaction. That amounts to a 6.66% block of the warrants. Ng no longer has warrants in Gabungan AQRS. Note that the warrants have a strike price of RM1.30 and are trading at a 25.5% premium to the mother share. The warrants closed at 25.5 sen last Thursday.
Enra Group Bhd saw Siva Kumar Jeyapalan cease as a substantial shareholder on July 29, following the disposal of 1.35 million shares at RM1.80 apiece. This is at a slight discount to Enra’s share price, which dipped to as low as RM1.90 in the same period. Note that trading volume of Enra shares is so thin it is virtually non-existent, with fewer than 1,000 blocks traded per day on average.
Meanwhile, the Employees Provident Fund ceased to be a substantial shareholder in AirAsia Bhd following the disposal of four million shares in the open market.
Elsewhere, Franklin Templeton emerged as a substantial shareholder of 7-Eleven Malaysia Bhd with a 6.352% stake, after acquiring 73.966 million shares on July 29. 7-Eleven has been actively buying back shares on the open market, and its share price surged to a high of RM1.63 last week. In August alone, 7-Eleven announced buy-backs of 2.65 million shares for RM4.24 million, or an average price of RM1.60.
SMTrack Bhd’s shares rose as high as 10 sen from about 8 sen apiece following the emergence of Wong Yu Sun as a substantial shareholder on Aug 3. Wong acquired a block of 15 million shares on July 27, bringing his holdings to 27 million shares in total or 7.79% equity interest in SMTrack. It is interesting to note that Wong is not listed as a major shareholder in the company’s 2015 annual report.
Another notable mover was Yen Global Bhd, which has seen its share price rise from about 60 sen mid-July to a high of 99 sen on Aug 10. The rise in the share price was accompanied by the announcement of Green Packet Bhd acquiring a 22% stake in Yen Global on Aug 3.
By virtue of his stake in Green Packet, Tan Sri Kok Onn also emerged as a substantial shareholder in Yen Global with a deemed interest of 22%. The shares were transacted at 60 sen a piece, substantially lower than its share price of 93 sen on Aug 3.
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