This article first appeared in Capital, The Edge Malaysia Weekly on May 23, 2022 - May 29, 2022
Notable filings
From May 9 to 13, among the more notable changes in shareholding was at plantation outfit Matang Bhd, where Ang Kian You acquired 8.49 million shares, strengthening his holding to 162.14 million shares or 7.46% equity interest.
Ang surfaced as a substantial shareholder in Matang on April 22 after accumulating 110.16 million shares or a 5.07% stake on the open market.
Matang, which only has some 1,094ha of plantation land and three blocks of buildings on a 3.2-acre leasehold parcel in Kawasan Perindustrian Larkin, Johor Baru, closed at 11 sen last Wednesday, translating into a market capitalisation of RM238.9 million.
While it has been profitable over the past five years, Matang’s financial performance has been wanting. Its best performance over that period was in FY2021, when it chalked up after-tax profits of RM4.1 million from RM18.81 million in sales.
Matang’s largest shareholder is the political party Malaysian Chinese Association (MCA) — the second largest component member of Barisan Nasional — which holds an 18.81% stake in the company.
Interestingly, Ang also surfaced as a substantial shareholder in Jiankun International Bhd on May 13, with 10.8 million shares or a 5.05% stake. Jiankun’s executive deputy chairman is Datuk Donald Lim Siang Chai, a former member of parliament for Petaling Jaya South under the MCA banner and a former deputy finance minister. He has held other political portfolios as well.
Over at Harbour-Link Group Bhd, Samarang UCITS-Samarang Asian Prosperity Fund acquired 259,100 shares in the oil and gas company, nudging up its holding to 20.71 million shares or a 5.19% stake.
Samarang UCITS-Samarang Asian Prosperity surfaced as a substantial shareholder in Harbour-Link with 19.95 million shares or a 5% stake at end-March.
Since hitting a multi-year high of RM1.73 on Oct 8, Harbour-Link’s share price has shed 39.3%, closing at RM1.05 last Wednesday and giving it a market value of RM418.5 million.
Other than Samarang UCITS-Samarang Asian Prosperity, Harbour-Link’s only other substantial shareholders are its managing director Datuk Yong Piaw Soon and executive director Wong Siong Seh, who collectively hold a 53.4% stake via their joint shareholding in two companies, Enrichharvest Sdn Bhd and United Joy Sdn Bhd.
Meanwhile, pilgrim fund Lembaga Tabung Haji (TH) has been nibbling at Pentamaster Corp Bhd’s shares since it surfaced as a substantial shareholder with 35.57 million shares or 5% equity interest in mid-April.
During the period under review, TH acquired 1.5 million shares in the semiconductor equipment vendor, giving it control of 38.57 million shares or a 5.42% stake.
Since early January, Pentamaster’s share price has shed 34.6%, ending trading at RM3.66 last Wednesday and giving the company a market value of RM2.6 billion.
At Revenue Group Bhd, Kenanga Growth Fund ceased to be a substantial shareholder after it sold 369,800 shares and reduced its shareholding to below the 5% threshold, thereby not requiring disclosure.
Kenanga Growth Fund had surfaced as a substantial shareholder in the electronic payments outfit at end-May 2019 after acquiring almost 11.82 million shares or 5.09% equity interest.
At the time, Revenue Group’s shares were trading at just above the RM1.20 band. Last Wednesday, the counter settled at RM1, for a market capitalisation of RM466.4 million.
Notable movements
From end-January, Genting Plantations Bhd’s share price had gained 50.6% to close at a 52-week high of RM9.47 on March 3. Since then, the stock has shed 10.24%, closing at RM8.46 last Wednesday.
Kumpulan Wang Persaraan (Diperbadankan) has been buying small blocks of Genting Plantations shares since late January. At the time, KWAP had 65.21 million shares in the plantation company, equivalent to a 7.27% stake.
During the period under review, KWAP bought 55,000 shares in Genting Plantations, increasing its stake to almost 66.9 million shares or 7.46%.
In contrast, the Employees Provident Fund had sold 3,900 shares in Genting Plantations, trimming its stake to 111.99 million shares or 12.48%. In mid-February, the EPF had 13.94% equity interest or 125.07 million shares in the plantation company.
From mid-February, KPJ Healthcare Bhd’s share price has lost close to 23% of its value and hit a 52-week low of 88 sen on May 12. On Wednesday, the hospital and healthcare service provider closed at 89 sen, valuing it at RM3.86 billion.
EPF has been acquiring small blocks of KPJ Healthcare shares and during the period in review, it acquired 1.13 million shares, upping its stake to 531.28 million shares or 12.23%.
KPJ Healthcare is 50.63%-controlled by Johor Corp Bhd, the investment arm of the southernmost state in Peninsular Malaysia.
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