Monday 25 Sep 2023
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This article first appeared in Capital, The Edge Malaysia Weekly on February 6, 2023 - February 12, 2023

Notable filings

Over the Lunar New Year period of Jan 25 to 27, notable shareholding changes at Bursa Malaysia-listed companies included that at plantation giant FGV Holdings Bhd. Parent company Federal Land Development Authority (FELDA) acquired 4.3 million FGV shares, nudging up its direct holding to 2.53 billion shares or 69.49%, and bringing its total equity interest to 81.9%.

Last Tuesday, FGV closed at RM1.34, translating into a market capitalisation of RM4.89 billion.

In late 2020, FELDA made a mandatory takeover offer for FGV at RM1.30 per share. This came about after FELDA, which had a 34.66% stake in FGV, acquired the 6.1% equity interest held by Kumpulan Wang Persaraan (Diperbadankan) (KWAP) and 7.78% held by Urusharta Jamaah Sdn Bhd for RM658 million, or RM1.30 a share.

Other than FELDA, the only other substantial shareholder of FGV is the Pahang government, which has a 5% stake.

At SYF Resources Bhd, managing director Datuk Seri Ng Ah Chai sold 67 million shares in the company, trimming his holding from 23.6% to 11.83%, or 67.28 million shares.

The only other substantial shareholder of SYF Resources is Datuk Thong Kok Khee, who via his flagship company Insas Bhd has an 8.79% stake.

Insas’ wholly-owned subsidiary M&A Securities Sdn Bhd, which has its mainstay in financial advisory services and stockbroking, is undertaking a reverse takeover of SYF Resources. Towards this end, SYF Resources is hiving off its furniture business held under Seng Yip Furniture Sdn Bhd.

SYF Resources ended trading last Tuesday at 38 sen for a market value of RM216.2 million.

UWC Capital Sdn Bhd sold 24.96 million shares in engineering support services company UWC Bhd, reducing its stake to 553.41 million shares, or 50.25%. UWC Capital is the private vehicle of UWC executive director and CEO Datuk Ng Chai Eng and its executive director Lau Chee Kheong.

Penang-based UWC’s share price has fallen 10.6% from a six-month high of RM4.53, finishing last Tuesday at RM4.05. It had a market capitalisation of RM4.46 billion.

The Employees Provident Fund (EPF) has been actively trading shares of telecommunications outfit, TIME dotCom Bhd. It acquired 2.17 million shares during the week in review, nudging its stake up to 92.05 million shares, or 5%.

TIME dotCom closed at RM5.26 last Tuesday — its 52-week high. Since mid-October last year, the counter has gained 87 sen, or 19.82%. At its close of RM5.26 last Tuesday, the company had a market value of RM9.67 billion.

Notable movements

Port operator Westports Holdings Bhd’s share price hit its 52-week low of RM3.04 on Oct 3 last year. Since then, the counter has gained 23.2% and ended trading last Tuesday at RM3.77.

Last month, Westports announced a 7.46 sen dividend, which amounts to a payout of RM254 million. The dividends go ex on Feb 8 and will be paid on Feb 20.

During the week in review, EPF acquired 1.29 million shares in Westports, increasing its stake to 8.87%, or 302.32 million shares.

Westports, which handled a container throughput of 10.05 million TEUs (twenty-foot equivalent units) in 2022, operates one of two terminals that make up Port Klang. The other port operator is Northport (M) Bhd.

Oil and gas outfit Yinson Holdings Bhd’s share price hit a 52-week high of RM2.72 during intraday trading on Jan 25. Since mid-October last year, the stock has gained 58 sen or more than 27% to close at RM2.69 last Tuesday.

During this period of strength in Yinson’s share price, EPF sold 1.63 million shares, reducing its holding to 504.56 million shares, or 17.42%.

Pension fund KWAP also sold 416,300 shares in Yinson during the week in review, trimming its stake to 206.07 million shares, or 7.11%.

Late last month, Yinson announced that it had received a 60-day extension for its floating production storage and offloading (FPSO) vessel for the Agogo Integrated West Hub development project in Angola, valued at US$218 million or RM956 million.

With a fleet of nine vessels, Yinson is among the largest FPSO owners and operators in the world.

 

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