This article first appeared in Capital, The Edge Malaysia Weekly on February 27, 2023 - March 5, 2023
Between Feb 15 and 17, notable shareholding changes in companies listed on Bursa Malaysia included those at Priceworth International Bhd. Its executive director, Adam Yusuff Abd Aziz, sold 44.52 million of the company’s shares via off-market transactions on Feb 17 at 14 sen each for a total of RM6.23 million.
Following the disposal, he is left holding a 0.03% stake, or 452,211 shares, in the Main Market-listed company which is in the business of timber and wood-based products. Adam Yusuff, 27, had joined the board of Priceworth on July 1 last year. On Feb 1 this year, he was appointed as a member of the risk committee.
The company made a net profit of RM22.66 million on the back of RM113.91 million in revenue for the first nine months of the financial year ended Dec 31, 2022. (There is no year-ago data for comparison as the company had, in August 2021, changed its year end from Sept 30 to Dec 31.)
Over at EA Technique (M) Bhd, its former managing director, Datuk Abdul Hak Md Amin, sold a total of 4.6 million shares in the Practice Note 17 (PN17) company on the open market between Jan 30 and Feb 14, a Feb 17 filing shows. It did not indicate how many shares he had left after the disposal.
Abdul Hak, who has been on a selling spree since he retired from the Main Market-listed company on Dec 31, 2020, was holding a direct stake of 8.21%, or 43.58 million shares, as at April 13, 2022, according to its 2021 annual report.
The Edge, in its Feb 6 issue, reported that EA Technique may have found a white knight as prominent businessman Tan Sri Rashid Manaf was said to be considering acquiring a substantial stake in the company. On Feb 9, the company said it had asked Bursa Malaysia Securities Bhd for more time, up to Aug 24, to submit its regularisation plan.
Meanwhile, former deputy inspector-general of police Tan Sri Mazlan Lazim undertook several stock market transactions during the week in review. He emerged as a shareholder of Ho Hup Construction Co Bhd after acquiring 65,700 shares, or a 0.013% stake, in the Main Market-listed builder at 28 sen each on Feb 14 and 16.
He also bought 100,000 of Microlink Solutions Bhd’s shares on Feb 16 at 84 sen apiece, raising his stake in the ACE Market-listed technology solutions provider to 0.31%, or 3.3 million shares. That day, the counter closed at 80 sen.
Mazlan had earlier disposed of 100,000 PRG Holdings Bhd (PRGH) shares on the open market on Feb 15 at 18 sen each, leaving him with just 200,000 shares in the Main Market-listed company. PRGH, which manufactures parts for the furniture industry and is also in property development and construction, hit a one-year high of 19 sen on Feb 17.
Singapore-listed Jubilee Industries Holdings Ltd (JIH) ceased being a substantial shareholder of EG Industries Bhd (EGI) after disposing of 22.58 million shares in the Main Market-listed electronic manufacturing services provider on Feb 10. JIH is the private vehicle of businessman Datuk Terence Tea Yeok Kian.
EGI’s share price, which has been climbing steadily on active volumes since the start of this month, reached a one-year high of RM1.07 on Feb 21, just a day after it reported a solid 84.4% increase in net profit to RM18.17 million for the first half of the financial year ending June 30, 2023. As at Feb 21, the counter recorded a year-to-date gain of 98.15%.
On Feb 8, RGI said it planned to privately place out up to 40.93 million new shares, or 10% of its issued shares, to independent investors at a price to be determined to fund its expansion. It expects to raise RM22.41 million at an indicative issue price of 54.75 sen per share.
Nextgreen Global Bhd, a printing and publishing firm that has diversified into green technology, saw its major shareholder, Datuk Gan Kong Hiok, acquire 718,000 shares on Feb 10 and 13, raising his direct stake in the Main Market-listed company to 15.31% or 121.49 million shares.
Independent chairman Datuk Sohami Shahadan sold 980,000 shares at 98.3 sen each on Feb 17 and no longer holds shares in the company. Between Feb 13 and 21, the stock gained 47.6% on strong volumes. Bursa Malaysia had, on Feb 21, queried Nextgreen about the sharp rise in its share price and trading volume recently, to which the company said it was unaware of any reason that might account for the unusual market activity.
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