This article first appeared in Capital, The Edge Malaysia Weekly on September 25, 2023 - October 1, 2023
Notable filings
For the week of Sept 11 to 15, notable shareholding changes at Bursa Malaysia-listed companies included those at Impiana Hotels Bhd, which saw Advance Opportunities Fund of the Cayman Islands dispose of 21.25 million shares in the company via direct business transactions.
According to filings with Bursa Malaysia, the disposal of shares took place in four blocks during the week in review. Advance Opportunities Fund then ceased to be a substantial shareholder on Sept 15 after disposing of 45 million shares in Impiana Hotels.
Advance Opportunities Fund had emerged as a substantial shareholder of Impiana Hotels last month following the conversion of redeemable convertible notes into ordinary shares, which lifted its stake to 11.53%.
Businessman Datuk Seri Lee Hock Seng and wife Datin Seri Joanne Yew Hong Im recently emerged as the hospitality group’s largest shareholders, collectively holding a 19.9% stake.
Impiana Hotels continued to be loss-making in the six months ended June 30, during which its net loss stood at RM6.63 million, compared with RM6.35 million a year earlier.
Infoline Tec Group Bhd, which was listed in June 2022, saw its CEO Choo Wei Chuen dispose of 22.78 million shares in the company on the open market and through a direct business transaction.
According to bourse filings, Choo disposed of five million shares in Infoline Tec to institutional investors for a total of RM3.55 million on Sept 11. This priced the shares at 71 sen apiece, a two sen discount to the closing price of 73 sen on Sept 11.
The filings also showed that Choo disposed of 14.28 million shares to a financial institution pursuant to a total return equity swap agreement with the latter. The disposal consideration amounted to RM9.99 million.
Choo disposed of 3.5 million shares on the open market on Sept 8. Following the disposals, he still held 171.11 million shares, or 47.1% equity interest, in Infoline Tec.
Mikro MSC Bhd saw Yeo Hock Cheong emerge as a substantial shareholder of the electrical distribution equipment maker after acquiring 328.13 million shares on Sept 11. Yeo acquired the stake as a result of a share sale agreement between him and Mikro MSC, under which the latter acquired 1.05 million shares in Bio Eneco Sdn Bhd — which Yeo is a major shareholder of — for a purchase consideration of RM52.5 million to be satisfied through the issuance of 328.13 million new shares in Mikro MSC at 16 sen each.
After acquiring the shares, Mikro MSC held a 25% stake in Bio Eneco. It intends to expand and diversify the business to include biomass fuel in order to provide the group with a new income stream.
The share sale agreement resulted in Yeo becoming the largest shareholder of Mikro MSC, with 30.57% equity interest. This was followed by Cartaban Nominees (Tempatan) Sdn Bhd and RHB Trustees Bhd for Kenanga Islamic Absolute Return Fund, with a 14.55% stake. Co-founder and managing director Yim Yuen Wah’s shareholding was reduced to 12.7% from 18.3% previously.
Notable movements
Cypark Resources Bhd’s share price has been trending upward of late. From Sept 11 to 18, the stock gained 18% to 91.5 sen from 77.5 sen.
Filings with Bursa showed that Chung Chee Yang disposed of 40 million shares in the renewable energy and solid waste management company on Sept 15 and ceased to be a substantial shareholder. He still has 37.43 million shares, or a 4.77% stake, in Cypark.
On the same day, the company saw the emergence of a new substantial shareholder in Chung Dao, who acquired 40 million shares in the company to bring his total shareholding to 42.97 million shares, or 5.5% equity interest.
Over at Seacera Group Bhd, the counter fell 8.9% to 25.5 sen on Sept 15 from 28 sen on Sept 4. It is worth noting that the stock, which is normally thinly traded, had seen a surge in trading activity in the last two weeks of August, during which trading volume reached 26 million shares on certain days.
Filings with Bursa showed the emergence of Morgan Stanley & Co International plc as a substantial shareholder of Seacera after acquiring a total of 34.25 million shares, or a 5.51% stake, in the company.
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