This article first appeared in Capital, The Edge Malaysia Weekly on December 11, 2023 - December 17, 2023
Notable filings
Between Nov 27 and Dec 1, notable filings on shareholding changes included that on PDZ Holdings Bhd executive director Ho Jien Shiung paring his holdings in Fitters Diversified Bhd.
Ho reduced his stake in Fitters to 8.25% from 10.35% after disposing of 49 million shares on Nov 29 at undisclosed prices, leaving him with 193.21 million shares. Ho was at the top of Fitters’ list of top 30 shareholders as at June 30, according to its 2023 annual report.
For the second quarter ended Sept 30, 2023, Fitters returned to the black with a net profit of RM6.05 million from a net loss of RM28.47 million a year ago. This was despite revenue falling 30% to RM73.88 million from RM105.48 million a year ago.
Hong Seng Consolidated Bhd saw its former managing director Datuk Sri Teoh Hai Hin disposing of 155 million shares via his private vehicle Dalphon Ltd on the open market as well as via a direct business deal. Post-disposal, Teoh is left with 324.9 million shares, or a 6.36% stake. Teoh had resigned from his post on July 10.
For the quarter ended Sept 30, 2023, Hong Seng announced a net loss of RM8.91 million against revenue of RM3.22 million. There are no comparisons available as the company recently changed its financial year end from Sept 30 to March 31.
At Hubline Bhd, executive chairman Datuk Richard Wee Liang Huat disposed of 15.7 million shares in the company via an off-market transaction.
Filings with Bursa show that the off-market transaction was done on Nov 27 through his private vehicle BNDM Incorporated Holdings Sdn Bhd, bringing his holding to 780.5 million shares, or 18.19% equity interest.
On the same day, group managing director Ling Li Kuang acquired 12 million shares through an off-market transaction. After the acquisition, his stake increased to 2.92% direct interest, or 125.57 million shares, while his indirect stake remained at 13.58%, or 582.96 million shares.
ILB Group Bhd saw Agrobulk Holdings Sdn Bhd emerge as a substantial shareholder after it acquired 17 million shares, or 8.99% equity interest, via a direct business transaction on Nov 30. The shares were likely acquired from Etern Group (HK) Co Ltd which ceased to be a substantial shareholder after disposing of 17 million shares on the same day.
Notable movements
Energy and engineering solutions provider Kinergy Advancement Bhd’s share price increased 12% between Nov 23 and 29, from 33 sen to 37 sen apiece.
Filings with Bursa show that its substantial shareholder Kington Tong Kum Loong acquired 10 million shares in the company on Nov 24, pushing his direct stake to 9.17%. He has a 1.62% indirect stake.
The company, formerly known as Kejuruteraan Asastera Bhd, saw net profit for the third quarter ended Sept 30, 2023, improving significantly to RM20.36 million from RM1.05 million a year ago, shoring up the first nine months’ net profit to RM26.14 million from RM2.28 million. Revenue for the period was lower at RM136.46 million versus RM143.92 million previously.
On Dec 5, Kinergy said it had won a RM31.04 million contract to undertake electrical works for Mah Sing Group Bhd’s M Nova residential development in Kepong, Kuala Lumpur. The contract will not have a material impact on its current-year earnings but will positively boost future earnings, it said. On Dec 6, Kinergy said phase one of the contract is 30 months from Sept 19, 2023, while phase two will be 27 months from the date of commencement. Kinergy closed at 36.5 sen on Dec 6.
Pestech International Bhd’s share price declined a total of 15.6% from 32 sen on Nov 27 to 27 sen on Dec 1. According to filings with Bursa, CEO Lim Pay Chuan disposed of 40 million shares in the company on Nov 28. Based on the closing price of 28 sen that day, Lim’s disposal could be worth RM11.6 million. Post-disposal, Lim is left with 150.22 million direct shares, which is equivalent to 15.25% equity interest.
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