This article first appeared in Capital, The Edge Malaysia Weekly on August 12, 2024 - August 18, 2024
Notable filings
From July 29 to Aug 2, notable shareholding changes in companies listed on Bursa Malaysia included those at loss-making oil palm plantation outfit Astral Asia Bhd (KL:AASIA).
Filings with Bursa on July 31 show that Terusan Al-Maju Sdn Bhd, the fifth-largest shareholder of Astral Asia, mopped up 30 million shares, or a 4.33% stake, in the company via a private placement exercise on July 29.
The acquisition raised Terusan Al-Maju’s direct shareholding in Astral Asia to 46.15 million shares, or 6.666%. Terusan Al-Maju is a local property investment company and landowner.
Loss-making MLABS Systems Bhd (KL:MLAB), which is engaged in research and development in videoconferencing and mobile application solutions, announced the emergence of Tang Ah Mooi as its new substantial shareholder on Aug 1.
Tang had via a rights issue exercise subscribed for 18.751 million shares, or a 6.487% direct stake, in the ACE Market-listed technology firm on July 31. She is the mother of Ooi Chieng Sim, former executive chairman of Heng Huat Resources Group Bhd (now known as HHRG Bhd [KL:HHRG]) and Atta Global Group Bhd (now known as Mayu Global Group Bhd [KL:MAYU]).
On the same day, NETX Holdings Bhd (KL:NETX) announced that it had ceased to be a substantial shareholder of MLABS on July 26, owing to the dilution of shareholding from 15.75% to 3.95% as a result of the latter’s expanded share base pursuant to its rights issue exercise, which was completed on Aug 1.
Over at Powerwell Holdings Bhd (KL:PWRWELL), its single largest shareholder, PW Synergy Sdn Bhd, divested 20 million shares, or a 3.44% stake, in the electrical and power distribution solutions specialist on July 26.
Following the divestment, PW Synergy Sdn Bhd — controlled by Powerwell managing director Tham Kien Wai and executive director Wong Yoke Yen — still retains 236.08 million shares, or a 40.66% direct stake. Wong is the sister-in-law of Tham.
Meanwhile, Lau Pak Lam offloaded 29.5 million shares, or a 1.12% stake, in ACE Market-listed digital lifestyle service provider PUC Bhd (KL:PUC) on July 29. Following the disposal of shares on the open market, he still had 218.5 million shares, or an 8.326% direct stake, in the technology firm.
Lau is the brother of former confectionery tycoon Liew Fook Meng. They are the co-founders of Cocoaland Holdings Bhd, which was delisted from Bursa in November 2022 after Fraser & Neave Holdings Bhd (KL:F&N) took the company private, forking out RM488.15 million in cash in a deal that valued the candy maker at RM686.4 million.
Notable movements
Johor-based electronics manufacturing services (EMS) provider Cape EMS Bhd (KL:CEB) saw its share price hit an all-time low of 41 sen last Tuesday, before recovering slightly to close at 44 sen on Wednesday, giving the company a market capitalisation of RM441.04 million. The counter had plunged more than 50% over the past month, down from 94 sen a month ago.
On July 30, group CEO and managing director Christina Tee Kim Chin disposed of 1.895 million shares, or 0.19% equity interest, in Cape EMS. Subsequently, on Aug 5, she divested another 15.22 million shares, or a 1.53% stake.
On Aug 6, Tee sold 112.74 million shares, or an 11.36% stake. A day later, she offloaded another 115.25 million shares, or an 11.6% stake in the company.
At the time of writing, her shareholding in the company shrank to 13.98% from 38.05% on July 29, down by 24.06 percentage points.
Nationgate Holdings Bhd (KL:NATGATE), another EMS provider, has seen its share price gain 43% over the past six months. The counter closed at RM1.95 last Wednesday, giving the Penang-based firm a market capitalisation of RM4.23 billion.
Co-founder and managing director Ooi Eng Leong offloaded 103.696 million shares, or almost a 5% stake, in Nationgate via a direct business transaction on Aug 2. The block of shares was worth RM203.24 million, or RM1.96 per share, according to the bourse filing on Aug 2. He still owns 1.097 billion shares, or a 52.89% direct stake, in the Main Market-listed company.
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