This article first appeared in Capital, The Edge Malaysia Weekly on December 23, 2024 - December 29, 2024

For the week of Dec 9 to 13, notable shareholding changes at Bursa Malaysia-listed companies included those at FSBM Holdings Bhd (KL:FSBM), which saw its chief technology officer Low Kang Wei cease to be a substantial shareholder.

According to a filing with Bursa, Low disposed of 5.13 million shares or a 1% stake in the information technology service provider via a direct business transaction on Dec 10. He is now left with 4.56% equity interest.

FSBM exited Practice Note 17 (PN 17) status in June, following the completion of its regularisation plan a year ago. It first slipped into the category for financially distressed companies in December 2019 after its external auditor Moore Stephens PLT expressed a disclaimer of opinion on its audited financial statements for the financial year ended June 30, 2018 (FY2018).

Chew Weng Yew is the largest shareholder of FSBM with a 20.22% stake, followed by Dagang NeXchange Bhd (KL:DNEX) executive chairman Tan Sri Syed Zainal Abidin Syed Mamed Tahir, who holds 11.06% equity interest, and FSBM managing director Pang Kiew Kun with an 8.04% stake.

Since peaking at 44 sen in May, FSBM’s share price had declined to a closing price of 24 sen last Tuesday, giving the company a market value of RM122.9 million.

Over at N2N Connect Bhd (KL:N2N), the integrated e-commerce securities trading solutions provider saw Japan’s Nikkei Inc cease to be a substantial shareholder after it sold its entire shareholding of 15 million shares, or a 2.69% stake, via a direct business transaction on Dec 13.

The share price of N2N was down 13% year to date (YTD) to close at 43.5 sen last Tuesday, giving the company a market value of RM242.8 million. For the first nine months of 2024, it recorded a net loss of RM32.43 million against a net profit of RM12.14 million in the same period a year earlier, mainly due to impairment losses on intangible assets.

At Datasonic Bhd (KL:DSONIC), Demi Mekar Sdn Bhd — controlled by Datuk Safian Mohd Yunus — offloaded 20 million shares or a 0.69% stake on Dec 12, ceasing to be a substantial shareholder after paring down its equity interest to 4.83%. Nonetheless, Safian, who stepped down as Datasonic’s non-independent, non-executive director early this year, still owns direct and indirect stakes of 0.009% and 13.89% in the company respectively.

The Edge, quoting sources, recently reported that Datasonic is poised to receive a new five-year contract for the supply of Malaysian passports, which would mark its first contract renewal since November 2021, when the original contracts expired.

The share price of Datasonic, which has proposed a name change to NEXG Bhd, had declined 2.35% so far this year to close at 41.5 sen last Tuesday, giving the company a market cap of RM1.15 billion.

Kossan Rubber Industries Bhd’s (KL:KOSSAN) share price had gained 45.2% YTD to close at RM2.62 last Tuesday, giving the company a market value of RM6.69 billion.

The Employees Provident Fund (EPF) grabbed the opportunity to take profit on the glove maker, divesting 3.29 million shares, or a 0.13% stake. As a result, the provident fund ceased to be a substantial shareholder of Kossan as its equity interest fell to 4.96%.

After recording an all-time high of RM5.10 last month, Sunway Bhd’s (KL:SUNWAY) share price pared some gains to close at RM4.60 last Tuesday, valuing the company at RM28.4 billion, with a YTD gain of 123.3%.

On Dec 12, Sunway founder and executive chairman Tan Sri Jeffrey Cheah Fook Ling sold 146.4 million shares or a 2.37% stake in the conglomerate to Jef-San Enterprise Sdn Bhd for RM658.78 million, or RM4.50 per share. A Companies Commission of Malaysia search shows that Jef-San Enterprise’s shareholders comprise Cheah, his daughter Sarena Cheah Yean Tih and sons Evan Cheah Yean Shin and Adrian Cheah Yean Sun.

On the other hand, EPF raised its stake in Sunway to 7.59% from 7.38% a week ago. 

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