This article first appeared in Capital, The Edge Malaysia Weekly on January 20, 2025 - January 26, 2025

From Jan 6 to 10, notable filings of shareholding changes for companies listed on Bursa Malaysia include those at Pensonic Holdings Bhd (KL:PENSONI), where Neo Ching Yuen ceased to be a substantial shareholder after an off-market disposal of three million shares on Dec 26, approximately three weeks ago.

During the same period, 4.84% of the electrical home appliances manufacturer’s shareholding was acquired by the group’s executive director Chew Chuon Fang (Nelson) through an off-market deal. Chuon Fang, 48, is the son of group executive chairman Datuk Seri Chew Weng Khak @ Chew Weng Kiak, 82, and the brother of group CEO and managing director Dixon Chew Chuon Jin, 55.

Neo had emerged as a substantial shareholder in the electrical home appliances manufacturer on Oct 31, 2023, when he acquired 8.3 million shares (6.6% equity interest). On the same day, the company’s then-managing director Vincent Chew Chuon Ghee stepped down while reducing his direct stake to below 3.71%, according to Pensonic’s stock exchange filing. He had a 0.94% indirect stake at the time.

Loss-making Digistar Corp Bhd (KL:DIGISTA), a designer and integrated services provider of information technology and telecommunication systems, saw the emergence of Gan Boon Tian as a substantial shareholder on Jan 7. Gan acquired 71.3 million shares in the company, giving him 12.9% equity interest, via a private placement. At the closing price of 5 sen per share on Jan 7, Gan’s stake had a market value of RM3.56 million.

This comes after Digistar announced last September that it planned to raise up to RM9 million via a private placement representing 30% of its share base, with the aim of funding its new pay-TV venture and repaying bank borrowings. Digistar has undertaken various fundraising exercises since 2016, collectively raising approximately RM36.91 million to support operational growth, strengthen its capital base and lower its gearing ratio.

The latest private placement exercise involves issuing up to 169.99 million new shares to third-party investors and LWC Capital Sdn Bhd, while some 20% of its issued share capital (or 113.32 million placement shares) shall be placed with third-party investors to be identified later. LWC Capital is an investment vehicle of Digistar’s managing director Datuk Lee Wah Chong and holds 27.24% equity interest in Digistar.

Over at construction outfit SC Estate Builder Bhd (KL:SCBUILD), Loh Boon Gin disposed of 650 million shares via a direct business transaction on Dec 31 last year, leaving him with 240 million shares (a 5.9% stake) in the company, down from 21.8% in April last year. On the same day, Castle Prosperity Sdn Bhd, based in Alor Setar, Kedah, emerged as a substantial shareholder after acquiring 650 million shares (15.9% equity shareholding).

The construction outfit announced last Wednesday that a joint venture with Anjung Meriah Sdn Bhd had been shortlisted by the Energy Commission to develop a 4MW large-scale solar photovoltaic project in Arau, Perlis. The joint venture, in the form of a consortium between Anjung Meriah and SC Estate’s wholly owned subsidiary SC Estate Construction Sdn Bhd (SCEC), is 40% owned by SCEC and 60% owned by Anjung Meriah. SC Estate’s deputy chairman Kuay Jeaneve controls Anjung Meriah with a 97.18% stake.

Shares of Dufu Technology Corp Bhd (KL:DUFU) dropped 10.5% from RM1.91 at the start of the year to RM1.71 last Wednesday, bringing its market valuation to RM934 million.

On Jan 8, the manufacturer of precision machining parts and components reported that Perfect Commerce Sdn Bhd disposed of 300,000 shares in Dufu through the open market, reducing its equity interest to 9.4%. This marks a reversal from its earlier series of share acquisitions to increase its stake in the company, which began when it emerged as a substantial shareholder in September 2023 with the acquisition of 51.7 million shares, giving it an initial 9.8% equity interest.

According to company search data, Perfect Commerce is controlled by Lee Wen-Jung (a 43.84% stake), followed by Lee Su Hui-Fen (26.38%) and Huang Tien-Fu (8.32%).

Cape EMS Bhd (KL:CEB), continuing its decline from last year, slipped 11.8% year-to-date to 34 sen last Wednesday. This was amid a broader sell-off in technology stocks on Bursa Malaysia, following news of the US’ plans to impose additional export curbs on artificial intelligence chips to restrict access for China and Russia.

Meanwhile, businessman Chung Chee Yang continued to accumulate Cape EMS shares on the open market, acquiring an additional 1.5 million shares. As at Jan 9, this brought his total holdings to 85 million shares or an 8.57% equity shareholding. Chung first emerged as a substantial shareholder on Nov 13. 

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