This article first appeared in Capital, The Edge Malaysia Weekly on February 10, 2025 - February 16, 2025

During the holiday-shortened trading week of Jan 27 to 31, notable shareholding changes at Bursa Malaysia-listed companies included those at Keyfield International Bhd (KL:KEYFIELD), which saw Ikhlas Kamarudin cease to be a substantial shareholder of the offshore support vessel operator.

According to filings with Bursa, Ikhlas disposed of four million shares in Keyfield through Veritas Aman Sdn Bhd on Jan 22, resulting in his indirect shareholding falling below 5%. Ikhlas is a director and shareholder of Veritas Aman, as well as a non-executive director of Citaglobal Bhd (KL:CITAGLB).

Prior to the transaction, he held 44 million shares or a 5.5% stake in Keyfield, which was listed on the Main Market of Bursa on April 22, 2024, at an initial public offering price (IPO) of 90 sen apiece. The transacted price was not disclosed but the counter closed at RM2.57 on Jan 22, valuing the share sale at RM10.28 million.

Keyfield’s share price had fallen 0.85% year to date to close at RM2.30 last Tuesday, giving the group a market value of RM1.9 billion. Nevertheless, the stock is up 156% from its IPO price. The company’s largest shareholders are Lavin Group, with direct equity interest of 27.02%, and its executive director and group CEO Datuk Kee Chit Huei and his spouse Datin Ooi Soo Ping, with a combined shareholding of 27%.

At MClean Technologies Bhd (KL:MCLEAN), founder Yeo Hock Huat ceased to be a substantial shareholder of the Singapore-based precision cleaning and surface treatment solutions provider after offloading five million shares on the open market on Jan 24 through his private vehicle JCS Group Pte Ltd. The disposal reduced Yeo’s total indirect shareholding to 11.69 million shares, or 4.75%. Following the sale, the 61-year-old stepped down from his role as non-executive director of MClean on Jan 28.

In October last year, MClean announced a series of strategic initiatives, including a private placement of 25% of its total issued shares that raised RM13.2 million, diversification into the plastic injection moulding business via the acquisition of We Total Engineering Sdn Bhd and a share capital reduction. This followed the acquisition of a 28.5% stake in MClean by Accrelist Ltd that was completed in July last year. The exercise included a board restructuring, which saw Accrelist executive chairman and managing director Datuk Dr Terence Tea Yeok Kian, 56, being appointed as MClean’s executive chairman and director.

MClean’s share price had more than doubled over the past 12 months to close at 29 sen last Tuesday, which valued the group at RM73 million.

Meanwhile, Nextgreen Global Bhd (KL:NGGB) managing director Datuk Lim Thiam Huat acquired another 428,000 shares or a 0.04% stake in the company for a total of RM383,060 or 89.5 sen per share via a direct business transaction on Jan 27. Nextgreen is involved in printing and publishing, property and construction, utility and renewable energy, and manufacturing activities.

The acquisition was made through his daughter Dr Lim Kah Yen, who is an executive director of Nextgreen.

Thiam Huat now owns a direct stake of 10.29% in Nextgreen and an indirect stake of 2.56%, while Kah Yen holds a direct stake of 1.78% and an indirect stake of 10.29% through her father.

Nextgreen’s share price had fallen 3.89% year to date and 8.95% over the past 12 months to settle at 87.5 sen last Tuesday, giving the company a market capitalisation of RM919 million.

Filings with Bursa showed that Inch Kenneth Kajang Rubber plc took profit on its investment in concrete engineering product maker Concrete Engineering Products Bhd (KL:CEPCO), disposing of 1.15 million shares or a 1.54% stake via a direct business transaction during the week in review. On Jan 17, the company sold 614,000 CEPCO shares in a similar transaction.

Following these disposals, Inch Kenneth directly held 14.45 million shares, representing 19.37% equity interest, in CEPCO. It also had an indirect holding of 502,999 shares or a 0.67% stake.

CEPCO’s share price had dipped 0.85% year to date, but gained 10.4% over the past 12 months, to close at RM1.18 last Tuesday, giving the group a market capitalisation of RM87.6 million.

Meanwhile, Bursa filings during the period in review revealed that the Employees Provident Fund (EPF) had trimmed its equity interest in energy infrastructure and technology company Yinson Holdings Bhd (KL:YINSON). The provident fund offloaded shares in two tranches — 458,500 shares and 792,000 shares — on Jan 22, followed by another 305,000 shares on Jan 24. As a result, its direct shareholding in Yinson stood at 504.19 million shares or a 17.35% stake.

The transaction prices were not disclosed, but Yinson’s share price had declined 9.9% since the beginning of the year, and was down 6.7% over the past 12 months, to close at RM2.36 last Tuesday, giving the company a market capitalisation of RM7.3 billion. 

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