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

From Feb 24 to 28, notable shareholding changes at Bursa Malaysia-listed companies included those at Asia Poly Holdings Bhd (KL:ASIAPLY). The manufacturer of cast acrylic sheets announced in a bourse filing on Feb 25 that Southern Realty Resource Sdn Bhd had ceased to be its substantial shareholder following the disposal of 10 million shares, or slightly less than 1% of the group’s share base, on Feb 18.

Southern Realty is linked to Dr Low Kok Thye and Datuk Wira Lim Kim Long, who are the two largest shareholders of Southern Acids (M) Bhd (KL:SAB). Southern Acids is in palm oil-related businesses, including oleochemical manufacturing.

Following the disposal, Southern Realty’s holding in Asia Poly decreased to 49 million shares, or 4.65% of the group’s share base.

It is not known to whom Southern Realty sold the shares. Datuk Yeo Boon Leong is currently the single largest shareholder of Asia Poly with a 18.17% stake.

Asia Poly remained in the red in the financial year ended Dec 31, 2024 (FY2024), with a net loss of RM11.02 million, compared with a net loss of RM9.66 million in the preceding financial year. The group has been making losses since FY2021.

At the time of writing on March 4, Asia Poly’s stock had shot up by two sen or 16.67% from the previous day to close at 14 sen, giving the group a market value of RM147.61 million. The share price has doubled so far this year from its closing price of seven sen on Jan 2.

Meanwhile, Central Global Bhd (KL:CGB) disclosed in a Feb 26 filing that its group managing director and largest shareholder Chew Hian Tat disposed of 30.66 million shares, or a 4% stake, in the self-adhesive tapes and labels manufacturer to an institutional fund on Feb 25. It did not name the fund.

Following the disposal, Chew’s direct stake in the group decreased to 22.6%.

Central Global, which is also in the construction business, reported a net profit of RM1.48 million in the 12-month period ended Dec 31, 2024, compared with a net loss of RM42.06 million in the same period a year earlier, despite registering a 36.4% drop in revenue to RM138.97 million.

On Feb 27, property developer Maxim Global Bhd (KL:MAXIM) announced that Lee Cheh Hian had disposed of 32.5 million shares, representing 4.42% of the group’s share base, on Feb 26, resulting in his ceasing to be a substantial shareholder.

On the same day (Feb 26), Tan Sri Gan Seong Liam acquired 35 million shares, or a 4.76% stake, in Maxim at 28 sen apiece. This increased Gan’s stake to 20.64%. He is the managing director and largest shareholder of the group.

In the financial year ended Dec 31, 2024 (FY2024), Maxim’s net profit surged more than 400% to RM26.89 million from RM5.32 million in the prior year, even as its revenue more than doubled to RM329.91 million from RM116.9 million.

Paragon Globe Bhd’s (KL:PGLOBE) share price has been on an upward trend this year, with the counter having appreciated 55.13% as at its March 4 closing price of 60 sen. The counter reached a 52-week high of 68 sen on Feb 27.

On Feb 24, its largest shareholder Paragon Adventure Sdn Bhd acquired 20.5 million shares, representing a 3% stake, for a total consideration of RM12.3 million, or 60 sen a share.

Paragon Adventure is owned by Datuk Seri Edwin Tan Pei Seng, the executive chairman of the group, and Datuk Seri Godwin Tan Pei Poh, the group’s executive director. Following the acquisition, Paragon Adventure’s stake in Paragon Global increased to 54.55%.

At EG Industries Bhd (KL:EG), its CEO Datuk Kang Pak Kiang acquired a total of 4.46 million shares, or less than 1% of the share base of the electronic manufacturing services group, on Feb 25 and 26.

Following the acquisitions, Kang’s total stake in EG Industries increased to 15.72%. He is the largest shareholder of the group.

EG Industries’ share price fell 19 sen or 8.6% on March 4 to RM2.02, valuing the company at RM944.96 million. Year to date, the counter has declined 47 sen or 18.88%. 

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