This article first appeared in Capital, The Edge Malaysia Weekly on March 17, 2025 - March 23, 2025

Over the week of March 3 to 7, notable filings on shareholding changes of Bursa Malaysia-listed companies included those at banking outfit RHB Bank Bhd (KL:RHBBANK). 

Pension fund Kumpulan Wang Persaraan (Diperbadankan) or KWAP ceased to be a substantial shareholder on March 5 after hiving off about two million shares in the banking group.

Separately, the Employees Provident Fund’s filings over that week show that it was a net seller of 4.94 million shares in RHB, which reduced its stake to 39.16%. The EPF remains the lender’s largest shareholder.

RHB’s stock hit a record high of RM7 in intraday trading on March 5. Over the past six months, RHB’s shares have gained more than 11% to finish last Wednesday (March 12) at RM6.80, which translates into a market capitalisation of RM29.64 billion for the group.

Samoa-based Earnest Fortitude Ltd increased its shareholding in plywood, veneer and laminated veneer lumber manufacturer Focus Lumber Bhd (KL:FLBHD) after acquiring a total of 21.28 million shares on Jan 23 and 27 in off-market transactions. This nudged its shareholding up to 17.35% or 37.9 million shares.

Earnest Fortitude first surfaced as a substantial shareholder in Focus Lumber last October with a 7.61% stake or 16.62 million shares. It had acquired the block of shares from Focus Lumber managing director Lin Hao Wen and his wife Lin Pei-Wen, who is an executive director. The two individuals ceased to be substantial shareholders in Focus Lumber after the sale.

Focus Lumber’s stock hit a multi-year low of 31 sen at the time of writing (March 12). Since end-July last year, Focus Lumber’s shares have shed around 30% of their value. The shares ended trading last Wednesday at 31.5 sen, for a market value of RM68.8 million.

Businessman Chung Chee Yang strengthened his shareholding in electronics manufacturing services (EMS) company Cape EMS Bhd (KL:CEB), acquiring a total of 23.33 million shares on the open market on March 3 and 4. This raised his equity interest in the company to 11.14% or 110.5 million shares.

Chung emerged as a shareholder in Cape EMS in mid-November last year with a 5% stake or 49.61 million shares and has been nibbling at the company’s shares ever since. Other than Cape EMS, Chung has an 8.9% stake in solar farm developer Cypark Resources Bhd (KL:CYPARK).

Cape EMS’ stock was battered down in July last year following a number of financial missteps and declining investor confidence, which led to margin calls and the company losing more than half its value in a span of two weeks — from just above RM1 to about 50 sen.

More recently, the company suffered its second straight quarterly net loss. It made a net loss of RM48.84 million for its final quarter ended Dec 31, 2024, as a result of weaker demand and reduced margins, among other reasons.

Cape EMS closed last Wednesday at 25.5 sen for a market value of RM253 million.

Velocity Capital Partner Bhd (KL:VELOCITY), which is involved in transportation, logistics and money lending, among other things, emerged as a substantial shareholder in MMAG Holdings Bhd  (KL:MMAG) on March 3 when it acquired 150 million shares at 40 sen apiece from MMAG executive director Victor Chin Boon Leong and his wife Chan Swee Ying. It now has a 6.49% stake in MMAG, an integrated supply chain management company.

MMAG closed at 50 sen last Wednesday for a market value of RM1.15 billion.

Credit reporting agency CTOS Digital Bhd (KL:CTOS)’s stock has shed close to 15% of its value since mid-November last year. It finished last Wednesday at RM1.11 for a market capitalisation of RM2.56 billion.

The company’s stock closed at a 52-week low of RM1.07 on March 5. During this period of weakness, the EPF, KWAP and privately held Jade Vine Sdn Bhd have been accumulating CTOS’ stock.

Bursa filings show that EPF acquired 1.12 million shares in CTOS, which nudged its stake up to 18.95%. KWAP picked up 731,800 shares, which raises its stake to 7.61%, while Jade Vine acquired one million shares to increase its holding to 19.69%. Jade Vine is controlled by private equity outfit Creador Sdn Bhd.

Since early November last year, KPJ Healthcare Bhd (KL:KPJ)’s shares have gained about 22%, closing at RM2.54 last Wednesday. The company’s stock closed at a record high of RM2.79 on March 6.

Bursa filings for the week in review show that EPF was a net seller of 12.57 million shares in KPJ, trimming its stake to 11.63% or 507.55 million shares. KWAP hived off 1.27 million shares and reduced its shareholding to 5.27% or 230.05 million shares.

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