This article first appeared in Capital, The Edge Malaysia Weekly on October 27, 2025 - November 2, 2025
Notable filings
From Oct 13 to 17, notable changes in shareholding of companies publicly traded on Bursa Malaysia included those at property development outfit Sinmah Capital Bhd (KL:SMCAP), which saw businessman Datuk Leong Sai Mun surface as a substantial shareholder after acquiring 51.5 million shares on Oct 17, thereby increasing his stake to 52.89 million shares or 12.18%.
It is not clear who Leong acquired the shares from. He is best known for being the managing director of property developer Smart Niche Group.
Following the acquisition, Leong is the second largest shareholder in Sinmah Capital after businessman Toh Hong Chye, who has a 14.65% stake.
This is the second time Leong has surfaced as a substantial shareholder in Sinmah Capital, with the first being in April 2019. He then ceased to be a substantial shareholder in January 2021.
Sinmah Capital’s share price has risen substantially by over 300% since mid-September to close at 21 sen last Wednesday, translating into a market capitalisation of RM91.2 million.
Eng Lian (L) Inc, a privately held developer that owns prized property assets in Bangsar, sold 32.8 million shares in Toyo Ventures Holdings Bhd (KL:TOYOVEN), trimming its stake to 9.93 million shares or 5.98%. Collectively, the Eng Lian group — after the disposal by Eng Lian (L) — has 12.09% equity interest in Toyo Ventures, which makes printing inks, electrical discharge machining (EDM) cut wires and EDM graphite electrodes as well as trades in printing equipment and other machinery.
The Eng Lian group has been reducing its shareholding in Toyo Ventures. In January, Eng Lian (L) sold 33 million shares in Toyo Ventures, cutting its stake to 42.73 million shares or 25.75%.
Year to date, Toyo Ventures’ share price has shed close to 40% of its value and finished last Wednesday at 31 sen, valuing the company at RM51.4 million.
Sarawak Economic Development Corporation (SEDC) ceased to be a substantial shareholder in Cahya Mata Sarawak Bhd (KL:CMSB) after selling 1.62 million shares and reducing its holding to below the 5% threshold required for public disclosure on Oct 9. The diversified group’s share price has been rising this year, hitting a multi-year high of RM1.63 on Oct 16.
SEDC commenced selling its shares at end-July, prior to which it had 60.9 million shares or a 5.67% stake. A check on Cahya Mata’s annual reports as far back as 2000 indicate that SEDC was already a substantial shareholder then, which means it has held a substantial stake in the company for more than 25 years.
It is not known why the state government is exiting Cahya Mata, which is controlled by the family of the late Sarawak governor and chief minister Tun Abdul Taib Mahmud.
Last Wednesday, Cahya Mata ended trading at RM1.53, giving the company a market value of RM1.64 billion.
At Ho Hup Construction Co Bhd (KL:HOHUP), Low Chee Group Sdn Bhd — the vehicle of Datuk Low Tuck Choy — ceased to be a substantial shareholder in the cash-strapped or Practice Note 17 company after hiving off 21.71 million shares and reducing its stake to below the 5% threshold.
While Low Chee Group has ceased to be a substantial shareholder, Low and his family still have 7.38% equity interest in
Ho Hup.
Other notable shareholders of Ho Hup include Datuk Seri Thong Kok Khee who, via his flagship Insas Bhd (KL:INSAS), has a 11.79% stake in the construction company.
Ho Hup ended trading last Wednesday at 1.5 sen for a market value of RM7.8 million.
Notable movements
The share price of oil and gas stalwart Hibiscus Petroleum Bhd (KL:HIBISCS) has fallen by 19.5% since end-June and closed last Wednesday at RM1.47 for a market capitalisation of RM1.08 billion.
During this period of weakness, businessman Datuk Michael Tang Vee Mun has been nibbling at Hibiscus’ shares, acquiring 1.2 million shares during the week in review to nudge his stake to 99.04 million shares or 13.43%. In late June, Tang had 94.45 million shares or 12.81% equity interest.
Over at Dialog Group Bhd (KL:DIALOG), the oil and gas tank farm operator’s share price has been gaining traction and strengthened almost 72% since it hit a multi-year low at end-April, closing at RM1.96 last Wednesday for a market capitalisation of RM11.06 billion.
The Employees Provident Fund (EPF) and Kumpulan Wang Persaraan (Diperbadankan) or KWAP have been mopping up Dialog shares.
During the week in review, EPF acquired 9.94 million shares, raising its stake to one billion shares or 17.81%, while KWAP acquired 338,600 shares to nudge its holding up to 567.08 million shares or 10.05%.
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