This article first appeared in The Edge Malaysia Weekly on July 13, 2026 - July 19, 2026

PROPERTY company Tanco Holdings Bhd (KL:TANCO) has drawn attention over the spectacular rise and fall of its stock price and the non-stop buying and selling of its shares by key executives and shareholders.

(Read “A 30-month-long ascent ends with a fall off the cliff” and “The unanswered questions surrounding Tanco’s meteoric rise and dramatic collapse” on www.theedgemalaysia.com.)

Apart from the share trades by group managing director Datuk Seri Andrew Tan Jun Suan and his younger brother Edwin Tan (read “Tanco MD buys shares from younger brother as shares slip yet again”), some corporates have also been buying and selling.

Among them are two subsidiaries of Chin Hin Group Bhd (KL:CHINHIN), Ajiya Bhd (KL:AJIYA) and Signature International Bhd (KL:SIGN). Chin Hin owns 73.8% of Aijya and 60.2% of Signature International.

The following are the step-by-step share trades in Tanco by Ajiya and Signature International, based on data compiled by The Edge and Asia Analytica.

1.     It accumulated 95.9 million Tanco shares between 2023 and the second quarter of 2026. This includes shares received via a seven-for-five bonus in 2025. The average cost is 60 sen per share and the total cost is estimated at RM57.5 million.

2.     This coincided with Chin Hin Group raising its stake in Ajiya from 32.7% in 2022 to 55.9% in 2023, and to 74.4% by 1Q2026.

3.     Ajiya booked fair value gains on investment of RM76.4 million in its profit and loss account — mostly from Tanco shares — between 2023 and 1Q2026. This amounted to 40% of its total profit before tax of RM190.5 million during this period.

4.     Ajiya disposed of 49.95 million Tanco shares in off-market transactions between April 29 and June 24, 2026, at an average price of 88.7 sen, and had a realised gain of RM14.3 million.

5.     It has remaining holdings of 45.95 million shares with a realisable value of RM7.1 million at Tanco’s current share price of around 15.5 sen. This block has a current unrealised loss of RM20.4 million.

6.     An unrealised loss of RM20.4 million and a realised gain of RM14.3 million means Ajiya has a net loss of RM6.1 million from its Tanco trades.

1.     Signature International acquired 14.8 million Tanco shares at RM1.18 a share in 2024 at a total cost of RM17.6 million. This stake was boosted by a seven-for-five bonus issue in 2025 that raised the number of shares to over 35.55 million shares.

2.     As in the case of Ajiya, the acquisition also coincided with Chin Hin raising its stake in Signature International from 33% in 2023 to 70.5% in 2024. (This was pared to 59.6% by 1Q2026.)

3.     Fair value gains in 2024 from the Tanco shares were RM11.7 million, contributing to Signature International’s total reported fair value investment gains of RM11.9 million.

4.     Fair value gains in 2025 from the Tanco shares were RM3.7 million, contributing to Signature International’s total reported fair value gains of RM6.4 million.

5.     Signature International sold 24.4 million Tanco shares at 82 sen a share in 2025 for total proceeds of RM20 million. The realised gains were RM7.9 million.

6.     It sold another 1.565 million Tanco shares at RM1.67 a share in 2Q2026. Total proceeds were RM2.6 million and the realised gains were RM1.85 million.

7.     The total realised gains from the Tanco share trades were RM9.71 million.

8.     It still holds 9.5 million Tanco shares. At the current price of 15.5 sen, they are worth RM1.47 million. This means an unrealised loss of RM3.2 million.

9.     In total, Signature International has made realised gains of RM9.7 million while sitting on an unrealised loss of RM3.2 million. This means its current net gain is RM6.5 million

In short, these two listed companies controlled by the same majority shareholder, Chin Hin, bought Tanco shares between 2023 and 2026 at high valuations that appear excessive to the underlying financial fundamentals of Tanco, whose net profit fell from RM18.53 million in FY2023 to RM7.88 million in FY2025.

Realised gains from the share trading contributed to profits. In the case of Ajiya, it was as much as 40%.

However, both Ajiya and Signature International still have shares in Tanco that, on paper, are sitting on losses.

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