This article first appeared in Capital, The Edge Malaysia Weekly on July 31, 2023 - August 6, 2023
Notable filings
Over the week of July 17 to 21, notable changes in shareholding for companies traded on Bursa Malaysia included that at property developer EcoFirst Consolidated Bhd.
Datuk Tiong Kwing Hee, the company’s executive director and CEO, ceased to be a substantial shareholder after hiving off 24.64 million shares during the week in review. Tiong surfaced as a substantial shareholder in EcoFirst in mid-June 2022 after acquiring 74.91 million shares, or 6.44%, in the company. He was appointed an executive director of EcoFirst in January 2009.
Tiong is also a 24.71% shareholder and managing director of publicly traded contractor Mercury Industries Bhd.
EcoFirst’s stock has been thinly traded and fluctuated between 31 sen and 39 sen over the past 12 months. It closed last Tuesday at 36 sen, translating into a market capitalisation of RM434.95 million for the company.
At Practice Note 17 (PN17) outfit Comintel Corp Bhd, executive director Lee Seng Yong surfaced as a substantial shareholder in the integrated ICT and radio frequency communication company after acquiring 34 million shares during the period in review.
After the acquisition, Lee has 35.09 million shares, or 9.17% interest, in Comintel Corp. Lee, who was appointed an executive director in mid-January this year, has a diverse work background, having had stints at construction, wallpaper specialist and fund management firms.
Comintel Corp’s stock ended trading last Tuesday at 86.5 sen, giving the company a market value of RM330.9 million.
During the week, warehouse operator Ingenieur Gudang Bhd (formerly Dynaciate Group Bhd) saw the emergence of Chan Swee Ying as a substantial shareholder with 113.6 million shares, or 8.21% equity interest, in the company.
Chan may have acquired her block of shares from MMAG Holdings Bhd, a supply chain management company that sold the same number of shares and ceased to be a substantial shareholder in Ingenieur Gudang on July 14.
Chan was appointed an executive director of Ingenieur Gudang in August 2022, and has a background in IT and human resources. Chan is also a non-independent non-executive director of MMAG Holdings.
Ingenieur Gudang’s stock ended trading on Tuesday at 11 sen, for a market value of RM152.21 million.
Businessman Aaron Chen Khai Voon surfaced as a 16.67% shareholder in Seal Inc Bhd after taking up a private placement.
Chen is now the largest shareholder in Seal Inc, which has its mainstay in property. He was the controlling shareholder of Nadayu Properties Bhd, which was privatised and delisted in February 2014, but it is not clear whether he is still involved with the company.
Other than Nadayu Properties, Chen is also a 12.32% shareholder in Genetec Technology Bhd, among other companies.
Seal Inc ended trading last Tuesday at 50 sen, for a market capitalisation of RM189.6 million.
Notable movements
Auto player MBM Resources Bhd’s shares have shed almost 11% and closed at RM3.46 last Tuesday, since hitting a multi-year high of RM3.88 in intraday trading on April 13.
The Employees Provident Fund (EPF) has been trimming its stake in MBM and hived off 1.82 million shares during the week in review, leaving it with 29.59 million shares, or a 7.57% stake.
In early June, EPF held 32.67 million shares, or 8.36%, in MBM Resources.
MBM Resources has five marques under its belt: it has the distributorship for Daihatsu and dealerships for Hino, Perodua, Volvo and Volkswagen. It is involved in both sales and after-sales service, and has a parts manufacturing business. The jewel in MBM Resources’ crown is its 22% stake in the second national automaker, Perodua.
MBM Resources’ largest shareholder is Med-Bumikar Mara Sdn Bhd, which has a 50.07% shareholding in the company.
Elsewhere, airport operator Malaysia Airports Holdings Bhd (MAHB)’s stock hit a 52-week high of RM7.54 on May 17, but has since tapered off about 7.5% to close last Tuesday at RM6.88.
During the week in review, the EPF sold 14.21 million shares in MAHB, trimming its shareholding to 194.72 million shares, or 11.67% equity interest. In late June, it held 218.72 million shares, or a 13.11% stake.
Apart from the EPF, another pension fund — Kumpulan Wang Amanah Pencen — also trimmed its stake in MAHB. KWAP sold 200,000 shares during the week in review, reducing its stake to 112.58 million shares, or 6.75%.
MAHB operates 39 airports and landing strips in the country and is 32.67% owned by sovereign wealth fund Khazanah Nasional Bhd.
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