This article first appeared in Capital, The Edge Malaysia Weekly on October 22, 2018 - October 28, 2018
MILUX Corp Bhd saw 2.12 million shares or a 3.90% stake change hands at 70 sen apiece on Oct 10. According to a filing with Bursa Malaysia, Yap Seng Siang and Ang Joo Kang acquired the block of shares through Yplan Realty Sdn Bhd. The transaction was done at a 6.7% discount to its share price of 75 sen that day.
Recall that Milux saw Dinamik Hartaniaga Sdn Bhd ceasing to be a substantial shareholder after selling 1.85 million shares or a 3.4% stake on May 23, while Angkasa Venture Sdn Bhd acquired 1.85 million shares and surfaced as a substantial shareholder in the electrical appliance manufacturer with 4.35 million shares or an 8% stake. Angkasa Venture is 50% controlled by Yap, 25% by Ang and 10% each by Nioo Yew Teck and Lai Kian Leong, with the remaining 5% held by Pung Tiong Seng.
Milux’s share price has slipped slightly compared with a year ago, losing 3.7% to its current price of 79 sen per share. Since the off-market transaction last Wednesday, the group’s share price has gained 5.3%.
At AppAsia Bhd, a total of 12 million shares, or a 3.48% stake, were traded off market on Oct 12. A filing shows that Manjung Untung Sdn Bhd disposed of the shares to Richmond Virginia Tobacco Sdn Bhd via a direct business transaction. The transaction saw Datuk Wira Rahadian Mahmud Mohammad Khalil ceasing to be a substantial shareholder in AppAsia. Rahadian Mahmud is the group’s chairman.
In contrast, Yong Mai Fang, who was appointed the group’s executive director in March, saw her holding increase due to her interest in Richmond Virginia.
Bloomberg data shows that the transaction was done at five sen a share — a 63% discount to the market price of 13.5 sen that day.
The group recently undertook a share capital reduction of RM24 million with the aim of eliminating its accumulated losses, which stood at RM23.98 million as at June 30. AppAsia’s share price has fallen 60.6% from a year ago to its current price of 14 sen.
Property player Magna Prima Bhd saw four million shares or a 1.20% stake traded off market on Oct 17. At the time of writing, there were no updates on the individuals or companies involved in the transaction. Bloomberg data shows that the transaction was done in two tranches of 90 sen each.
This represents a discount of 6.3% to its closing price of 96 sen on Wednesday. There were no recent development for the group apart from the appointment of Datuk Darawati Hussain as the chairman of the audit committee on Sept 27.
Magna Prima’s earnings have been disappointing. Its net profit for the second quarter ended June 30 (2QFY2018) fell 39.5% to RM3.6 million from RM6 million a year ago. Meanwhile, its share price fell 31.4% from a year ago to its current price of 96 sen.
On Oct 11, steel player Atta Global Group Bhd saw 2.45 million shares or a 1.17% stake in the company traded off market at a slight premium to its market price, which ranged from 73.5 sen to 74.5 sen that day.
Bloomberg data shows that the off-market transaction was done at 80 sen apiece, which represented a premium of at least 7.4% to the market price. At the time of writing, there was no announcement on the trade on Bursa. Atta opened at 81 sen the following day but closed lower at 80 sen. The counter moderated back to 76 sen last Wednesday. Compared with a year ago, the share price has declined 8.4%.
Other companies that saw some active off-market trades included Key Alliance Group Bhd and Nova MSC Bhd, which saw 1.06% and 1.03% equity interest respectively change hands.
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