This article first appeared in Capital, The Edge Malaysia Weekly on June 6, 2022 - June 12, 2022

For the week of May 23 to 27, notable shareholding changes at Bursa Malaysia-listed companies included those at Top Glove Corp Bhd, which saw the Employees Provident Fund cease to be a substantial shareholder after divesting 48.33 million shares, or a 0.6% stake. This brought EPF’s equity interest in the glove maker to 4.9%.

Top Glove said recently that its foreign shareholding has been stable at about 35%. Its net profit for the second quarter ended Feb 28 tumbled 52.86% to RM87.55 million from RM185.72 million in the preceding quarter, as average selling prices normalised closer to pre-pandemic levels, which offset an uptick in sales volume.

At Zecon Bhd, Tan Sri Dr Hamid Bugo emerged as its second-largest shareholder following his purchase of 19.05 million shares, or a 12.9% stake. Hamid, who is non-executive chairman at Petroleum Sarawak Bhd, now owns 13.4% of Zecon.

The block of shares is believed to have been acquired from Digital Networks Sdn Bhd, which sold 14.19 million shares, or a 9.6% stake, on May 17 and ceased to be a substantial shareholder of Zecon. The Sarawak-based construction and property firm posted a 19.8% year-on-year increase in net profit to RM2.57 million for the first three months of the year, driven by the Hospital Pakar Kanak-Kanak Universiti Kebangsaan Malaysia and Pan Borneo Highway projects.

Meanwhile, businessman Teh Chee Hoe on May 23 disposed of his entire 200 million shares — a 12.54% stake — in Green Packet Bhd, which he had taken up via a placement exercise on April 29 at 7.9 sen per share. Based on Green Packet’s closing price of 9.5 sen on May 23, the share sale represented a 20.3% gain for Teh, who is an independent, non-executive director at technological solutions provider Willowglen MSC Bhd.

Recently, Green Packet missed the deadline to sell 305.25 million shares, or a 12.36% stake, in G3 Global Bhd to its former group managing director Puan Chan Cheong for 15 sen per share, or a total of RM45.79 million. The stake was supposed to be sold to Puan as the second of three tranches under a share sale agreement inked between him and Green Packet in July last year.

The share price of Gas Malaysia Bhd has risen 9.5% since early May. The counter hit a high of RM3.30 on May 20 before paring gains to close at RM3.01 last Tuesday.

On May 17 and 18, EPF took profit by selling 157,700 shares, or a 0.01% stake, in the group. This reduced its shareholding to slightly less than 5%, amid the recent rise in share price.

Gas Malaysia’s net profit surged 64.15% to RM91.32 million for 1QFY2022 ended March 31 from RM55.63 million a year ago, driven by lower administrative expenses and higher contribution from the group’s joint-venture companies.

Meanwhile, former Toyo Ventures Holdings Bhd managing director Song Kok Cheong has been divesting his stake in the printing ink and electrical discharge machining products manufacturer since his failed bid to seek re-election as a director last March. With a further disposal of 592,300 shares, or a 0.5% stake, on May 20 and 23, his equity interest was reduced to 4.5%.

Toyo’s share price had been on the rise since May 10, climbing as much as 96.5% to 84.5 sen. However, this was followed by an unusual market activity query from Bursa on May 12.

Toyo said it was not aware of any corporate developments that could have contributed to the sharp increase in its share price and trading volume. The group avoided a trading suspension early this year after it managed to submit its annual report for the financial period ended Sept 30, 2021, to Bursa on Jan 31.

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