This article first appeared in Capital, The Edge Malaysia Weekly on November 28, 2022 - December 4, 2022
Notable filings
From Nov 14 to 17, notable shareholding changes at Bursa Malaysia-listed companies included those at Waja Konsortium Bhd. ACE Credit (M) Sdn Bhd — controlled by its founder and group managing director Chang Ai Nee — sold its entire 15.1% stake, or 100 million shares, in the construction company in a direct business transaction.
The disposal came after Ai Nee’s brother Chang Choon Ming resigned as Waja Konsortium’s executive director on Nov 11, citing personal commitments. Vivek Sasheendran also stepped down as its non-independent non-executive director.
This was followed by several appointments at the company, including the redesignation of Peh Lian Hwa as its managing director from executive director.
Formerly known as ConnectCounty Holdings Bhd, Waja Konsortium is involved in construction and the provision of information and communications technology services and interconnect solutions.
At Aneka Jaringan Holdings Bhd, substantial shareholder Tan Hoon Thean disposed of 20 million shares, or a 3.38% stake, to pare his holding to 13.8%.
The company is involved in the foundation and basement construction business. Its net loss widened to RM32.44 million for the financial year ended Aug 31 from RM21.44 million a year earlier, due to an increase in cost of sales of RM58.48 million, or 48.06%, as a result of revised budgeted cost of four projects, including two East Coast Rail Link (ECRL) projects in Malaysia.
Mutual Concept Sdn Bhd saw its stake in EP Manufacturing Bhd decrease to 18.94% after divesting 10.03 million shares, or 4.55% equity interest, in a direct business transaction. Mutual Concept is controlled by EP Manufacturing chairman Hamidon Abdullah.
EP Manufacturing, which makes automotive parts and components, posted a lower net loss of RM1.34 million for the six months ended June 30, from RM3.8 million a year earlier. It recently obtained a licence from the Ministry of International Trade and Industry to assemble and manufacture two-wheeled electric vehicles at its upcoming facility in Glenmarie, Shah Alam.
Notable movements
Leasing Corp Sdn Bhd saw its stake in KUB Malaysia Bhd increase to 17.97% after it acquired 50 million shares, or 8.99% equity interest.
The block of shares was purchased from Anchorspace Sdn Bhd, which ceased to be a substantial shareholder of KUB following the disposal. Anchorscape is a unit of Gaya Edisi Sdn Bhd, which is ultimately owned by Umno-linked investment vehicle Temasek Padu Sdn Bhd.
Bloomberg data shows that the shares were transacted at 55 sen apiece, or RM27.5 million in total.
Leasing Corp is now the second-largest shareholder of KUB after JAG Capital Holdings Sdn Bhd, which is controlled by former second finance minister Datuk Seri Johari Abdul Ghani. JAG Capital holds a 32.96% stake in KUB. Leasing Corp is owned by Datin Mariam Prudence Yusof through her investment vehicle Sisma Vest Sdn Bhd.
Since hitting a high of 68 sen in January, KUB’s share price has mostly traded below 60 sen. The stock had declined 13% year to date to close at 53 sen last Wednesday.
Over at Artroniq Bhd, Heng Kear Huat sold 14.7 million shares, or a 4.63% stake, in the ICT provider and ceased to be a substantial shareholder. He is now left with 4.98% equity interest.
Heng emerged as a substantial shareholder in Artroniq in March 2020 after purchasing a 29.04% stake following his appointment to the company’s board. Founder Pua Kong Hoi is the company’s largest shareholder, with a direct stake of 16.98% and an indirect stake of 0.53%.
This month, Artroniq announced plans to collaborate with Cambodian digital bank Panda Commercial Bank plc “to provide services and consultations in [the] research and development of blockchain-based financial services” for the bank.
Strong buying interest in Artroniq emerged in March, pushing its share price to a high of RM1.21 in April. However, the momentum was not sustainable and the counter fell to the 50 sen level in June.
Another rally was seen last month, when its share price touched 72 sen. Closing at 55 sen last Wednesday, the stock had declined 23.6% since mid-October.
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