Off Market Trades: Paskhas Group Bhd, Ideal Sun City Holdings Bhd, Sycal Ventures Bhd, Fantastic Hallmark Sdn Bhd & TIME dotCom Bhd.

Off Market Trades: Paskhas Group Bhd, Ideal Sun City Holdings Bhd, Sycal Ventures Bhd, Fantastic Hallmark Sdn Bhd & TIME dotCom Bhd.
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This article first appeared in Capital, The Edge Malaysia Weekly, on October 19 - October 25, 2015.


Some 372.3 million shares valued at RM565.3 million were traded off market in the week of Oct 7 to 13 in blocks of at least 450,000.

Among the more notable transactions include that at Pasukhas Group Bhd, which saw 30 million of its shares or a 10.17% stake change hands off market on Oct 9 in a direct deal worth RM6 million or 20 sen apiece — just above the 19.5 sen at which the stock ended that day.

According to filings with Bursa Malaysia, Pasukhas (fundamental: 0.95; valuation: 0.30) co-founder and managing director Teng Ah Kiong disposed of 30 million shares on Oct 9 via privately held Modal Khas Holdings Sdn Bhd. This left him with a 3.89% direct and 26.9% indirect stake in the company.


The buyer was likely Yew Ai Boon, who, filings show, bought 30 million shares that day via a direct business transaction, giving her a 10.17% stake.

Over at Ideal Sun City Holdings Bhd (fundamental: 3; valuation: 0.30), 17.1 million of its shares or 9.2% equity interest was traded off market in a series of direct deals on Oct 7 and 9. The shares were priced at 40 sen each or RM6.8 million in total.

The transactions took place at a 9% and 7% discount to the closing price of 44 sen and 43 sen respectively.

An announcement to Bursa shows that newly appointed non-executive non-independent director Tan Hwa Cheng purchased five million shares at 40 sen apiece on Oct 9. It is not known who the seller was but the deal raised Tan’s stake to 2.72%.

While it is not clear who the buyer or seller of the remaining 12.1 million shares was, Liang Chee Fong, who was just appointed executive director, indicated his intention to deal in the securities in an announcement last Tuesday.

Last Monday, 18.2 million shares or a 5.68% stake in Sycal Ventures Bhd (fundamental: 1.50; valuation: 2.10) moved off market in a direct deal for RM4.7 million. At 26 sen apiece, the shares changed hands at a whopping 38% discount to the 42 sen at which Sycal closed that day. At press time, it was not known who the transacting parties were.


On Oct 2, the company saw the emergence of a new substantial shareholder, Fantastic Hallmark Sdn Bhd, which bought 17.01 million shares or a 5.31% stake at undisclosed prices. Mohd Wazir Khalid and Suzanna Mohd Nor were deemed interested in the stake. At its close of 41.5 sen last Tuesday, the stock had gained 22% from a low of 34 sen on Sept 2.

Elsewhere, Only World Group Holdings Bhd saw 10 million of its shares or a 5.41% stake change hands on Oct 7 in direct deals at RM2.23 apiece or RM22.3 million in total. The deal was done at a 2% discount to the closing price of RM2.28 that day.

Only World’s (fundamental: NA; valuation: NA) announcements to Bursa show that founder and managing director Datuk Koh Cheng Keong disposed of 10 million shares on the market on Oct 7. The transaction was carried out via his private vehicle Rich Dad Cafe Sdn Bhd, leaving Koh with an indirect stake of 59.37%.

Between Oct 7 and 13, at least 

13.5 million shares in TIME dotCom Bhd, equivalent to a 2.35% stake, moved off market in multiple cross-trades at RM6.59 apiece or RM89 million in total.

It is not clear who the transacting parties were but on Oct 8, the Employees Provident Fund ceased to be a substantial shareholder in TIME 

dotCom (fundamental: 3; valuation: 2.40). The retirement fund sold 5.77 million shares or a 1% stake that day, leaving it with 4.4% direct interest.

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