Friday 29 Mar 2024
By
main news image

A total of 406.31 million shares worth RM349.53 million were traded off market in blocks of at least 450,000 shares from Feb 4 to 10.

One notable transaction occurred at Wintoni Group Bhd (fundamental: 1.95; valuation: 0.90), which saw 27.77 million shares or a 5.41% stake change hands at 8 sen to 8.5 sen apiece on Feb 9 and 10. At press time, there were no announcements made on the parties involved in the transaction, which was valued at RM2.22 million.

However, Wintoni, which provides and designs industrial automation systems, saw substantial shareholder Yap Kok Weng raise his stake from 7.27% to 12.11% through the acquisition of an additional 24.8 million shares.

It is interesting to note that Tey Por Yee is the executive chairman of Wintoni, which has been loss-making for the past five financial years. He was appointed to the board in June 2013 and holds a 4.5% shareholding.

Over at Meda Inc Bhd (fundamental: 0.65; valuation: 0.60), 3.31% equity interest or 16 million shares were traded at RM7.5 million. The transactions were done in two off-market direct deals on Feb 4 at 4.5 sen per share and Feb 10 at 50 sen apiece.

Datuk Tiong Kwing Hee, group CEO of EcoFirst Consolidated Bhd (fundamental: 0.70; valuation: 0.30), acquired 10 million shares in Meda Inc at RM4.5 million on Feb 4. After the transaction, his stake in the company has increased to 13.48% from 11.41%. He has been slowly accumulating shares since last November.
Meda Inc and EcoFirst are sister companies, both with core business in property development.

Meanwhile, Borneo Oil Bhd (fundamental: 1.55; valuation: 0.30) saw 2.85% equity interest or 10 million shares change hands on Feb 9 at 83 sen to 91 sen apiece or RM8.7 million in total.

The company announced on Feb 10 that nine million new shares of 10 sen each under its employee share option scheme had been granted listing and quotation with effect from Feb 11.

Interestingly, the owner of fast food chain Sugar Bun in Sabah and Sarawak recently secured its second subcontract to carry out the prospecting and mining of alluvial and lode gold in Pahang.

The subcontract, awarded by Jusra Mining Merapoh Sdn Bhd, is for five years and comes with an option to renew for an additional five years.

Borneo Oil secured its first contract in March last year from Champark Sdn Bhd to prospect and mine alluvial and lode gold, also in Pahang.

Asia Bioenergy Technologies Bhd (fundamental: 1.20; valuation: 0.30) saw 2.44% equity interest or 20.57 million shares trade off market in several transactions between Feb 4 and Feb 10.

The biofuel manufacturer recently converted its warrants into 11.85 million shares at 10 sen each.

It also recently announced that it had entered into a heads of agreement with Reachmont Logistics Sdn Bhd and Singapore-based Hoe Leong Corp Ltd to facilitate the acquisition of two oil and gas transport providers, Semua Shipping Sdn Bhd and Semado Maritime Sdn Bhd, for RM168 million.

Asia Bioenergy’s share price soared 96% to 24.5 sen on Jan 30 from 12.5 sen on Jan 2. However, it has since fallen 45% to close at 13.5 sen last Wednesday.

Eti Tech Corp Bhd (fundamental: 0.15; valuation: 0.30) saw 24.17 million shares cross off market at 6.5 sen to 7 sen apiece or RM1.59 million in total. It is involved in the R&D of battery management systems.

Hong Leong Financial Group Bhd disposed of 50 million Eti Tech shares on the open market during the period under review. It had emerged as a substantial shareholder in late January with a 9.51% stake as part of a debt settlement scheme.

(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

Cap1054_pg66.OffMkt_BorneoOil.AsiaBioenergy_theedgemarkets


This article first appeared in The Edge Malaysia Weekly, on February 16-22, 2015.

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.

      Print
      Text Size
      Share