Insider Moves: Xin Hwa Holdings Bhd, Metronic Global Bhd, Yong Tai Bhd, Integrated Logistics Bhd, Opcom Holdings Bhd, Kejuruteraan Asastera Bhd

This article first appeared in Capital, The Edge Malaysia Weekly, on September 30, 2019 - October 06, 2019.
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Notable filings

BETWEEN Sept 13 and 20, notable filings on shareholding changes in companies listed on Bursa Malaysia included that of integrated logistics service provider Xin Hwa Holdings Bhd, which saw NF Capital Management Sdn Bhd dispose of 6.8 million shares or a 3.15% stake.

NF Capital is the vehicle of Xin Hwa managing director Ng Aik Chuan and his brother, executive director Ng Yam Pin, as well as their father Eng Peng Lam @ Ng Peng Lam.

Since last month, NF Capital has been paring down its stake in Xin Hwa, which dropped from 72.7% on Aug 14 to 65.1% on Sept 12.

On Sept 18, Xin Hwa received approval from Bursa Malaysia for an extension until April 1 next year to complete the implementation of its proposed private placement of up to 21.6 million new shares, representing up to 10% of its total number of shares.

The company first announced the proposed private placement in September last year, aiming to raise up to RM17.28 million via the placement of shares to third-party investors to fund a new warehouse.

Over at Metronic Global Bhd, Cita Realiti Sdn Bhd disposed of 32 million shares or a 2.83% stake in the building management engineering solutions provider on Sept 11 and Sept 17.

Cita Realiti is the company’s second largest shareholder with a 15% stake. The largest shareholder is prominent businessman Tan Sri Lee Kim Yew, who has 29.01% equity interest.

According to a company search, Cita Realiti is the vehicle of Kamarudin Khalil. The company is also the largest shareholder of Sanichi Technology Bhd, which is involved in mould manufacturing for the automotive segment and property development.

On Sept 13, Falcon Pace Sdn Bhd acquired 18.8 million shares or a 2.73% stake in tourism-themed property developer Yong Tai Bhd.

Falcon Pace is the vehicle of Datuk Wira Boo Kuang Loon, the CEO of Yong Tai. Boo now has an 18.7% stake via his direct holding and through Falcon Pace.

Over at Integrated Logistics Bhd, CEO Tee Tuan Sem acquired five million shares or a 2.65% stake on Sept 12.

Tee now has a 13.44% stake and is the company’s largest shareholder.

 

Notable movements

In the period under review, Datuk Seri Mukhriz Mahathir disposed of 6.9 million shares or a 4.29% stake in Opcom Holdings Bhd, reducing his total holding to 24.63 million shares or a 15.28% stake.

Mukhriz, the chief minister of Kedah and son of Prime Minister Tun Dr Mahathir Mohamad, is the largest shareholder of the fibre optic cables manufacturer, which he co-founded with deputy CEO Eric Chhoa Kwang Hua in 1994.

On Aug 13, Opcom announced that Chhoa will go on a one-year sabbatical, starting from Sept 7. It said Chhoa’s absence presents an opportunity for the company to put its decade-long leadership succession plan into action.

On Sept 6, Opcom announced that Lim Bee Khin had assumed the position of acting co-CEO of the company, together with Yusree Putra Alias.

The counter surged 15.75% to 73.5 sen on Sept 20, from 63.5 sen on Sept 13.

Over at ACE Market-listed Kejuruteraan Asastera Bhd, Faith Chow Poh Ten acquired 1.07 million shares, bringing her stake in the mechanical and electrical engineering firm to 14%. Chow first emerged as a substantial shareholder on June 13 with a 5.6% stake and has since been accumulating the company’s shares.

During the period under review, the stock surged 12.7% to 40 sen on Sept 20, from 35.5 sen on Sept 13.

The group recently announced that its wholly-owned subsidiary KAB Technologies Sdn Bhd had entered into an agreement with Foremost Wealth Management Sdn Bhd to undertake an energy performance contract via chiller optimisation at the Bandar Mahkota Cheras Mall in Cheras, Kuala Lumpur.

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