Insider Moves

NOTABLE filings
Between April 14 and April 18, Datuk Lim Nyuk Sang @ Freddy Lim gradually accumulated shares in Borneo Oil Bhd. With his latest acquisition of 12.85 million shares, he now holds 20.45 million or 5.57% of the company’s enlarged share base.

Collectively, Lim now has an 8.85% stake in the Sugar Bun fast-food chain operator, whose stores are in Sabah and Sarawak.

On the same day that Lim raised his stake in Borneo Oil, Victoria Capital Sdn Bhd ceased to be its substantial shareholder, after disposing of 13.16 million shares at 66.5 sen apiece.

Kejuruteraan Samudra Timur Bhd’s (KSTB) executive director, Darmendran Kunaretnam, acquired five million shares in the company on April 17, which represented 3.5% of the company’s enlarged share base. The purchase has raised Darmendran’s stake in the company to 6.34%.

This comes after KSTB’s divestment of 97 million shares or about 13% equity interest in Destini Bhd, on the open market. Destini’s purchase of KSTB’s wholly-owned subsidiary, Samudra Oil Services Sdn Bhd, was satisfied via the issuance of 228.57 million new Destini shares at 35 sen apiece.

According to filings with Bursa Malaysia, KSTB sold 67 million Destini shares on April 08 and another tranche of 30 million shares, the following day. This left KSTB with 131.57 million Destini shares or an 18.22% stake.

Over at Tambun Indah Land Bhd, Nadayu Properties Bhd’s executive chairman, Chen Khai Voon, disposed of 15 million shares indirectly through Nada Ayu Sdn Bhd. The disposal represented 3.79% of the company’s enlarged share base.

However, Chen acquired an additional 10 million shares on the same day. He now holds 18.9 million direct and 28.4 million indirect shares in Tambun Indah, whose managing director and founder, Teh Kiak Seng, recently revealed that the company intends to increase its landbank in mainland Penang and Kuala Lumpur, where there is strong demand for residential properties.

On April 17, Amanahraya Trustees Bhd ceased to be a substantial shareholder of YTL Power International Bhd, after disposing of 47.5 million shares at 50 sen apiece, from its 5.43% holding.

On April 15 and April 18, the trust fund acquired 10.47 million shares in Tenaga Nasional Bhd, which has inked a power purchase agreement with 1Malaysia Development Bhd, to build a 50mw solar photovoltaic energy plant in Kedah.

NOTABLE movements

Protasco Bhd’s executive chairman and group managing director, Datuk Chong Ket Pen, pared down his interest in the company by selling 1.66 million shares on April 14. The disposal leaves him with 71.2 million shares or 21.32% equity interest in the company.

Protasco’s shares have been on an upward trend over the past year, nearly doubling from a 52-week low of 1.03 on May 2013, to a 52-week high of RM2.02 on April 02, 2014.

Chong had disposed of 2.1 million shares in three transactions between April 01 and April 03, which left him with 74.1 million shares or a 22.2% stake.

Other notable movements saw two of Kumpulan Perangsang Selangor Bhd’s (KPSB) independent directors sell shares in the company.

Datuk Dr Mohamed Ariffin Aton disposed of 10 million shares at RM1.57 each and an additional 10 million at RM1.56 apiece, leaving him with barely 30,654 shares in the company, while Datuk Kamarul Baharin Abbas sold 10 million shares at RM1.55 apiece, leaving him with 12,785 shares in the company.

KPSB’s shares have been volatile, year-to-date. They were trading at RM1.95 at the beginning of the year, but had dropped to RM1.51 by April 08. On April 23 (Wednesday), the counter closed at RM1.53.


This story first appeared in The Edge weekly edition of April 28-May 04, 2014.