Monday, May 26, 2014

Off-Market Trades -

A total of 522.6 million shares worth RM510.1 million were traded off market in blocks of at least 450,000 shares, from April 30 to May 6.

Notable transactions included those at Damansara Realty Bhd, which saw about 157.5 million shares or a 50.9% stake crossed off market on April 30.

The shares were transacted at 50 sen apiece, a 71% discount to the stock’s closing price of RM1.71 on the same day. The deal, which was done in a series of direct transactions, amounted to RM78.7 million.

In a filing with Bursa Malaysia on May 5 (Monday), Damansara Realty announced that Seaview Holdings Sdn Bhd has emerged as a major shareholder, after it purchased a 51% stake from Johor Corporation.

Seaview’s shareholders are Datuk Daing A Malek, Abdul Aziz and Daing Abdul Rahim. The private outfit had in February this year, proposed a takeover of Damansara Realty, which is involved in property management and development, as well as construction.

Meanwhile, on April 30, Raya International Bhd saw 16 million shares or a 13.5% stake worth RM3.2 million, traded off market in a direct business transaction.

It is unclear as to who the transacting parties were, but the deal was transacted at 20 sen per share — above the trading price of 18 sen on the same day.

In April, Raya International, an investment holding company, acquired Voyager Line Communications Sdn Bhd for RM1.1 million, via the issuance of 11 million shares.

Raya International’s share price had jumped 75% to a one-year high of 21 sen on May 7 (Wednesday), from 12 sen on April 29.

On May 6, Halex Holdings Bhd saw some 7.4 million shares or a 7.4% stake traded off market. The shares were traded in a direct deal at RM1 apiece, which was above the trading price of 93.5 sen.

The agrochemicals and agro-biotechnology outfit, recently proposed the purchase of a 25% stake in Sabah-based property developer, Kensington Development Sdn Bhd, for RM22 million. The move will enable Halex to diversify into property development activities.

Over at PDZ Holdings Bhd, a total of 45.6 million shares or 5.25% equity interest worth RM7.9 million, were traded off market on April 30, May 2, May 5 and May 6.

Among the trades, a direct transaction took place on May 5, with 27.8 million shares changing hands for RM5.1 million. The shares were transacted at 18.5 sen apiece, above the trading price of 14 sen. In a filing with Bursa on May 6 (Tuesday), PDZ announced that Pelaburan Mara Bhd had acquired the 27.8 million shares or 3.2% equity interest in PDZ.

The latest purchase came not long after Pelaburan Mara acquired a 26.83% stake in PDZ, largely from Tan Sri Robert Tan, in late April, in its quest to transform the shipping outfit into an oil and gas player.

Meanwhile, China-based Xinghe Holdings Bhd, which made its debut on the ACE Market on April 29, saw 7.7 million shares or 5.16% equity interest traded off market on April 30, May 2 and May 6. The shares, which were transacted in a series of block trades, were valued at RM1.7 million.

Xinghe, which produces edible vegetable oil and peanut protein cake, took over the listing status of Key West Global Telecommunications Bhd, under a reverse takeover exercise.

Meanwhile, Tambun Indah Land Bhd saw 11.9 million shares or a 3.02% stake transacted off market on April 30 and May 6. The shares, which were transacted at between RM1.95 and RM1.98 apiece, were valued at RM23.4 million.

Tambun Indah, a property developer in mainland Penang, has been gaining investor interest since February. The stock increased 38.5% and closed at RM1.98 on May 7 (Wednesday), from RM1.43 on Feb 4.

This story first appeared in The Edge weekly edition of May 12-18, 2014.

Written by Madiha Fuad of The Edge Malaysia

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