This article first appeared in Capital, The Edge Malaysia Weekly on November 6, 2023 - November 12, 2023

During the week of Oct 23 to 27, notable shareholding changes at Bursa Malaysia-listed companies included those at APB Resources Bhd, which saw its executive director and CEO Yap Swee Sang cease to be a substantial shareholder. APB Resources is involved in the fabrication of process equipment for the oleo-chemical, oil and gas, energy and petrochemical industries.

According to filings with Bursa Malaysia, Swee Sang disposed of his indirect shareholding of five million shares, or 4.509% equity interest, in the company for RM11 million, or RM2.20 per share, via direct business transaction by his private vehicle Ikram Pintas Sdn Bhd on Oct 27. After the share sales, Swee Sang only has a minimal indirect stake of 993,215 shares, or a 0.896% stake, through Ikram Pintas.

Swee Sang first emerged as a substantial shareholder in APB Resources in October 2017, after his father Yap Kow @ Yap Kim Fah, who is the non-executive director and chairman of APB Resources, transferred 15.91 million shares, or 14.35% equity interest, to him. At the time, Swee Sang also held an indirect stake of 35.99 million shares, or 32.47% equity interest, through Ikram Pintas.

APB Resources’ net profit fell 12.3% to RM3.28 million in the nine months ended June 30, 2023 (9MFY2023), from RM3.74 million a year earlier, due to product mix of projects completed. Revenue for 9MFY2023 came in 7.8% lower at RM53.53 million from RM58.07 million in 9MFY2022.

Over at Eng Kah Corp Bhd, businessman Tan Tiam Hock ceased to be a substantial shareholder in the personal care and household product maker on Oct 6, after disposing of three million shares on the open market. Prior to that, he held a direct stake of 8.7 million shares, or a 7.36% stake, in Eng Kah.

The transacted price was not disclosed, but Eng Kah’s counter closed at 38 sen on the open market on Oct 6. Its share price had fallen 9.5% year to date (YTD).

Filings during the week in review also show Morgan Stanley & Co International plc ceasing to be a substantial shareholder in information technology service provider Lambo Group Bhd and Thrive Property Group Bhd, which is involved in the trading of solar panels as well as property development, construction and property investment.

Morgan Stanley had sold its entire shareholding of 188.82 million shares, or a 12.26% stake, in Practice Note 17 company Lambo Group on Oct 25. Lambo has until Feb 21, 2024, to submit its regularisation plan to the relevant regulatory authorities or risk being suspended from trading or delisted.

Separately, on Oct 25, Morgan Stanley sold its entire shareholding of 142.9 million shares, or a 11.31% stake, in Thrive Property. Shares of Lambo and Thrive Property closed at two sen and 6.5 sen respectively on Oct 25.

The share price of Sunview Group Bhd has risen 32.4% so far this year to hit a 52-week high of 95.5 sen at the close on July 13. The stock has since pared some gains to settle at 71.5 sen last Tuesday, valuing the renewable energy player at RM334.6 million.

According to bourse filings, Sunview executive director and CEO Ong Hang Ping disposed of his indirect shareholding of 16.27 million shares, or 3.476% equity interest, in Sunview held through New Energy Capital Sdn Bhd on Oct 23. The next day, he offloaded his direct interest of 3.6 million shares, equivalent to a 0.769% stake. The two blocks were sold via direct business transactions for a combined RM12.92 million.

Ong now holds 20.95 million shares, or a 4.477% direct stake, and an indirect stake of 150.82 million shares, or 32.226%, through New Energy Capital.

Bursa filings during the week in review also show Sunview executive director and chief operating officer Chow Kian Hung disposing of his direct shareholding of 2.4 million shares, or 0.513% equity interest, for RM1.56 million. Post-disposal, Chow has a direct stake of 14 million shares, or 2.993%, and an indirect stake of 32.226% through New Energy Capital.

Meanwhile, convenience store operator MyNews Holdings Bhd saw its share price drop 14.3% YTD to settle at 54 sen last Tuesday, valuing the company at RM405.2 million.

Filings during the week in review show that JAG Capital Holdings Sdn Bhd, the private investment vehicle of businessman and Umno politician Datuk Seri Johari Ghani, mopped up an additional 28.74 million shares in MyNews on the open market. The latest transaction brings JAG Capital’s direct stake to 103.94 million shares, or a 13.85% stake, as at Oct 25. JAG Capital first emerged as a substantial shareholder in MyNews in July this year after subscribing to 68.2 million MyNews placement shares, equivalent to a 9.089% stake. 

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