This article first appeared in Capital, The Edge Malaysia Weekly on March 4, 2024 - March 10, 2024

Over the week of Feb 19 to 23, one of the notable changes in shareholding at companies traded on Bursa Malaysia was at integrated transport outfit Swift Haulage Bhd.

Singapore-based JWD Asia Holding Pte Ltd — a wholly-owned unit of Thailand-listed SCGJWD Logistics PCL, which is more than 40% controlled by businessman Charvanin Bunditkitsada and his family — acquired 180 million shares, or 20.44% equity interest, in Swift Haulage on Feb 22 for RM113.4 million in total, or 63 sen per share.

The 20.44% stake was made up of an 11.16% block from Persada Bina Sdn Bhd, 4.51% from pension fund Kumpulan Wang Amanah Diperbadankan (KWAP), 2.95% from Kenanga Private Equity Sdn Bhd, 1.82% from Angka Dayamas Sdn Bhd and Swift Haulage Central Region executive director Ng Chee Kin. Swift Haulage group CEO Loo Yong Hui and non-executive director Datuk Md Yusoff @ Mohd Yusoff Jaafar are deemed interested in Persada Bina, which still had a 23.995% stake in the company, following the share disposal, filings show.

The acquisition price of 63 sen per share was a 12.5% premium to Swift Haulage’s close of 56 sen on Feb 22. Closing at 56 sen on Feb 28, Swift Haulage had a market capitalisation of RM498.5 million.

At IT company Cuscapi Bhd, privately held Hillcove Sdn Bhd ceased to be a substantial shareholder after hiving off 65.7 million shares, or a 6.95% stake, on Feb 19. Hillcove had surfaced as a substantial shareholder in Cuscapi only about 2½ months ago, in mid-December last year.

On the day Cuscapi announced the cessation of Hillcove, two new substantial shareholders emerged: Datin Sri Lee Lan Moi, with 7.75% equity interest; and Jessie Lim Mi Xian, controlling 7.22%, or 68.2 million shares, who paid RM1.69 million and RM1.71 million respectively for their stakes. Interestingly, both Lee and Lim acquired their stakes at 2.5 sen per share, which is a hefty 85.71% discount to Cuscapi’s trading price of 17.5 sen at the time.

It is also worth noting that in January this year, Cuscapi executive chairman Datuk Jayakumar Paneer Selvam ceased to be its substantial shareholder after selling 55 million shares, or 5.82%, parked under his privately held vehicle Ultimate Quality Success Sdn Bhd. He had started paring down his stake last July, when he controlled about 16% of Cuscapi. Last Wednesday, Cuscapi ended trading at 17 sen, translating into a market value of RM160.63 million.

The Employees Provident Fund (EPF) has been paring down its stake in Affin Bank Bhd. During the week in review, EPF disposed of 2.73 million shares in the bank, reducing its shareholding to 

122.76 million shares, or 5.4%. Last September, EPF held a 6.34% stake, or 144.17 million shares, in Affin Bank, the second smallest of eight banking groups by assets in the country.

Affin Bank’s stock has gained about 27.5% over the past three months and closed at RM2.55 last Wednesday. Much of the interest surrounding the bank has been a result of the Sarawak government being in talks to increase its stake in it to 30%, from the existing 4.8%.

On Feb 19, Kenanga Investors Bhd, the investment manager of Kenanga Islamic Absolute Return Fund, emerged as a substantial shareholder of Omesti Bhd, having acquired 34.94 million shares, or 6.46%, in the IT solutions provider. The sellers are not immediately known.

Other than Kenanga Islamic Absolute Return Fund, Omesti’s other substantial shareholders are non-executive director Monteiro Gerard Clair, with a 19.51% stake; businessman Datuk Mah Siew Kwok, who controls 18.54%; and deputy chairman Datuk Seri Thong Kok Khee, who holds a 9.96% stake in Omesti via his flagship Insas Bhd. At Omesti’s close of 27.5 sen last Wednesday, the company had a market value of RM148.7 million.

Construction giant Gamuda Bhd’s stock hit a multiyear high of RM5.21 in mid-February, having gained close to 16% over the last six months. With an order book of more than RM27 billion, the company’s stock is still generating interest with heightened trading volumes.

EPF has been actively trading Gamuda’s stock. During the week in review, the fund was a net buyer, accumulating 4½ million shares and nudging its shareholding up to 276.96 million shares, or 10.12% equity interest. This is up from 238.55 million shares, or an 8.75% stake, in late December last year.

Elsewhere, since end-January this year, MR DIY Group (M) Bhd’s shares have gained almost 14% and ended trading last Wednesday at RM1.57 apiece. During the week in review, EPF acquired 1.27 million shares, strengthening its shareholding to 507.12 million, or 5.37%.

In early January, EPF had 515.26 million shares, or 5.46% equity interest.

MR DIY plans to open 180 new stores this year and have a total of more than 2,000 stores by 2028, from 1,255 stores as at end-FY2023. 

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