This article first appeared in Capital, The Edge Malaysia Weekly on October 16, 2023 - October 22, 2023

For the week of Oct 2 to 6, notable shareholding changes at Bursa Malaysia-listed companies included those at Sabah-based gold miner Bahvest Resources Bhd.

A filing with Bursa on Oct 6 showed that Innosabah Capital Holdings Sdn Bhd had on Oct 2 mopped up 6.195 million shares, or a 0.5% stake, in Bahvest via the open market, raising its stake to 12.22%.

The Sandakan-based Innosabah Capital is a wholly-owned subsidiary of Kretam Holdings Bhd, a Main Market-listed plantation group controlled by Sabah businessman Datuk Freddy Lim Nyuk Sang and his son Gary Lim Tshung Yu.

Kretam had previously explained that it viewed Bahvest as an investment with potential after taking into consideration the uptrend in gold prices in recent years.

Innosabah Capital first surfaced as a substantial shareholder of Bahvest on June 1, after acquiring 11.5 million shares via the open market on May 29.

It is worth noting that Inno­sabah Capital and Nyuk Sang were among a group of shareholders who had in April sought a requisition for an extraordinary general meeting (EGM) to remove three board members of Bahvest, namely the group’s founder Datuk Lo Fui Ming and his son Lo Tek Yong, as well as Datuk Seri Dr Md Kamal Bilal.

The trio resigned ahead of the EGM on June 13 after the Malaysian Anti-Corruption Commission conducted a raid on Bahvest’s operation centre in Tawau.

Over at Boustead Plantations Bhd (BPlant), Kuala Lumpur Kepong Bhd (KLK) had on Sept 29 acquired 6.1 million shares, or a 0.27% stake, via the open market, raising its direct stake in BPlant to 3.09%.

KLK, whose parent company is Batu Kawan Bhd, is controlled by billionaire Tan Sri Lee Oi Hian and his brother Datuk Lee Hau Hian.

KLK had in August entered into a tripartite strategic collaboration agreement with Boustead Holdings Bhd and Lembaga Tabung Angkatan Tentera (LTAT) — which collectively hold a total equity interest of 68% in BPlant — to acquire from them a 33% stake in BPlant for a total of RM1.15 billion, or RM1.55 per share.

However, the Boustead-KLK deal fell through on Oct 4. Following which, LTAT announced that it aims to proceed with the general offer of BPlant at an offer price of RM1.55 per share.

Cypark Resources Bhd co-founder and group CEO Datuk Daud Ahmad had on Oct 2 offloaded five million shares, or a 0.62% equity interest, in the renewable energy and solid waste management company for RM4.5 million via a direct business transaction.

He still owns 45.338 million shares, or 5.68% equity interest, in Cypark.

Daud re-emerged as a substantial shareholder of Cypark on Sept 25, after acquiring 12 million shares, or a 1.5% stake, on Sept 22 via the company’s employees’ share option scheme, raising his stake to 6.31%.

A few days earlier on Sept 20, Daud had ceased to be a substantial shareholder of Cypark after disposing of six million shares, or 0.75% equity interest in the company, which pared his shareholding to 4.8%.

Meanwhile, Advance Opportunities Fund of the Cayman Islands had on Oct 5 emerged as a substantial shareholder of Impiana Hotels Bhd after acquiring 50 million shares, or a 6.19% direct stake, in the hospitality operator, following the conversion of redeemable convertible notes on Oct 4.

Businessman Datuk Seri Lee Hock Seng, who had on Aug 14 emerged as Impiana Hotels’ new substantial shareholder, mopped up four million shares, or 0.52% equity interest, between Oct 2 and 4, raising his total equity interest to 18.315%.

Binasat Communications Bhd (Binacom), which saw the emergence of Opcom Holdings Bhd as its new single largest shareholder, has seen its share price advance 67% since the beginning of the year. It closed at 35 sen last Wednesday.

Opcom — controlled by Hextar Group CEO Datuk Eddie Ong Choo Meng — had on Oct 2 acquired 70 million shares, or 18.03% equity interest, in Binacom.

The block of shares was acquired from Binacom managing director Na Boon Aik for RM39.2 million, or 56 sen per share. With the stake sale, Boon Aik, who co-founded Binacom together with his brother Na Bon Tiam, has ceased to be the company’s substantial shareholder.

In a statement, Opcom managing director Johnson Chang Kian Seong highlighted that the deal is a strategic acquisition that marks a significant milestone in the company’s growth and expansion.

Divfex Bhd saw its share price gain 50% year to date to settle at 12 sen last Wednesday.

Datuk Wira Lau Chi Chiang, who was appointed as independent director of Divfex on May 24, had acquired 6.16 million shares in the data communications solutions provider between Sept 29 and Oct 4.

He now owns 19.8 million shares, or a 2.65% direct stake. 

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