This article first appeared in Capital, The Edge Malaysia Weekly on February 19, 2024 - February 25, 2024

From Feb 5 to 9, notable shareholding changes at Bursa Malaysia-listed companies included those at Globetronics Technology Bhd, where the company’s co-founder Michael Ng Kweng Chong ceased to be a substantial shareholder after disposing of all his direct shareholding in the Penang-based outsourced semiconductor assembly and test company.

On Feb 8, Kweng Chong sold a total of 6.08 million shares or a 0.9% stake in Globetronics at RM1.70 apiece, according to Bloomberg data.

Meanwhile, the other members of the Ng family who are also Globetronics’ management — executive chairman Ng Kok Yu, chief financial officer Ng Kok Choon and non-independent non-executive director Ng Kok Khuan — sold a direct stake of 2.3 million shares in the company, at RM2 apiece. Globetronics ended trading at RM1.49 on Feb 8.

On the same day, Globetronics appointed three new executive directors, Liaw Way Gian, Kang Wei Luen and Ku Chong Hong. Notably, all three new appointees also currently hold directorships in APB Resources Bhd, Artroniq Bhd and Sarawak Consolidated Industries Bhd — counters that were adversely affected by heavy selling pressure in January.

Subsequently, on Feb 15, the Ng family disposed of all shareholdings in Globetronics held through General Produce Agency Sdn Bhd totalling 46.31 million shares or a 6.86% stake. The family also sold another 23.69 million shares, or 3.5% equity interest, in Globetronics held via another vehicle, Ng Kweng Chong Holdings Sdn Bhd.

This marked the exit of the Ng family from the company, which Kweng Chong co-founded in 1991.

Concurrently, APB Resources emerged as a substantial shareholder of Globetronics with 70 million shares or a 10.4% stake.

Press Metal Aluminium Holdings Bhd co-founder Datuk Koon Poh Tat emerged as the single largest shareholder of APB Resources after he acquired a 5.7% stake on the open market in June last year.

At M&A Equity Holdings Bhd, Siti Nur Aishah Ishak ceased to be a substantial shareholder of the stockbroking firm after she disposed of a 2.3% stake, or 36.5 million shares.

While the price of her disposal was not disclosed in Bursa Malaysia filings, a check with Bloomberg showed that two blocks of shares totalling 35 million shares were traded on Feb 6 at 36 sen apiece, or a total of RM12.6 million.

Siti Nur Aishah’s stake in M&A Equity after the disposal stands at 4.57% — below the 5% threshold for public disclosure of substantial shareholding.

She had emerged as a substantial shareholder with a 5.08% stake on Dec 18 last year.

M&A Equity’s sole substantial shareholder now is Datuk Seri Thong Kok Khee, who controls a 55.82% stake via his flagship Insas Bhd.

Elsewhere, Reneuco Bhd executive chairman Datuk Mustakim Mat Nun disposed of a 6.9% stake or 77.26 million shares in the company, a day before the release of its delayed annual report on Feb 8.

The stake — 3.2% or 35.82 million shares held directly by Mustakim, and 3.7% or 41.44 million shares held through private companies OHP Ventures Sdn Bhd and Grand Deal Vision Sdn Bhd — were disposed of on the open market, checks on Bloomberg showed.

Shares of Reneuco traded between 3.5 sen and 7.5 sen on Feb 7.

The Edge reported that the sale of shares in Reneuco by Mustakim on Feb 7 was due to forced selling.

Retirement fund Kumpulan Wang Persaraan (Diperbadankan) (KWAP) ceased to be a substantial shareholder of Malayan Banking Bhd (Maybank) after it sold 3.26 million shares in the financial institution on Feb 6.

Following the disposal, KWAP now owns a 4.98% stake in the country’s largest banking group in terms of market capitalisation and asset size.

During the week in review, other government-linked investment companies (GLICs) also disposed of some of their stakes in Maybank, including the Employees Provident Fund (EPF) and Permodalan Nasional Bhd (PNB).

Bursa filings showed that EPF sold a total of 15.2 million shares, while PNB, via its flagship fund Amanah Saham Bumiputera, disposed of 6.2 million shares.

Maybank’s share price has done very well, climbing to its highest in five years to trade at RM9.44 last Tuesday.

The EPF has been snapping up shares in KPJ Healthcare Bhd as the stock continued to hit new record highs.

During the week in review, the provident fund bought a total of 5.22 million shares in the healthcare group, increasing its stake to 8.65%.

Over the last one year, shares in KPJ surged almost 56% to RM1.67 apiece last Tuesday, hitting its fresh all-time high. 

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