BETWEEN Aug 10 and 14, notable shareholding changes took place in several listed companies on Bursa Malaysia, including Saudee Group Bhd, where Fintech Global Bhd emerged as its single-largest shareholder.
On Aug 10, Fintech Global, through AsiaBio Capital Sdn Bhd, acquired 31.54 million shares, or a 21.55% stake, in the fresh and frozen food wholesaler from Wide Symbol Sdn Bhd via a direct business transaction.
Saudee is looking to raise up to RM9.45 million through a private placement exercise for the repayment of borrowings.
For the nine-month period ended April 30, 2020, the company reported a net loss of RM27.78 million compared with a net profit of RM1.1 million in the previous corresponding period, owing mainly to the provision of allowance for slow-moving inventories and the write-off of inventories.
At Compugates Holdings Bhd, Sierra Bonus Sdn Bhd ceased to be a substantial shareholder after disposing of 160 million shares, or a 6.22% stake, in the company.
Compugates is involved in the IT and gaharu tree plantation businesses. On Aug 11, it proposed to undertake a private placement to raise up to RM12.1 million for working capital.
For 1Q ended March 31, 2020, it posted a higher net loss of RM1.4 million against RM1.38 million in the same quarter a year ago, owing mainly to an absence of adjustment of management fees.
Over at Asia Poly Holdings Bhd, Tan Soon Hui ceased to be a substantial shareholder of the cell cast acrylic product manufacture and property developer after he sold five million shares, or 0.9% equity interest, on Aug 6, trimming his stake to 4.83%.
Asia Poly’s single-largest shareholder and executive chairman Datuk Yeoh Boon Leong also disposed of five million shares in the company, leaving his shareholding at 14.94% currently.
The company, which is diversifying into the renewable energy business, posted a narrower net loss of RM245,000 for 1Q ended March 31, 2020, against RM1.22 million in the same period last year.
MQ Technology Bhd announced that executive director Gerald Nicholas Tan Eng Hoe had ceased to be a substantial shareholder of the company after he disposed of 30 million shares, or a 4.18% stake, via an off-market transaction on Aug 12. The sale reduced his shareholding in the company, which has announced plans to venture into the glove industry, to 2.65%.
The stake sale came amid a surge in MQ Technology’s share price to a high of 29.5 sen on Aug 11. However, its share price fell to a low of 11.5 sen on Aug 14.
During the week under review, the stock tumbled 43.2% on profit-taking activity.
Last month, MQ Technology inked an investment and collaboration joint-venture (JV) agreement with Hong Kong-based JD Resources International Ltd to acquire a company that is involved in the manufacture and marketing of gloves and that owns a glove-making factory.
Earlier, MQ Technology, which specialises in high-precision moulds and magnetic coils for hard disk drives, also expressed interest in acquiring Latexx Partners from Semperit Group.
Meanwhile, Serba Dinamik Holdings Bhd co-founder Datuk Awang Daud Awang Putera emerged as the largest shareholder of i-Stone Group Bhd after buying 329.61 million shares, or a 27% stake, from i-Stone managing director Tee Sook Sing’s One United Equity Sdn Bhd on Aug 10.
i-Stone executive director Chan Kok San also sold five million shares, or 0.41% equity interest, in i-Stone.
On Aug 12, i-Stone, a manufacturing automation solutions provider, entered into a deal to distribute Siemens Industry Software Pte Ltd’s software and hardware.
Listed on the ACE Market in July 2019, the company’s net profit fell one-third to RM2.82 million for 1Q ended March 31, 2020, against RM4.19 million in the same period a year ago, owing mainly to the fall in its gross profit margin.
During the week under review, its share price skidded 11.1% to 24 sen on Aug 14, from 27 sen on Aug 7.
Insider Moves: Saudee Group Bhd, Compugates Holdings Bhd, Asia Poly Holdings Bhd, MQ Technology Bhd, i-Stone Group Bhd