CEO Morning Brief

Insider Moves: Jiankun International Bhd, Agmo Holdings Bhd, RCE Capital Bhd, Gas Malaysia Bhd, YBS International Bhd

Publish date: Tue, 13 Sep 2022, 09:07 AM
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TheEdge CEO Morning Brief

For the week of Aug 22 to 26, notable shareholding changes at Bursa Malaysia-listed companies included those at Jiankun International Bhd. The Main Market-listed property developer and construction group saw its executive director Datuk Saiful Nizam Mohd Yusoff acquire 5.1 million shares on the open market at 20 sen apiece on Aug 26, raising his stake in the loss-making company to 8.6%, or 21 million shares. The counter closed at 22.5 sen that day.

Saiful Nizam, who is the son-in-law of former deputy prime minister Datuk Seri Ahmad Zahid Hamidi, was no longer a substantial shareholder after selling 1.94 million shares on Aug 1, but his stake rose to 6.49% after he purchased 3.9 million shares at 21 sen each on Aug 17.

Jiankun made a net loss of RM3.4 million in the second quarter ended June 30, compared with a net profit of RM649,000 in the same quarter a year earlier. This led to the company reporting a net loss of RM3.29 million in 1HFY2022 compared with a net profit of RM1.01 million in the previous corresponding period.

In June, Jiankun said it was reviving its redevelopment project of Kampong Bharu, Kuala Lumpur, citing the improved property market outlook following the reopening of the economy. It inked an agreement with Menara Rezeki Sdn Bhd — which is controlled by Saiful Nizam — to undertake the project via their joint-venture firm, Menara Rezeki Properties Sdn Bhd.

Over at Agmo Holdings Bhd, which debuted on the ACE Market on Aug 18, Jason Chan Ling Khee ceased to be a substantial shareholder of the digital solutions and application development specialist on Aug 19. This was after he sold seven million shares in a direct business transaction, according to an Aug 22 filing. It is not immediately clear to whom he sold the shares.

Chan’s 7% stake in Agmo prior to its initial public offering was diluted to 5.2% of the enlarged share base post-IPO.

Agmo made an impressive market debut, ending its maiden day of trade at 78.5 sen for a premium of 52.5 sen, or 202% above its IPO price of 26 sen. Since then, the shares have gained another 21% to close at 95 sen on Aug 30, giving the company a market capitalisation of RM308.8 million.

Meanwhile, RCE Capital Bhd saw Cempaka Empayar Sdn Bhd — the investment vehicle of banker Tan Sri Azman Hashim — acquire a total of 450,000 shares between Aug 19 and 22, which raised its stake in the consumer finance company to 53.56%. Its holding rose to 53.57% after it bought another 41,000 shares on Aug 25. Azman holds an 11.81% stake in banking group AMMB Holdings Bhd.

Gas Malaysia Bhd, whose shares were hovering below the RM2.80 level before mid-May, closed at an over five-year high of RM3.45 on Aug 23. The Employees Provident Fund (EPF), which has been actively trading Gas Malaysia’s shares since May 17, ceased being a substantial shareholder after it sold 500,000 shares on Aug 17.

Lembaga Tabung Haji, which held a 7.68% direct stake as at Aug 26, has also been trading the company’s shares. Gas Malaysia recently posted a 72.2% jump in net profit to RM107.34 million for its second quarter ended June 30.

YBS International Bhd saw venture capital firm Musharaka Tech Venture Sdn Bhd, once its second largest shareholder, continuing to sell shares in the maker of high precision moulds. Musharaka sold a total of 522,500 shares on Aug 18 and 19, after which it was left with a 7.05% stake. It then sold a further 14.95 million shares on Aug 22 and ceased to be a substantial shareholder.

The counter, which closed at 58.5 sen on Aug 22, climbed 23.9% over three trading days to hit this year’s high of 72.5 sen on Aug 25. However, it gave up some of those gains when it closed at 69 sen on Aug 30, giving YBS a market capitalisation of RM173.7 million.

Source: TheEdge - 13 Sep 2022

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