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Insider Moves: Dolomite Corp Bhd, Heitech Padu Bhd, Ocean Vantage Holdings Bhd, Iris Corp Bhd, Inari Amertron Bhd, Widad Group Bhd

FOR the week of Feb 2 to 5, some of the notable changes in shareholding occurred at Dolomite Corp Bhd, which has interests in quarrying, the manufacturing of building materials, construction and property development.

Privately held Fadzilah & Fikri Sdn Bhd, a registered valuer, real estate agent, property manager and auctioneer, surfaced as a substantial shareholder in Dolomite, with 45 million shares, or a 10.88% stake, in the company. The shares issued to Fadzilah & Fikri are part of a settlement agreement.

To recap, in February last year, Dolomite was instructed by the High Court to pay RM35.46 million to Fadzilah & Fikri after it failed to set aside a summary judgement. Dolomite was initially appealing the High Court decision.

Announcements to Bursa Malaysia indicate that Dolomite had appointed Fadzilah & Fikri in November 2017 as consultants but was unable to pay for the services rendered.

Dolomite closed on Monday at 10.5 sen, giving the company a market value of RM43 million.

State-controlled unit trust company Permodalan Nasional Bhd (PNB) ceased to be a substantial shareholder in Heitech Padu Bhd after selling 2.41 million shares during the week in review.

PNB had been a substantial shareholder in the information and communications technology outfit since end-2013, when it took over a stake held by its unit Skim Amanah Saham Bumiputera. In December 2013, when PNB first surfaced, it had 27.9 million shares, or 27.5% equity interest, in Heitech Padu.

Heitech Padu ended trading on Monday at RM1.55, translating into a market capitalisation of RM156.9 million.

At end-March last year, the stock was trading at a mere 46 sen but has gained more than 70% since then.

Datuk Awang Daud Awang Putera ceased to be a substantial shareholder in Ocean Vantage Holdings Bhd after selling 4.8 million shares in the oil and gas company.

Awang Daud surfaced as a substantial shareholder in late July 2020, just after Ocean Vantage’s initial public offering, with 21.11 million shares, or a 5.14% stake, and rapidly increased the figure to 27.35 million, or a 6.65% stake.

In late January this year, he commenced selling shares in the Ace Market-listed company.

Ocean Vantage made its debut on Bursa at 26 sen, but gained traction to hit a high of 65 sen in mid-August. Since then, it has tapered off and ended trading on Monday at 36 sen, valuing it at RM148 million.

Other than Awang Daud, Ocean Vantage managing director Kenny Ronald Ngalin sold 26.39 million shares during the week in review, reducing his stake to 29.38%.

Awang Daud is a founder and non-independent, non-executive director of oil and gas player Serba Dinamik Bhd.

At Iris Corp Bhd, Datuk Robin Tan Yeong Ching, son of businessman Tan Sri Vincent Tan Chi Yioun, sold 45 million shares, reducing his stake to 245.69 million shares, or 8.08% equity interest.

Iris’ shares were trading at six sen in April last year but slowly gained momentum — after it secured a RM1.16 billion National Integrated Immigration System contract earlier this month — to close at 36.5 sen on Monday for a market capitalisation of RM1.11 billion.
Notable movements

Since end-March last year, Inari Amertron Bhd’s stock has gained 225%, closing at RM3.38 last Monday, valuing the semiconductor company at RM11.18 billion.

During the week in review, Kumpulan Wang Persaraan (DiPerbadankan) sold 7.95 million shares in the company, reducing its stake to 381.49 million shares, or 11.53%. The Employees Provident Fund actively traded the company’s stock and was a net seller, trimming its shareholding by 1.88 million shares to 301.06 million shares, or 9.1% equity interest.

In late December last year, Widad Group Bhd hit a multi-year high of 81 sen. Since then, the company’s stock has shed 37.65% and ended at 50.5 sen on Monday for a market capitalisation of RM1.29 billion.

During the week in review, Tan Sri Muhammad Ikmal Opat Abdullah acquired 11.62 million shares in the facilities management company, raising his stake to 61.99%.


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