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Insider Moves: Southern Steel Bhd, Far East Holdings Bhd, Menang Corp (M) Bhd, VS Industry Bhd, ATA IMS Bhd, Green Packet Bhd, G3 Global Bhd

For the week of Dec 6 to 10, notable changes in shareholding at companies listed on Bursa Malaysia included those at Southern Steel Bhd, where Signaland Sdn Bhd ceased to be a substantial shareholder.

This came as Signaland disposed of 11.63 million shares or a 1.95% stake in Southern Steel to its holding company Hong Leong Manufacturing Group Sdn Bhd, paring its equity interest to about 3%.

Hong Leong Manufacturing, on the other hand, increased its stake in Southern Steel to nearly 70%.

Southern Steel posted a net profit of RM32.12 million for 1Q ended Sept 30, 2021, versus a net loss of RM28.13 million in the same quarter a year ago, on the back of improved margins.

At Far East Holdings Bhd, executive chairman Datuk Seri Kamaruddin Mohammed transferred 2.5 million shares or a 0.42% stake in the plantation firm to his family-owned Insan Sejagat Sdn Bhd, for RM2.66 a share, or a total of RM6.65 million.

Far East is controlled by Perbadanan Kemajuan Pertanian Negeri Pahang, which owns a 25.18% stake, followed by Prosper Trading Sdn Bhd with 23.73%.

For the first nine months ended Sept 30, 2021, Far East’s net profit doubled to RM111.3 million from RM58.39 million in the previous corresponding period, fuelled by higher crude palm oil prices.

Meanwhile, Menang Corp (M) Bhd’s substantial shareholder Chin Leong Thye Sdn Bhd raised its shareholding in the company to 10.66% following the purchase of 23.81 million shares or a 4.95% equity interest in a direct business transaction.

Earlier, Menang, whose principal activities are in property development and government development projects, announced a bonus issue of up to 240.4 million free warrants on the basis of one warrant for every two existing shares held. It is expected to raise RM120.2 million assuming full exercise of all warrants at an exercise price of 50 sen per warrant.
Notable movements

Faced with heavy selling pressure, electronics manufacturing service (EMS) provider VS Industry Bhd’s share price tumbled 16.1% between Nov 29 and Dec 10, to below the RM1 level, to an intraday low of 99.5 sen on Dec 2.

The selldown followed on the heels of UK firm Dyson Ltd’s termination of its relationship with ATA IMS Bhd last month over alleged labour practices. VS Industry operates in the same sector as ATA IMS.

The Employees Provident Fund (EPF) ceased to be a substantial shareholder of VS Industry on Dec 2 following the disposal of 21.68 million shares or 0.57%, reducing its shareholding to 4.6%.

On Dec 6, VS Industry issued a joint statement with labour rights activist Andy Hall, stating that environmental, social and governance matters are being accorded priority and that it is committed to maintaining high standards of corporate governance.

VS Industry posted its higher-ever net profit of RM245.3 million for the financial year ended July 31, 2021, buoyed by a favourable product sales mix in Malaysia, stemming from a more diversified clientele, turnaround in performance in Indonesia as well as much narrower losses incurred in China.

On Dec 1, Green Packet Bhd sold its final block of 189.11 million shares or an 8.74% stake in loss-making G3 Global Bhd on the open market, for RM11.35 million.

Green Packet first emerged as a substantial shareholder of G3 in August 2016 but had been trimming its shareholding in the latter after a divestment plan was announced in July this year to dispose of up to 612.57 million shares, or a 24.81% stake, to Green Packet’s managing director and CEO Puan Chan Cheong at an indicative disposal sum of between RM61.26 million and RM91.89 million in cash, or 10 to 15 sen per share.  However, the disposal to Puan did not materialise.

In the July announcement, Green Packet had warned that G3’s share price may further trend downward due to market uncertainty and volatility. G3’s share price has tumbled 27% since early December to close at 9.5 sen last Wednesday.

On Dec 8, G3 proposed a diversification into the healthcare-related business, which includes the distribution of Covid-19 test kits. It is also looking to raise RM43.29 million from a proposed private placement of up to 432.85 million new shares to independent third-party investors.


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