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Insider Moves: Dufu Technology Corp Bhd, Cypark Resources Bhd, G3 Global Bhd, Sedania Innovator Bhd, Hartalega Holdings Bhd, MISC Bhd

Notable filings

Over the week of Aug 8 to 12, among the notable filings on changes in shareholding at companies listed on Bursa Malaysia included Prudential plc ceasing to be a substantial shareholder of machine parts and components manufacturer Dufu Technology Corp Bhd.

Prudential is no longer a substantial shareholder after Eastspring Investments Bhd’s managed funds sold 544,000 Dufu shares on Aug 4. It surfaced as a substantial shareholder in Dufu on June 20, after acquiring 102,000 shares and nudging its holding to 26.55 million shares or 5.02% equity interest, a June 23 filing shows.

Last Tuesday, Dufu’s market capitalisation stood at RM1.69 billion as its shares closed at RM3.11, about 9% above the RM2.85 that the counter averaged at in June.

At Cypark Resources Bhd, which has its core business in renewable energy, green technology and environmental engineering solutions, Chung Chee Yang surfaced as a substantial shareholder with 30 million shares or a 5.09% stake as at Aug 9, after acquiring shares on the open market.

Little is known about Chung or what his plans are. Chung was a substantial shareholder of Tanco Holdings Bhd with 5% equity interest from late September to end-November last year and had a substantial stake of 6.32% in MAG Holdings Bhd from Sept 20 to Oct 9, 2019. Tanco’s main business is in vacation ownership, tourism and entertainment, while MAG is an aquaculture-based food producer. It is still not clear if Chung’s entry into Cypark is for the long haul.

Cypark shares have halved in value over the past three months, closing last Tuesday at 42 sen to reflect a market value of RM251 million.

Green Packet Bhd, a telecommunications and technology company, ceased to be a substantial shareholder of communications and artificial intelligence outfit G3 Global Bhd after its shareholding slipped under the 5% threshold on Aug 8 following the disposal of 40 million shares. The shares were part of the 305.25 million warrants converted into shares on May 19, some 150 million of which had been disposed of on May 25, earlier filings show. Bloomberg data shows 40 million shares changing hands at five sen each, or RM2 million in total, on Aug 8.

Closing at three sen last Tuesday for a market value of RM87.08 million, G3 Global’s share price has slipped some 80% compared with the 15 sen the shares had fetched in December last year.

Green Packet’s founder Puan Chan Cheong is understood to have left the country after a bankruptcy suit by privately held companies — Medinis Sdn Bhd and Everegion Sdn Bhd — seeking a combined sum of RM30.66 million.

Meanwhile, filings show Datuk Seri Mohamed Faroz Mohamed Jakel had sold 2.02 million shares in Sedania Innovator Bhd, trimming his stake to 24.6 million shares or 7.08% equity interest on Aug 5.

In mid-March this year, Mohamed Faroz had 46.47 million shares or 13.39% equity interest in Sedania Innovator, which has its mainstay in the provision of sustainable energy solutions and sustainable healthcare, among others. Businessman Mohamed Faroz is the managing director of textile company Jakel Trading.

Sedania Innovator’s shares have shed 31% of their value since end-June and ended trading at 35 sen last Tuesday, giving the company a market capitalisation of RM121.57 million.
Notable movements

The Employees Provident Fund has been trimming its stake in rubber glove manufacturer Hartalega Holdings Bhd. During the week in review, the EPF sold 13.86 million shares and reduced its stake to 6.82%, or 233.62 million shares. As at end-April, it had 278.4 million shares or an 8.12% stake in Hartalega.

The counter hit a multi-year low of RM1.61 in intraday trading last Tuesday and has shed close to 65% of its value over the last six months, in line with the stiff competition and lower average selling prices of rubber gloves.

The EPF has also been trading shares of shipping company MISC Bhd, the shipping arm of national oil company Petroliam Nasional Bhd (Petronas) that has a 51% stake.

During the week in review, the EPF sold 138,900 shares, reducing its stake in MISC to 12.78%, or 570.67 million shares. In early June this year, the EPF had 556.94 million shares or a 12.48% stake in the company.

Meanwhile, filings show Kumpulan Wang Persaraan (Diperbadankan) (KWAP) had acquired one million shares in MISC, nudging up its holding to 239.21 million shares or a 5.36% stake. Closing at RM7.22 on Aug 17, the stock had gained about 10% from its recent low in mid-July before losing ground last Thursday, shedding 35 sen or 4.8% to close at RM6.87 after it reported net loss of RM19.1 million for 2Q2022 on impairment and higher finance cost.

http://www.theedgemarkets.com/article/insider-moves-dufu-technology-corp-bhd-cypark-resources-bhd-g3-global-bhd-sedania-innovator

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