Insider Moves: Axteria Group Bhd, Frontken Corp Bhd, Kejuruteraan Asastera Bhd, KUB Malaysia Bhd, CTOS Digital Bhd, Coastal Contracts Bhd
FOR the week of Oct 4 to 8, notable shareholding changes at companies listed on Bursa Malaysia included those at property developer Axteria Group Bhd (formerly Acoustech Bhd), where Datuk Seri Wong Choon Leong ceased to be a substantial shareholder.
According to bourse filings, Wong disposed of 14.68 million Axteria shares on the open market on Oct 4. The transaction price was not disclosed, but Axteria’s share price closed at 23 sen that day.
Prior to the disposal, Wong held direct and indirect equity interest of 6.67%, or 24.47 million shares, as at July 28. He had emerged as a substantial shareholder of Axteria on May 18 following the acquisition of 20.47 million shares or a 5.72% stake on the open market.
During the week in review, semiconductor cleaning firm Frontken Corp Bhd announced that its chairman and CEO Nicholas Ng Wai Pin had sold 42.8 million shares on Sept 30. The disposal was made via Dazzle Clean Ltd, a wholly-owned unit of Singapore-based private equity firm Dymon Asia Capital Ltd, of which Ng is a substantial shareholder. He now controls 18.34% of Frontken via his direct and indirect equity interest while Dymon Asia has an indirect stake of 17.7%.
At Kejuruteraan Asastera Bhd (KAB), Faith Chow Poh Ten sold another 42 million KAB shares on Sept 29, leaving her with a direct stake of 6.76% and an indirect stake of 0.38% via Regalis Investment Ltd. Chow had been paring down her shareholding in the mechanical and electrical engineering company since August.
While it was not revealed who Chow sold her shares to, they are believed to have been bought by Kington Tong Kum Loong. Bourse filings show that he purchased 42 million shares in two blocks on the same day. He now holds a direct stake of 6.63% and an indirect stake of 0.38% in KAB via Regalis Investment.
KAB’s share price closed at 40 sen on Sept 29. The stock has risen 3.95% year to date and the company’s market capitalisation now stands at RM681.67 million. Last month, the company lodged a multi-currency sukuk programme to raise up to RM500 million, which it intends to use to fund future energy-related developments and acquisitions in Malaysia and Asia, as well as to refinance its borrowings.
Meanwhile, Leasing Corp Sdn Bhd emerged as a substantial shareholder of engineering services company KUB Malaysia Bhd following the acquisition of 15 million shares, or a 2.7% stake, on Sept 28 through a direct business transaction. It bought another 10 million shares, or a 1.8% stake, on Sept 30 to take its shareholding to 8.99% or 50 million shares as at Oct 1.
The share price of CTOS Digital Bhd rebounded 8.6% from RM1.87 on Oct 4 to RM2.03 on Oct 8, after shedding 5% on Oct 1. The stock had surged 23.46% year to date to close at RM1.99 last Tuesday, giving the company a market capitalisation of RM4.36 billion.
CTOS shares came under a bit of selling pressure on Oct 1 as investors reacted to Bank Negara Malaysia’s move to temporarily suspend its Central Credit Reference Information System (CCRIS) services to credit reporting agencies amid an alleged data leak of several governmental bodies. However, analysts deem the share price pullback an overreaction and opine that the suspension will not be dragged on for long, and that CTOS’ structural growth thesis remains intact.
The share price of Coastal Contracts Bhd, an integrated marine oil and gas service and solutions provider, has seen significant movement of late. The stock was up 71.83% year to date to close at RM1.25 last Tuesday, valuing the company at RM653.13 million.
Coastal’s share price climbed above RM1 for the first time since March 2020 on Oct 11 as the group seeks shareholder approval to buy back its own shares. The stock, which closed at 90 sen on Oct 8, hit limit up after climbing as much as 30 sen to RM1.20 on Oct 11.