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Insider Moves: Alcom Group Bhd, Jiankun International Bhd, LKL International Bhd, Matang Bhd, Metronic Global Bhd, Top Glove Corp Bhd

Notable filings

During the week of June 13 to 17, notable filings of changes in the shareholdings of companies listed on Bursa Malaysia included the emergence of Alleyways Sdn Bhd as a substantial shareholder of Alcom Group Bhd.

Based on Alcom’s filings with Bursa Malaysia on June 13, Alleyways, which is majority-owned by Freddie Chee Khay Leong, president and CEO of Kian Joo Can Factory Bhd (KJCF), acquired 5.24 million Alcom shares off-market on June 9.

This increased Alleyways’ total shareholding in Alcom to 8.7 million shares, or a 6.48% stake, making Alleyways the third-largest shareholder of the rolled aluminium products manufacturer, according to the list of largest shareholders in Alcom’s 2021 annual report.

Alcom has seen changes in its major shareholders recently. On March 10, its then second-largest shareholder SCland Holdings Sdn Bhd disposed of its 29.54% stake through off-market transactions to several directors of the group.

SCland had acquired the stake from Towerpack Sdn Bhd on Sept 15, 2017. Towerpack, which is the private vehicle of KJCF’s group managing director Yeoh Jin Hoe, remains the largest shareholder of Alcom with a 31.66% stake, according to the latter’s annual report.

Alcom was trading at 79 sen last Tuesday, giving the group a market capitalisation of RM106 million.

Meanwhile, at Jiankun International Bhd, Datuk Saiful Nizam Mohd Yusoff acquired 4.2 million shares on June 14, representing a 1.8% stake in the property developer and construction group. Saiful Nizam, an executive director of Jiankun, was appointed to the company’s board on April 1, 2021, as an independent, non-executive director. On March 10, he was redesignated as an executive director of the group. Saiful Nizam is married to Datuk Nurulhidayah Ahmad Zahid, daughter of former deputy prime minister Datuk Seri Zahid Hamidi.

Following the redesignation, the group entered into a joint venture agreement (JVA) with Menara Rezeki Sdn Bhd (MRSB), which is controlled by Saiful Nizam.

The JV is for the purpose of developing a mixed residential and retail development on seven plots of leasehold land, along with three plots of land reserved for a public purpose that are collectively owned by Dewan Bandaraya Kuala Lumpur, and another plot of land owned by Majlis Agama Islam Wilayah Persekutuan.

Meanwhile, on the day Saiful Nizam acquired the shares, Jiankun announced that Ang Kian You had ceased to be a substantial shareholder of the group after he disposed of 6.8 million shares via the open market on June 9.

Ang had been active in the market during the week under review. On June 13, LKL International Bhd, which makes healthcare beds, disclosed that Ang had acquired a million shares on the open market on June 9, increasing his stake to 5.54%.

At Matang Bhd, Ang had acquired a total of 4.25 million shares between June 10 and 16, increasing his stake in the plantation company to 8.3%. This should make him the second-largest shareholder of Matang after Huaren Holdings Sdn Bhd, the investment holding company of the Malaysian Chinese Association.
Notable movements

Meanwhile, at Metronic Global Bhd, its deputy independent non-executive chairman Datuk Seri Tan Choon Hwa disposed of 1.86 million shares, or a 0.12% stake, on June 14, selling his entire stake in the intelligent building management system solutions provider.

Tan was appointed to the board of Metronic on Nov 12, 2020. Following his appointment, he said his immediate task was to focus on Metronic Medicare Sdn Bhd, which imports and distributes medical products such as Covid-19 vaccines.

Between June 13 and 17, the share price of Metronic fell 17.4% to 9.5 sen. As at last Thursday, the share price of Metronic settled at 9.5 sen, valuing the group at RM144 million.

During the week under review, the share price of Top Glove Corp Bhd fell 10.62% to RM1.01. Year to date, the counter has lost 59.46% of its value to last Thursday’s price of RM1.05.

Top Glove’s largest shareholder and executive chairman Tan Sri Dr Lim Wee Chai acquired 2.5 million units of the group’s shares on June 10 and 13.


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