Insider Moves: Datasonic Group Bhd, OCK Group Bhd, Matrix Concepts Holdings Bhd, GHL Systems Bhd

Insider Moves: Datasonic Group Bhd, OCK Group Bhd, Matrix Concepts Holdings Bhd, GHL Systems Bhd

This article first appeared in The Edge Malaysia Weekly on July 1, 2024 - July 7, 2024

Notable filings

For the Hari Raya Haji-shortened week between June 17 and 21, notable filings on changes in shareholding at companies listed on Bursa Malaysia included that at Datasonic Group Bhd (KL:DSONIC). Its former executive deputy chairman and CEO Datuk Abu Hanifah Noordin is no longer a substantial shareholder of the security-based ICT solutions provider that he founded.

A June 21 filing showed Abu Hanifah, 72, who retired from his executive position about three months ago on Feb 29, had transferred 200 million shares, or a 7% stake, in Datasonic to his spouse Datin Popi Riandani Dody Muchtar. This raised his spouse’s direct shareholding in Datasonic to 7.78%, making her a substantial shareholder. She also has another 0.16% indirect stake.

As at June 25, Datasonic had bought back 175.41 million of the company’s issued share base, or 5.917% equity interest, on the open market.

Closing at 52.5 sen on June 26, to give the company a market capitalisation of RM1.46 billion, the stock had given up 4.9% of gains from its recent high of 55.2 sen on June 7, but was still up 10 sen or 23.53% year to date (YTD).

At OCK Group Bhd (KL:OCK), the Armed Forces Fund (LTAT) is no longer a substantial shareholder after selling 95.4 million shares, or just under 9% equity interest, on June 19 via direct business transactions. Stock market data showed 95.4 million shares changed hands in six direct off-market deals on June 19 at 57 sen each, or RM54.38 million in total. The blocks ranged from three million shares (0.28%) to 39.93 million shares (3.74%). The transacted price was below the 58.5 sen and 60 sen that OCK shares were trading at on the open market on June 19 before closing at 60 sen that day.

LTAT also sold shares on June 13, 14 and 18. As at April 1 this year, LTAT had 101.27 million shares, or a 9.6% stake, and was the telecommunications network services and solutions provider’s second largest shareholder after OCK’s group managing director Datuk Wira Ooi Chin Khoon, through Aliran Armada Sdn Bhd with a 35% stake, OCK’s 2023 annual report showed. OCK closed at 58 sen on June 26 to give it a market capitalisation of RM618.8 million.

Notable movements

Matrix Concepts Holdings Bhd (KL:MATRIX) saw the Employees Provident Fund (EPF) re-emerge as a substantial shareholder of the real estate developer on June 18, barely a week after its shareholding slipped under the 5% threshold for disclosure of substantial shareholding on June 10.

The provident fund had a 5.112% stake, or 63.96 million Matrix shares, after buying 23,800 shares on June 19. Lembaga Tabung Haji also bought 200,000 shares on June 19, raising its direct stake to 71.7 million shares or 5.73%.

Matrix, which traded ex-interim dividend of 2.5 sen on June 25, had closed at RM1.795 (adjusted) on June 10; RM1.785 (adjusted) on June 19 and RM1.79 on June 26. There are five “buy” calls and three “hold” calls on Matrix with price targets ranging from RM1.80 to RM2.15, averaging RM2, according to Bloomberg data at the time of writing.

Closing at RM1.07 on June 26, shares of payment services firm GHL Systems Bhd (KL:GHLSYS) are up 53.96% or 37.5 sen YTD and hovering just shy of the RM1.08 per share mandatory takeover offer by Japanese information technology and consulting company NTT Data Corp that is currently slated to close on July 9. Share price gains are 83.8% in less than four months if measured from its recent low of 58.2 sen on March 6.

As at June 24, NTT held 80.11% of GHL’s issued share base, securing enough acceptances of its mandatory takeover offer at RM1.08 per share to seek a withdrawal of GHL’s listing status from Bursa Malaysia on a shortfall in public shareholding spread, a June 25 statement showed. This was up from 68.004% on June 21.

Cayman Islands-incepted Albizia Asean Tenggara Fund, formerly GHL’s third largest shareholder with 69.14 million shares, or 6.06% equity interest, was among those that accepted the takeover offer. Albizia is no longer a GHL substantial shareholder as at June 21.

NTT Data, a subsidiary of Japan’s Nippon Telegraph and Telephone Corp, had triggered the takeover for GHL after buying a 58.73% stake in the company from units of UK private equity firms Actis Stark (Mauritius) Ltd (38.58%) and APIS Growth 14 Ltd (10.04%), as well as GHL’s executive vice-chairman Simon Loh Wee Hian (4.77%) and his vehicle Tobikiri Capital Ltd (5.34%).

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