Insider Moves: Hong Leong Capital Bhd, ES Ceramics Technology Bhd, Excel Force MSC Bhd, MAG Holdings Bhd, NetX Holdings Bhd, SC Estate Builder Bhd

Notable filings

BETWEEN Nov 9 and 13, notable filings with Bursa Malaysia included that byHong Leong Capital Bhd(HLCAP), which announced that Hong Leong Financial Group Bhd (HLFG) had disposed of 27 million shares or a 10.94% stake in HLCAP in a move to increase the company’s public shareholding spread. Following the disposal, HLFG’s stake in HLCAP has been reduced to 173.8 million shares or 70.396%.

The shares were disposed of via a private placement, but the party or parties involved in the placement exercise were not revealed. The private placement has increased HLCAP’s public shareholding spread to 29.6%, thus meeting the 25% minimum requirement under the listing rules.

HLCAP shares resumed trading last Friday, after a suspension of more than five years. It is the investment holding company of the investment banking and asset management business group under HLFG. The company’s key operating subsidiaries are Hong Leong Investment Bank Bhd and Hong Leong Asset Management Bhd.

Over atES Ceramics Technology Bhd, which manufactures hand formers or glove moulds, its non-executive director Datuk Kamal Y P Tan ceased to be a substantial shareholder after disposing of his remaining 47.18 million shares or 10.46% stake in the company. The shares were sold on Nov 5 at 57.5 sen per share for a total consideration of RM27.1 million.

Kamal was formerly the CEO of Singapore Exchange-listed food and beverage group Envictus International Holdings Ltd, which owns the Texas Chicken and San Francisco Coffee franchise in Malaysia, among others.

Meanwhile, on Nov 9, ES Ceramics group CEO Wong Fook Lin acquired another 2.2 million of the company’s shares, raising his total holding to 71.38 million shares or 15.8%.

AtExcel Force MSC Bhd, which provides systems solutions for stockbroking companies and investment banks, Datuk Jayakumar Panneer Selvam disposed of 8.1 million shares, or a 1.5% stake, on Nov 6 and ceased to be a substantial shareholder. He had emerged as a substantial shareholder on July 18 last year.

Jayakumar is also the chairman of restaurant management and business management solutions provider Cuscapi Bhd.

Over atMAG Holdings Bhd(formerly known as XingHe Holdings Bhd), Hsu Ching-Fu ceased to be a substantial shareholder of the company involved in the marketing of edible vegetable oil and prawn aquaculture, after he sold 8.36 million shares or a 1.2% stake on Nov 5. The disposal took place slightly over a month after he emerged as a substantial shareholder on Sept 30.

Notable movements

Since closing at 10 sen on Nov 2, shares in technology companyNetX Holdings Bhdhave surged by 75% to 17.5 sen on Nov 17.