BNDM Hubline's largest shareholder
Johnny Loh 
An artist’s impression of the Sitiawan Commercial Centre being developed by Sycal Ventures

BNDM Inc Holdings Sdn Bhd has emerged Hubline Bhd’s largest shareholder following a share- acquisition spree.

According to filings with Bursa Malaysia on Oct 2 and 5, BNDM has further acquired 41.71 million shares or a 3.28% stake in Hubline. Post-acquisition, BNDM, which was previously Hubline’s second largest shareholder, raised its stake in the latter to 14.86% from 11.58%, thus climbing to the top spot.

BNDM is an investment vehicle of Hubline chairman Datuk Richard Wee Liang Huat @ Richard Wee Liang Chiat. He holds an 80% stake in Royfield Sdn Bhd which in turn holds an 80% stake in BNDM. At the moment, the second largest shareholder of Hubline is Billion Power Sdn Bhd with a 14.57% stake.

Led by CEO/managing director Dennis Ling Li Kuang, Hubline is involved in investment holding, shipping services, shipping agent, shipowning and chartering. The counter closed at 11 sen on Oct 5.

Filings with Bursa on Oct 5 reveal that Sycal Ventures Bhd’s sunstantial shareholders, Fantastic Hallmark Sdn Bhd and Westhill Capital Sdn Bhd, divested 16.3 million shares (5.09% stake) and 5.7 million shares (1.78% stake) in the company respectively.

Fantastic Hallmark’s stake in the company was reduced to 6.97% from 12.05% while that of Westhill Capital was trimmed to 8.95% from 10.73%.

For its Q2 ended June 30, the company’s net profit fell to RM586,000 from RM1.21 mil in the same period of the previous year. The lower net profit was mainly attributed to lower revenue as a result of the slowdown in the sale of property units. The counter closed at 27.5 sen on Oct 5, having plunged 25.68% from 37 sen a year ago.

A filing with Bursa on Oct 4 shows that Fong Siling has ceased to be the substantial shareholder of SKH Consortium Bhd after disposing 10 million shares or a 1.8% stake in the company.

Fong reduced his stake in the company to 3.61% from 5.41%.

For its Q1 ended June 30, the company posted a net loss of RM5,000 compared to the net profit of RM204,000 in the preceding year’s corresponding quarter.

The profit dip was mainly due to no construction contracts secured during the quarter as well as temporary cease of its managing contractor work for a period of one year from May 11 for the development project in Kemaman, Terengganu as requested by its client.

The counter closed at 10 sen on Oct 5, down three sen from 13 sen a month ago.

This article first appeared in Focus Malaysia Issue 253.