Markets
Canadian fund ups stake in Red Sena
Johnny Loh 
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CANADA-based institutional investor, British Columbia Investment Management Corp (bcIMC), has emerged as a substantial shareholder in Red Sena Bhd.

A Feb 6 filing with Bursa Malaysia reveals that bcIMC acquired 19.1 million shares or a 1.91% stake in the special-purpose acquisition company, raising its stake to 6.89% from 4.98%.

Post-acquisition, bcIMC, which invests on behalf of public sector clients in British Columbia with a global portfolio of C$135.5 bil (RM422.69 bil), becomes the second largest shareholder of Red Sena.

Red Sena acquires companies engaged in the production, distribution, branding and marketing of branded packaged food and beverage products.

For its Q4 ended Sept 30, the company’s net loss widened to RM3.78 mil from RM3.62 mil in the preceding corresponding quarter. The higher net loss was due to lower investment income from its Islamic Murabahah deposits.

The counter closed at 46.5 sen on Feb 8.

Filings with Bursa on Feb 6 and 7 saw Naim Indah Corp Bhd’s (Nicorp) largest shareholder Toh Hong Chye had sold 119.8 million shares or almost half of his stake in the company, reducing his holdings to 9.62% (previously 18.52%).

Nicorp is involved in round log timber extraction and property development. For its Q3 ended Sept 30, the company plunged into the red with a net loss of RM1.97 mil from a net profit position of RM30.54 mil in the same quarter last year.

The net profit in the preceding corresponding quarter was due to a fair value gain from investment property of RM31.55 mil. The counter closed at five sen on Feb 8, down four sen from nine sen a year ago.

A filing with Bursa on Feb 5 shows Asia Brands Bhd’s largest shareholder, Everest Hectare Sdn Bhd, divesting 8.68 million shares or a 10.97% stake to trim its stake to 48.74%.

On Feb 2, Pembinaan Teknikhas Sdn Bhd emerged as a substantial shareholder when it acquired 5.78 million Asia Brands shares.

Asia Brands is engaged in the wholesale, retail and distribution of baby products, innerwear and casual wear. Its brands include Anakku, Audrey and Lilian.

For its Q2 ended Sept 30, the company’s net loss narrowed to RM2.1 mil from RM13.23 mil in the preceding corresponding quarter.

The counter was last traded at 83 sen on Feb 6, 8.79% lower from 91 sen a month earlier.



This article first appeared in Focus Malaysia Issue 271.