Markets
Halim Saad pares stake in Sumatec
Johnny Loh 
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SUMATEC Resources Bhd’s largest shareholder, Tan Sri Halim Saad, has disposed of 127 million shares or a 2.99% stake in the company, a filing with Bursa Malaysia on Jan 29 reveals.

Post-disposal, the businessman trimmed his stake in the company to 12.7%.

Led by its managing director Abu Talib Abdul Rahman, Sumatec Resources is engaged in upstream oil and gas activities as well as management and oversight of the oil production operations.

The counter has been actively traded following recent news that oil production at the Rakushechnoye oilfield in Kazakhstan will reach 1,500 barrels of oil a day by end-March.

Sumatec has also inked a presale gas agreement with Kazakhstan-based NIPIneftegas-led consortium recently for the sale of about 36.5 million barrels of oil equivalent of gas over 15 years at market price.

For its Q3 ended Sept 30, the company’s net profit dipped 63.95% to RM4.96 mil from RM13.75 mil in the previous corresponding quarter. The lower net profit was mainly due to lower revenue as a result of its gas development plan.

The counter closed at eight sen on Jan 30, up three sen from five sen a month ago.

Kronologi Asia Bhd’s fourth largest shareholder, Quantum Storage (India) Ltd, has ceased to be the substantial shareholder of the company.

A filing with Bursa on Jan 26 saw Quantum Storage divesting 10 million shares or a 3.05% stake in the company via off-market trade. Its stake was reduced to 3.74% from 6.79%.

Kronologi Asia is involved in the provision of business consulting, designing of solutions, and research and development relating to new and emerging information technology software. For its Q3 ended Sept 30, its net profit soared 66.53% to RM2.51 mil from RM1.51 mil in the same quarter last year.

The profit growth was mainly attributed to the higher revenue as a result of higher contribution by its enterprise data management infrastructure technology segment. The counter closed at 77 sen on Jan 30, having risen 129.9% from 33.5 sen a year ago.

Elsewhere, APFT Bhd’s largest shareholder, Wai Ai Fan, has disposed of her entire 7.69% stake or 103.26 million shares in the company, a filing with Bursa on Jan 26 shows. On Jan 2, she emerged as the largest shareholder of APFT after acquiring the identical amount of shares.

APFT operates a Kota Bharu-based flight training academy that provides flight education and training for commercial airlines. The counter closed at one sen on Jan 30.

Topping our list of the highest off-market trades by volume in the week is NetX Holdings Bhd. On Jan 29, 76.02 million NetX shares were traded off-market at 4.5 sen apiece.

The block is equivalent to RM3.42 mil and represents 3.12% of the total shares outstanding. NetX is involved in the research and development of software, system design, integration, installation and provision of information technology services. The counter closed at four sen on Jan 30.



This article first appeared in Focus Malaysia Issue 270.