Markets
Hubline chairman buys big stake
Johnny Loh 
Compugates Holdings Bhd’s largest shareholder Goh Kheng Peow divested 24.42 million shares or a 1.04% stake in the company
advertisement[x]

IBZ Corp Sdn Bhd has emerged as a substantial shareholder of Hubline Bhd after acquiring 121 million shares or a 5.63% stake in the company, filings with Bursa on Nov 15 and 16 reveal.

IBZ Corp is equally owned by Ibrahim Baki, who was appointed as Hubline’s new chairman on Nov 8, and Ikhwan Zaidel.

The block of shares is valued at RM15.12 mil based on the closing price of 12.5 sen on Nov 16.

Currently, Hubline’s largest shareholder is BNDM Inc Holdings Sdn Bhd which holds a 12.64% stake.

Led by CEO/managing director Dennis Ling Li Kuang, Hubline is involved in investment holding, shipping services, shipping agent, shipowning and chartering.

For its Q3 ended June 30, the company’s net loss narrowed to RM2.47 mil from RM30.73 mil in the same quarter last year. The lower net loss was mainly attributed to lower expenses incurred.

The counter closed at 12.5 sen on Nov 16, down 4.5 sen from 17 sen a month ago.

Compugates Holdings Bhd’s largest shareholder Goh Kheng Peow divested 24.42 million shares or a 1.04% stake in the company, a filing with Bursa on Nov 14 shows.

Goh, who is also the managing director of Compugates, trimmed his stake to 9.63% from 10.67%.

Compugates is engaged in the trading, marketing and distribution of imaging, and information communication technology-based products. For its Q2 ended June 30, the company’s net loss expanded to RM1.28 mil from RM1.04 in the corresponding quarter last year.

The higher net loss was mainly due to lower other income of RM615,000 compared to RM1 mil a year ago. The counter closed at three sen on Nov 16.

Elsewhere, a filing with Bursa on Nov 14 shows that Yinson Holdings Bhd’s largest shareholder, Lim Han Weng, disposed 13 million shares or a 1.19% stake in the company. Lim, who is also group chairman, reduced his stake in the company to 16.03% from 17.22%.

Yinson is engaged in providing offshore support services. For its Q2 ended July 31, the company’s net profit rose 38.23% to RM83.57 mil from RM60.45 mil in the corresponding quarter last year.

The higher profit was mainly attributed to higher revenue as a result of higher marine business with the chartering commencement of floating production storage and offloading vessel John Agyekum Kufuor in June, coupled with the stronger greenback which had resulted in the higher revenue on translation into ringgit.

The counter closed at RM3.88 on Nov 16, having appreciated 32.88% from RM2.92 a year ago. 



This article first appeared in Focus Malaysia Issue 259.