Permanent Mutual raises stake in Apex Equity
Ng Siew Yen 

PERMANENT Mutual Holdings Sdn Bhd has raised its stake in Apex Equity Holdings Bhd to 7.73% after acquiring 3.45 million shares or a 1.7% stake, a Bursa Malaysia filing on March 28 shows.

The company had earlier saw a boardroom change with the appointment of Zulazman Zulkifli as executive director on the same day Lim Teck Seng resigned from that position, according to another Bursa filing on March 26.

On the same day, former Inspector-General of Police Tan Sri Khalid Abu Bakar was also appointed the company’s independent non-executive director. The counter closed at RM1.06 on March 29.

Apex Equity, which is engaged in investment and trading in marketable securities, also saw its net profit for Q4 ended Dec 31 rising slightly to RM3.15 mil (Q4FY16: RM3.14 mil).

Cermat Ceria Sdn Bhd has ceased to be substantial shareholder of Sarawak Plantation Bhd after divesting all of its 84.97 million shares or 30.39% stake in the latter via an off-market transaction, a Bursa filing on March 29 reveals.

A Bursa announcement on March 28 noted that Sarawak Plantation had received notification from its shareholder and director, Datuk Amar Abdul Hamed Sepawi – who is also a substantial shareholder and director of Cermat Ceria – that Ta Ann Holdings Bhd had obtained its shareholders’ approval to purchase the same amount of shares in Sarawak Plantation following a share-sale agreement dated Jan 11.

Sarawak Plantation is an investment holding company engaging in the cultivation of oil palm and processing of fresh fruit bunches. For its Q4 ended Dec 31, the company found itself in the red with a net loss of RM38.37 mil against a net profit of RM3.99 mil in the same period last year.

The counter closed at RM1.78 on March 29.

According to a Bursa filing on March 26, Leung Heung Yu and Chong Fong Yu have emerged as substantial shareholders of Maxwell International Holdings Bhd. Leung acquired 96.39 million shares or a 24.17% stake while Chong acquired 29.3 million shares or 7.35% stake in the company.

Maxwell is engaged in the design, manufacture and sale of sports shoes. For its Q4 ended Dec 31, the company’s net loss widen to RM131.94 mil from RM75.07 mil in the previous year’s corresponding quarter.

Maxwell International attributed its severe losses to challenging business environment which led to the closure of its original equipment manufacturer/designer business in China. The counter closed at two sen on March 29.

This article first appeared in Focus Malaysia Issue 278.