Markets
PP Tech buys 9% in Denko
Ng Siew Yen 
Jingzeng Holdings is substantial shareholder of Euro Holdings after acquiring 26 million shares in the latter
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UK-based PP Tech Ltd has emerged as a substantial shareholder of Denko Industrial Corp Bhd after acquiring 103.21 million shares or a 9% stake in the company, according to a filing with Bursa Malaysia on March 2.

Denko operates as an investment holding company and its subsidiaries manufacture plastic injection moulding and high-precision plastic parts.

For its Q3 ended Dec 31, the company returned to the black with net profit of RM1.11 mil from a net loss of RM491,000 in the same quarter last year, mainly due to revenue increase in the manufacturing division. The counter closed at RM1.70 on March 8.

As per a share-disposal agreement signed last December, Fiamma Holdings Bhd CEO Lim Choo Hong acquired 16.4 million shares or 3.22% stake on March 2.

Fiamma’s founder, Ngo Wee Bin also acquired 28 million shares or a 5.51% stake in the company.

Post-acquisition, Lim and Ngo raised their Fiamma stakes to 29.09% and 16.58% respectively. The duo purchased Fiamma shares from Singapore-listed Casa Holdings Ltd as per the December agreement.

Casa now holds a direct 14.78% interest in Fiamma which is an investment company engaged in property investment.

For its Q1 ended Dec 31, its net profit increased to RM7.26 mil from RM4.1 mil in the corresponding quarter last year. This was mainly due to higher contribution from the trading and services segment.

A Bursa filing on March 7 shows Jingzeng Holdings Sdn Bhd emerging as a substantial shareholder of Euro Holdings Bhd after it acquired 26 million shares or a 9.73% stake in the company via a direct transaction.

Euro Holdings’ managing director, Datuk Choong Yuen Keong @ Tong Yuen Keong sold 26 million shares in the company on the same filing day.

Post-disposal, Choong’s interest in Euro Holdings is reduced to 11.5% from 21.23%.

On March 2, Cocoaland Holdings Bhd’s executive director, Liew Fook Meng, also divested 10.61 million shares or a 1.5% stake in the company.

Post-disposal, he trimmed his stake in Euro Holdings to 3.97% from 5.47%. Liew also holds shares in Jingzeng Holdings.

For its Q4 ended Dec 31, Euro Holdings’ net profit dipped to RM425,000 from RM1.39 mil in preceding year’s corresponding quarter due to higher taxation.

The counter closed at 27.5 sen on March 8.



This article first appeared in Focus Malaysia Issue 275.