Tabung Haji pares stake in Cheetah
Johnny Loh 
Tabung Haji has trimmed its stake in Cheetah by 4.79% stake to 3.24%

LEMBAGA Tabung Haji has ceased to be the substantial shareholder of Cheetah Holdings Bhd. A filing with Bursa Malaysia on Dec 29 reveals that the Pilgrims Fund Board disposed 5.5 million shares or a 4.79% stake in the company, thus reducing its stake to 3.24%.

Prior to this, the latest Cheetah’s share disposal/acquisition by Tabung Haji took place on July 22, 2014. Interestingly, a filing with Bursa on Jan 2 shows that Cheetah’s chairman and managing director Chia Kee Foo acquired 3.5 million shares or a 3.05% stake to raise his shareholdings to 13.53%.

Cheetah is engaged in the product designing, development, marketing and retailing of sports apparel and accessories. For its Q1 ended Sept 30, the company’s net loss widened to RM2.74 mil from RM1.63 mil in the previous corresponding quarter.

The higher loss was mainly due to lower revenue as a result of no festive sales. The counter closed 49.5 sen on Jan 4, up eight sen from 41.5 sen a year ago.

A filing with Bursa on Jan 2 saw MMAG Holdings Bhd’s largest shareholder, Chan Swee Ying, acquiring 12 million shares or a 2.63% stake in the company, thus raising his stake to 22.47%.

Formerly known as Ingenuity Consolidated Bhd, MMAG is involved in business software solutions, system integration and services, information communications and technology (ICT) hardware and software distribution and services, and telecommunications.

For its Q2 ended Sept 30, the company’s net loss narrowed to RM1.99 mil from RM3.1 mil in the same quarter last year. This was mainly attributed to higher other income and lower operating expenses. The counter closed at 20.5 sen on Jan 4.

In another development, a filing with Bursa on Jan 2 shows that Barakah Offshore Petroleum Bhd’s largest shareholder Nik Hamdan Daud acquired 10.23 million shares or a 1.24% stake in the company to increase his stake to 39.81%.

Barakah Offshore’s contracting works include onshore pipeline and construction, hook-up commissioning, topside maintenance, underwater services, ship management and chartering, as well as offshore transportation and installation.

For its Q3 ended Sept 30, the company plunged into the red with a net loss of RM56.16 mil from a net profit position of RM1.95 mil in the previous corresponding quarter.

The loss was mainly due to lower revenue generated by the installation and construction services as a result of lower contract value of the on-going projects executed. The counter closed at 32 sen on Jan 4, having plunged 53.62% from 69 sen a year earlier.

This article first appeared in Focus Malaysia Issue 266.