Markets
Top Orion shareholders pare stake
Johnny Loh 
Affin Hwang Multi-Asset Fund has emerged as a substantial shareholder of Eduspec after acquiring a 6.89% stake
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ORION IXL Bhd’s major shareholders, Yahya Razali and Abdul Rani Achmed Abdullah, have divested 20 million shares (3.34% stake) and 38 million shares (6.34%) respectively, filings with Bursa Malaysia on Oct 19 reveal. Abdul Rani’s transaction was done via his investment vehicle Winnova Resources Sdn Bhd.

Post-disposal, Yahya, who is also the company’s director, reduced his stake in the company to 21.04% from 24.38% while Abdul Rani, who is also the company’s co-founder and CEO/executive director, trimmed his stake to 3.85% from 10.2%.

Orion IXL develops, distributes and supports computerised maintenance management systems software for a variety of industries worldwide. For its Q2 ended June 30, the company’s net loss widened to RM669,000 from RM288,000 in the preceding year’s corresponding quarter.

The higher net loss was mainly attributed to the lower revenue as a result of a drop in sales from its Malaysian operations. The counter closed at 12.5 sen on Oct 19, down 1.5 sen from 14 sen a month ago.

On the same filing date, Affin Hwang Multi-Asset Fund has emerged as a substantial shareholder of Eduspec Holdings Bhd after acquiring 68.98 million shares or a 6.89% in the company.

Eduspec is engaged in the development and provision of information technology learning programs and educational services. The counter closed at 13 sen on Oct 19.

In another development, a filing with Bursa on Oct 19 saw Nakamichi Corp Bhd’s second largest shareholder, Goh Kheng Peow, acquiring 1.92 million shares or a 3.47% stake in the company.

Post-acquisition, Goh, who is also the spouse of Nakamichi’s chairman See Thoo Chan, raised his stake the company to 15.08% from 11.61%, thus becoming the largest shareholder.

Following this, See, who was previously the largest shareholder, becomes the second largest shareholder with a 14.29% stake. Husband and wife cumulatively hold a 29.39% stake in the company.

Nakamichi is involved log extraction and timber sales. The counter was last traded at 14 sen on Oct 17, down three sen from 17 sen a month ago.

A filing with Bursa on Oct 17 shows that Foo Mei Tee has emerged as a substantial shareholder of iDimension Consolidated Bhd after acquiring 28.78 million shares or a 5.29% stake. Post-acquisition, she becomes the third largest shareholder of the company.

iDimension Consolidated is engaged in the development, provision, marketing, and maintenance of manufacturing software solutions as well as provision and distribution of online games. The counter closed at nine sen on Oct 19, up two sen from seven sen a month ago.



This article first appeared in Focus Malaysia Issue 255.