Markets
Yap acquires 5m shares in HIL Industries
Johnny Loh 
Yap has emerged a substantial shareholder of HIL Industries after raising his stake to 6.33%
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FORMER SP Setia Bhd chief financial officer Yap Kok Weng has emerged a substantial shareholder of HIL Industries Bhd. A filing with Bursa Malaysia on Jan 10 reveals that Yap acquired five million shares or a 1.51% stake in the company, raising his stake to 6.33% from 4.82%.

HIL Industries manufactures and sells industrial and domestic moulded plastic products. For its Q3 ended Sept 30, the company’s net profit rose 32.75% to RM6.33 mil from RM4.77 mil in the previous corresponding quarter. The higher net profit was in line with the higher revenue.

The counter closed at 86 sen on Jan 11.

A filing with Bursa on Jan 10 saw Prudential PLC emerging as a substantial shareholder of Prestar Resources Bhd after acquiring 10.15 million shares or a 5.13% stake. Post-acquisition, the global insurer becomes the fourth largest shareholder of Prestar.

Prestar is engaged in the steel-processing and steel-products manufacturing activities. For its Q3 ended Sept 30, the company’s net profit dropped slightly to RM9.66 mil from RM9.72 mil in the same quarter last year.

This was attributed to higher tax expenses as a result of the inclusion of the final tax on its Vietnam operations while finalising its liquidation. The counter closed at RM1.12 on Jan 11.

Meanwhile, filings with Bursa on Jan 8 and 11 show that Li Kwai Chun, who is the largest shareholder of Practice Note 17 company Maxwell International Holdings Bhd, has divested 14 million shares or a 3.51% stake in the company, thus reducing her stake to 23.07%.

Li, who has been disposing her shares in the company since Aug 4, has to-date slashed her stake by more than half. Maxwell International, which is involved in the design, manufacture and sale of sports shoes, closed at 1.5 sen on Jan 11.

Elsewhere, filings with Bursa on Jan 5 and 8 reveal that FoundPac Group Bhd’s substantial shareholder Acme Sky Sdn Bhd trimmed its stake in the company to 5.99% from 7.42% following the disposal of 7.38 million shares.

FoundPac is involved in the design, development, manufacturing, marketing, and sale of precision engineering parts for semiconductor manufacturers and open-source appropriate technologies.

For its Q1 ended Sept 30, the company’s net profit grew 3.88% to RM2.33 mil from RM2.24 mil in the preceding corresponding quarter.

The profit growth was mainly contributed by the increase in revenue, coupled with higher interest income.

The counter closed at 43.5 sen, having fallen 17.92% from 53 sen a month ago.



This article first appeared in Focus Malaysia Issue 267.