Malaysia Dealbook: OSKVI trims stake, Kinsteel disposes RCULS, Takaso off-market trade, Sunsuria rights issue

OSKVI, the venture capital and investment unit of the OSK Group.

Corporate Malaysia saw a flurry of disposals and divestments over the festive season early this week, with the likes of OSK Ventures International (OSKVI) reducing stake in an Internet company while the steel company Kinsteel gained  MYR3.72 million from a loan stocks disposal.

Meanwhile, about 10 per cent of Takaso’s shares were traded off market by unknown parties and Sunsuria’s rights issue received strong response with an over-subscription of 14 per cent.

OSKVI continues trimming stake in mTouche

OSK Ventures International Bhd (OSKVI) has continued paring down its stake in ACE Market-listed cybersecurity company mTouche Technology Bhd.

According to mTouche’s filing with Bursa Malaysia, OSK Ventures, through its wholly-owned subsidiary OSK Capital Sdn Bhd, sold off 531,000 mTouche shares, representing a 0.25 per cent stake, on July 13, 2015.

From March this year, OSK has disposed of 4.48 million mTouche shares, representing a 2.08 per cent stake in the company. Its total shareholding in the company now remains at 42.57 million shares, or a 19.76 per cent indirect stake.

mTouche’s share price, which has been on the downtrend since March, touched a one-year low of MYR0.13 on July 10. The counter closed at that MYR0.13 low again yesterday.

In the past one year, the cybersecurity and Internet-related mobile applications developer has fallen some 44.68 per cent.

Kinsteel disposes 13% of Perwaja RCULS

Kinsteel Bhd has disposed of 13.29 per cent of the total issued seven-year 7 per cent coupon redeemable convertible unsecured loan stocks (RCULS) of Perwaja Holding Bhd to non–related parties for MYR9.3 million cash.

In a filing with Bursa Malaysia on Monday, Kinsteel said it had disposed of a total of 37.2 million units of Perwaja RCULS on three separate occasions, on July 8, 14 and 16, 2015.

It said the disposal enables the group to realise a gain of MYR3.72 million based on the net carrying value of Kinsteel’s investment in Perwaja RCULS as on March 31, 2015 of MYR31.5 million, and raise funds for its working capital.

Kinsteel closed trading yesterday at MYR0.17, 2.94 per cent lower, giving it a market capitalisation of MYR178.4 million.

Takaso sees almost 10% stake traded off market

Takaso Resources Bhd has seen 19.96 million of its shares, representing a 9.77 per cent stake in the company traded off-market today for MYR7.6 million.

Bloomberg data showed that the shares were moved in six blocks comprising one block of 13.96 million shares at MYR0.33 each, and five blocks of 6 million shares in all at MYR0.50 apiece, which totaled MYR7.6 million.

It is not immediately known who the buyers and sellers of the shares were.

Last month, Takaso entered into a conditional joint venture agreement with SSPP Development Sdn Bhd for a proposed mixed development on a parcel of land in Bandar Kuantan, Pahang.

The baby products and condom maker also has interests in construction and property development.

Takaso’s latest share price is MYR0.47, giving it a market capitalisation of MYR96.02 million.

Sunsuria’s rights issue over-subscribed by 14%

Property developer Sunsuria Bhd announced a 14.05 per cent over-subscription of its rights issue, targeted to raise MYR433.49 million.

Sunsuria offered a total of 475.08 million new shares in Sunsuria at MYR0.80 per rights share, on the basis of three new shares for every share held, together with 158.36 million free warrants on the basis of one warrant for every three rights shares subscribed.

In a filing with Bursa Malaysia, Sunsuria said that as at the close of acceptance on July 10, it had received applications for 541.86 million shares, together with 180.62 million warrants representing an over-subscription of 14.05 per cent.

It added that the over-subscription money received, totalling MYR53.42 million, will be refunded.

The rights shares and warrants are expected to be listed on the Main Market of Bursa Malaysia on July 27.

Also read:

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.