Bursa Malaysia filings show stake changes at Pavilion REIT, Talam Transform, Sunway Healthcare and Maybank

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Ownership changes on Bursa Malaysia

Highlights

KWAP reduced its direct stake in Pavilion REIT to 140.94 million units or 3.59% after selling 7.04 million units on 24 Sept, while EPF raised its holding to 495.6 million units or 12.61% with purchases on 24–25 Sept.
EPF increased its stake in Sunway Healthcare Holdings to 922.03 million shares or 8.014% as GIC's Greenwood Capital Partners sold over 575 million shares at RM2.08 each, totaling above RM1 billion on 22 Sept.
PNB raised its direct stake in Maybank to 777 million shares or 6.42% after buying 7.5 million shares on 22 Sept, while Maybank's share price closed at RM9.95, down 5.06% year-to-date.

This article was translated from the original. Read the original version by our correspondent here.

Transaction details and holding changes

The Edge Malaysia reported that KWAP sold 7.04 million units of Pavilion Real Estate Investment Trust on 24 Sept, reducing its direct holding to 140.94 million units or 3.59%, while it is still deemed to have an interest in another 50.1 million units or 1.27%. Based on earlier exchange filings, KWAP last purchased Pavilion REIT on 8 June to increase its total holding to 222.16 million units or 5.66%, before disposing of nearly 31.1 million units over 16 weeks and falling to 4.86%, below the 5% threshold for substantial unitholders.

The Employees Provident Fund, EPF, likely purchased the Pavilion REIT units sold by KWAP on 24 Sept, as well as additional units. Filings show that an EPF portfolio manager acquired 7.32 million units, increasing its direct holding to 493.4 million units or 12.5%, before adding another 2.28 million units on 25 Sept to reach 495.6 million units or 12.61%.

At Talam Transform Bhd, Ong Mua Khee emerged as a substantial shareholder with 118.19 million shares or 9.09% on 23 Sept following a private placement at seven sen per share, with a total value of RM8.27 million. He appeared to be the sole subscriber for the entire issuance, which was priced at a discount of 0.51 sen or 6.79% to the five-day volume-weighted average price up to 14 Sept.

For Sunway Healthcare Holdings Bhd, filings show that EPF purchased at least 139.05 million shares on 22 Sept, increasing its holding to 922.03 million shares or 8.014%. This followed reports that Greenwood Capital Partners Pte Ltd, owned by Singapore sovereign wealth fund GIC Pte Ltd, sold more than 575 million shares, or nearly a 5% interest, for over RM1 billion or RM2.08 per share on 22 Sept.

Implications for institutional investors and the market

The Sunway Healthcare block sale price was near the lower end of the RM2.07 to RM2.10 range marketed to investors and represented a 9% discount to the closing price on 21 Sept. At last Thursday's close, Sunway Healthcare was valued at RM23.8 billion based on a price of RM2.07 per share, up 42.8% from RM1.45 before its listing on 18 March, but 12.7% below its recent high of RM2.37 on 27 March.

For Malayan Banking Bhd, filings during the review week showed that EPF and Amanahraya Trustees Bhd for Amanah Saham Bumiputera, ASB, were among the share sellers, while KWAP and Permodalan Nasional Bhd, PNB, were buyers. On 22 Sept, PNB bought 7.5 million Maybank shares, while on the same day EPF sold 10 million shares and ASB sold 8.92 million shares, raising PNB's direct holding to 777 million shares or 6.42%.

ASB, which also sold 1.08 million shares on 21 Sept, still held 3.43 billion shares or a 28.37% interest in Maybank after the disposals. EPF, after selling 3.89 million shares earlier on 21 Sept, subsequently repurchased 178,300 shares on 25 Sept, increasing its direct holding to 1.46 billion shares or 12.05%, while KWAP bought about 2.44 million shares between 21 and 25 Sept, except on 22 Sept, to raise its holding to 5.12%, with 4.71% held directly.

At last Thursday's close, Maybank shares stood at RM9.95, valuing the bank at RM120.35 billion. This represented a decline of 53 sen or 5.06% since the start of the year, and was 14.8% below its 52-week high of RM11.68 recorded on 24 Feb.

Weekly fund flows on Bursa Malaysia that we previously reported showed that local institutions continued net buying for the third consecutive week, with additional support from retail investors. Over the same period, foreign institutions remained net sellers, while sector flows showed foreign interest concentrated in technology and more pronounced selling pressure in financial services.

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