CepatWawasan Group Bhd shares hit a new high of RM2.47 yesterday but succumbed to profit-taking later in the day to close nine sen lower at RM2.18. But even at that level, the price of the stock was 269% higher than the 59 sen it touched exactly a year ago.
The second board Sandakan based plantation group, which has been attracting speculative buying interest over the past few months, was the most actively traded counter yesterday, with 18.54 million shares changing hands.
One dealer contacted by StarBiz said: “With the current lacklustre market, what else can market players do other than look at speculative stocks like Cepatwawasan.”
He said recent talk of a boardroom tussle at Cepatwawasan had sparked interest in the counter.
Filings from Jan 15 to 19 showed that some of the company's substantial shareholders had sold a total of 69.47 million Cepatwawasan shares. A Jan 19 filing showed that managing director Datuk Lo Fui Ming had disposed of 21.07 million shares from Jan 13 to 15, and had subsequently ceased to be a substantial shareholder.
Former director Ho Hee Chung has also ceased to be a substantial shareholder, after having sold 25.22 million shares in the company between Jan 9 and 15. Another former director, Tan Kum Peng, still holds 2.18 million shares after having disposed of 5.77 million shares on Jan 12 and 14.
Cepatwawasan's former chairman, Seah Tee Lean, has also disposed of 7.77 million shares while director Ouh Mee Lan sold 6.87 million shares. Lim Ted Hing and Tsen Thau Tet sold 1.26 million and 1.5 million shares respectively, on Jan 13 and 15.
Another dealer said despite the underweight outlook on the plantation sector, Cepatwawasan seemed to be an attractive play in view of the bullish crude palm oil (CPO) prices.
As at March 31, 2002, the group had 6,744.79 hectares of plantation land, of which 5,135.70ha is planted with oil palm. It sells its CPO and palm kernel to local refineries in Sabah.