KUCHING: Sarawak Consolidated Industries Bhd (SCIB) chairman Tan Sri Hamid Bugo has raised his stake in the company close to 13.53 million shares or 18.38% following a series of acquisition by his son Rewi.
Rewi purchased 993,100 shares priced between 72.6sen and 76.3sen each in the open market between July 8 and 18, filings with Bursa Malaysia shown.
As at July 23, Hamid has direct holding of 3.25 million shares (4.42%) and indirect holding of 10.27 million shares (13.96%) in SCIB, which owns three manufacturing plants here that produce precast concrete products, industrialised building system (IBS) components as well as concrete roofing tiles.
SCIB’s single largest shareholder is Datuk Zainal Abidin Ahmad who had 15.94 million shares or 19.19% as at April 28,2014, according to the company annual report.
Sarawak Economic Development Corporation (SEDC) is the third largest shareholder, owning 6.48 million shares or 8.81%.
SCIB rose to 78.5sen two weeks ago, the highest level in nearly three years. Over a 52-week period, the stock traded at a low of 40.5sen.
The group has invested substantially to expand its manufacturing facilities to raise production capacity.
Last year, it spent RM2mil to upgrade and expand the IBS plant while some RM5mil are being invested in two production lines for concrete spun piles this year.
The new lines, according to Hamid, would be commissioned by next month which would increase annual production capacity by 40,000 tonnes to 100,000 tonnes per annum.
SCIB group has some RM43mil worth of on-going contracts, including RM12mil for the supply of foundation and spun pipes as well as IBS components for the Petra Jaya hospital project currently under implementation.
The group has bid for several new contracts, including to supply concrete foundation piles for the Bintulu-Kuching power transmission line and power substation projects undertaken by Sarawak Energy Bhd.
Meanwhile, Assar Industri Sdn Bhd, the second single largest shareholder of Weida (M) Bhd, has aggressively sold down its equity interest in the company in the past three weeks.
A member of the Assar Group, Assar Industri had disposed of more than 4.3 million Weida shares, reducing its stake in the company to seven million shares or 5.52% from 11.33 million units or 6.27% as at July 25,2013.
The latest disposal of 450,000 shares was on July 22, according to filings with Bursa Malaysia..
Over a 52-week period, Weida rose to its highest level of RM1.90 against the low of RM1.37. The stock is currenccy trading around the RM1.85 level.
Assar Industri shares are held by Assar Asset Management Sdn Bhd, which is involved in the provision of portfolio management services.
The group owns Amanah Saham Sarawak Bhd, which manages Sarawak’s sole unit trust fund.
In a separate announcement, Weida has recommended a first and final single tier dividend of 3sen per share for financial year ended March 31,2014 for approval of its shareholders at the forthcoming annual general meeting.
Weida has recently acquired a 51% equity interest in a dormant company - Vista Cape Sdn Bhd — whose intended principal activity is to provide consultancy services.
The group, which has several manufacturing plants for polyethylene-based building materials, has recently diversified into property development, with the launch of its maiden high-rise residential development — Urbana Residences — in Ara Damansara, Petaling Jaya, Selangor.
The project with a gross development value (GDV) of RM231mil, will have 356 serviced apartment units in a 15-storey block when completed.
Weida plans to launch a high-rise condominium project with GDV of RM330mil in Mont Kiara, an affuent township northwest of Kuala Lumpur, in the second half of this year.