KUALA LUMPUR: ConnectCounty Holdings Bhd saw the surfacing of a new substantial shareholder, ACE Credit (M) Sdn Bhd, as the latter emerged with holdings of 31 million shares representing a direct interest of 12.636%.
According to an exchange filing, the shares were acquired from the open market on Sept 15. On the same date, Ang Chuang Jay and Datuk Ng Aik Kee ceased to be substantial shareholders in the interconnect and cable solutions provider, following the disposal of a total of 31 million shares.
ACE Credit is a subsidiary of ACE Holdings Bhd, an investment holding company involved in capital management and private equity, among others. The company is led by Annie Chang as group managing director, while Tan Sri Ahmad Fuzi Abdul Razak, the former secretary-general of the ministry of foreign affairs, chairs the board.
Other notable names include former Gopeng member of parliament Tan Sri Ting Chew Peh as group advisor.
ACE Holdings is linked to Chang Choon Ming — in which he holds two million shares — whose name has recently surfaced in a few other listed companies as well.
According to a bourse filing dated Sept 13, Chang became a substantial shareholder of Technodex after acquiring 22.55 million shares from the open market, representing a 5.46% stake in the information and communications technology (ICT) services provider.
Technodex has seen its share price surge more than 40% since end-June to close at 16.5 sen yesterday. The stock hit its 52-week high of 17 sen on Aug 29.
Besides the ICT outfit, Chang also emerged as a substantial shareholder of AE Multi Holdings Bhd in August after acquiring 29.25 million shares or 10.92% in the printed circuit board and related products manufacturer.
On Sept 19, The Edge weekly wrote that Chang has already made a mark in the market with some saying he could be the “next big market mover” due to the strong gains seen in Technodex and AE Multi since his emergence.
Other notable shareholders of Ace Holdings include founder and former chairman and chief executive officer of Naza Group Syed Nasimuddin Syed Osman, and Datuk Nik Kamaruddin Ismail, currently a non-independent non-executive director of Petaling Tin Bhd and also served as chairman of FCW Holdings Bhd between 1996 and 1999.
ACE Credit’s entry into ConnectCounty has sparked some interest in the sleepy counter, which saw a lack of activity between July to September 2016 trapped in sideways trading between eight sen and 9.5 sen.
Interest in the company piqued in early September, a week prior to ACE Credit’s buy-in, with the company’s share price touching a three-month high of 13 sen on Sept 15.
Year to date, ConnectCounty’s share price has depreciated 34.29%, underperforming the FBM KLCI’s 1.36% fall during the same period.
ConnectCounty triggered The Edge Markets’ Stocks with Momentum algorithm on Sept 21, following the group’s inking of a distribution agreement with Venus Group Inc for the distribution of charging station products in the US.
The counter closed down 0.5 sen or 4.17% at 11.5 sen, giving it a market capitalisation of RM28.43 million.
This article first appeared in The Edge Financial Daily, on September 27, 2016.