KUALA LUMPUR (Jan 17): A handful of counters seemingly linked by individuals holding directorships in the companies tanked on Wednesday, namely Sarawak Consolidate Industries Bhd (SCIB), Artroniq Bhd, APB Resources Bhd and Globetronics Technology Bhd, which succumbed to heavy selling pressure.

They were among the top losers on Bursa Malaysia.

APB Resources was the third-largest loser (by value) on Bursa Malaysia after it plummeted as much as 27.71% or 69 sen to RM1.80 before easing to a seven month-low of RM2.05 for a loss of 18.07% or 44 sen.

Involved in the fabrication of process equipment for the oleo-chemical, oil and gas, energy and petrochemical industries, the company's market capitalisation is RM231 million at the closing price.

Point-of-sales solutions provider Artroniq Bhd was the fifth biggest loser for the day after nosediving to an intraday low of 49.5 sen — its lowest since Oct 2022 — for a loss of 37.74% or 30 sen. At 49.5 sen, the stock is valued at RM202 million.

Artroniq received an unusual market activity (UMA) query from Bursa Malaysia on Wednesday, to which the company said it was not aware of any reason behind the activity. However, Artroniq and its subsidiaries are "continuously on the lookout for opportunities to strengthen its financial position," it said in a filing.

Civil engineering specialist SCIB was the day’s ninth-largest loser, plummeting as much as 35.93% or 30 sen to a limit down of 53.5 sen, valuing the company at RM343 million. It was the second straight day of limit down for SCIB, erasing all gains recorded over the last three months.

SCIB was slapped with an UMA query by Bursa Malaysia on Tuesday. In response to that, the company said it is in talks with the Sarawak state government over a potential land acquisition to expand its production capacity.

Semiconductor stock Globetronics was also among the top losers as its share price dropped 19 sen or 11.31% to RM1.49, after falling to a low of RM1.47 earlier. At RM1.49, Globetronics' market capitalisation is RM1 billion.

Market watchers were at a loss to explain the erratic performance of the companies but observed that individuals Kee Wui Hong, Ku Chong Hong and Kang Wei Luen hold director positions in these entities.

Ku is SCIB group managing director and chief executive officer and was appointed as an independent non-executive director of APB Resources in December last year.

Kang is an independent non-executive director of SCIB, Artroniq and APB Resources while Kee is currently an independent and non-executive director of Artroniq. Kee resigned from APB Resources as an independent non-executive director on Dec 14 last year, due to personal and other commitments.

Substantial shareholder

No controlling or substantial shareholder has emerged following SCIB former chairman Datuk Mohd Abdul Karim Abdullah’s exit in June last year, when he disposed of all of his 139.67 million shares, representing a 21.81% stake, due to forced selling.

The largest shareholder of the company is Datuk Seri Huang Tiong Sii, who holds 27.01 million shares or a 4.22% stake in SCIB.

Similarly, Artroniq’s shareholding is fragmented, with no single party holding a substantial stake of at least 5%. Proven Venture Capital PLT holds a 4.188% stake, while Kenanga Investment Bank Bhd holds a 2.99% stake, according to Artroniq’s 2023 annual report.

Proven Venture is jointly owned by more than 100 limited partners consisting of high-net-worth entities and individuals.

APB Resources emerged as Globetronic’s substantial shareholder in December 2023, after it acquired a 10.41% stake in the Penang-based semiconductor manufacture, for RM140 million, cash, or RM2 per share. The other substantial shareholders of Globetronics are the Employees Provident Fund (14.08% stake) and Ooi Keng Thye (8%).

APB Resources CEO and executive director Yap Swee Sang ceased to be a substantial shareholder after disposing of five million shares, or a 4.51% stake, via Ikram Pintas Sdn Bhd, for RM11 million, or RM2.20 per share in Oct last year. He is now left with less than 1% equity interest in the company.

Interestingly, Press Metal Aluminium Holdings Bhd co-founder Datuk Koon Poh Tat emerged as APB Resources' single largest shareholder in June last year after he bought a 5.72% stake in the company.

Koon is also a substantial shareholder in PMB Technology Bhd, with a 5.33% direct stake and 0.012% indirect stake in the company. He is also executive director of PMB Technology, which is mainly involved in the design, fabrication and installation of aluminium curtain walls, cladding, skylights and façade works, as well as the fabrication and installation of aluminium system form works.

Both Press Metal and PMB Technology shares also slipped on Wednesday.

Press Metal dropped 15 sen or 3% to RM4.85, giving the company a market capitalisation of RM39.96 billion.

PMB Technology also fell 11 sen or 3.69% to RM2.87, for a market value of RM4.6 billion.

Over the past one year, Press Metal has fallen 9%, while PMB Tech has depreciated 31%.

On the local bourse, over 800 counters were in the red on continued profit-taking activity after the FBM KLCI hit an almost 18-month high of 1,501.01 points on Monday.

On Wednesday, the FBM KLCI eased 2.66 points to 1,491.21 from Tuesday's close of 1,493.87. The broader market was weak with only 265 gainers, as 385 counters remained unchanged.