Incken ... Apr10

About 52.16 million shares or almost 12.4% of plantation counter Inch Kenneth Kajang Rubber plc were crossed in two large off-market trades. The shares were done at 37 sen apiece or a total of RM19.29 million.

Inch Kenneth’s largest shareholder is publicly traded Concrete Engineering Products Bhd (Cepco), which has about 55 million shares or 13.08% equity interest in the company. Other substantial shareholders are Hamptons Property Sdn Bhd, which controls 11.72% or 49.33 million shares, FA Securities Sdn Bhd (7.05% or 29.67 million shares), and Euston Technologies Sdn Bhd (5.36% or 22.56 million shares).

Considering the shareholding structure, the sale of the two blocks of shares could be by Cepco, Hamptons Property, or a combination of FA Securities and Euston Technologies.

Inch Kenneth and Cepco have cross shareholding, with Inch Kenneth controlling 20.16% in Cepco. The two companies were also related to FA Peninsula Bhd, which was delisted in 2007 due to its ailing financials.

According to the Companies Commission of Malaysia, Nazrul Amin Hassan and Nurul Akmal Jamaludin equally own Hamptons Property. The company’s directors are Ramzi Hassan and Muhammad Fahmi Hassan.

FA Securities is 51% controlled by FA Peninsula and 49% by Che Muhamad Fasir Samsudin. The company’s directors are Ismail Nik Man, Rosni Ab Malik, Isa Mustapha and Che Muhamad Fasir.

Euston Technologies is equally controlled by Yasmin Hassan and Norime Nafi, while its directors are Madihah Hassan and Norhusniyati Husin.

According to Inch Kenneth’s annual report for FY08, there are other shareholders such as Lu Pat Sdn Bhd, which controls about 7.4 million shares or 1.77%. Lu Pat owns a quarter of the equity in developer Eng Lian Enterprise Sdn Bhd.
The directors of both Cepco and Inch Kenneth do not have any substantial shareholding in the companies.

For the year ended December 2009, Inch Kenneth posted a net profit of RM362,000 on RM17.66 million revenue.