Showing posts with label insider action. Show all posts
Showing posts with label insider action. Show all posts

Sunday 1 January 2023

Insider Buying and Management Stock Options Can Signal Opportunity

Only one reason for insider buying

In their search for complete information on businesses, investors often overlook one very important clue. In most instances no one understands a business and its prospects better than the management. 

Therefore investors should be encouraged when corporate insiders invest their own money alongside that of shareholders by purchasing stock in the open market. 

It is often said on Wall Street that there are many reasons why an insider might sell a stock (need for cash to pay taxes, expenses, etc.), but there is only one reason for buying. 

Investors can track insider buying and selling in any of several specialized publications, such as Vickers Stock Research. 


Management stock-options provide the specific incentive to boost the company's share price

The motivation of corporate management can be a very important force in determining the outcome of an investment. 

Some companies provide incentives for their managements with stock-option plans and related vehicles. 

Usually these plans give management the specific incentive to do what they can to boost the company’s share price. 


Be alert to the motivations of managements at the companies

While management does not control a company’s stock price, it can greatly influence the gap between share price and underlying value and over time can have a significant influence on value itself. 

If the management of a company were compensated based on revenues, total assets, or even net income, it might ignore share price while focusing on those indicators of corporate performance

If, however, management were provided incentives to maximize share price, it would focus its attention differently. 

  • For example, the management of a company whose stock sold at $25 with an underlying value of $50 could almost certainly boost the market price by announcing a spinoff, recapitalization, or asset sale, with the result of narrowing the gap between share price and underlying value. 
  • The repurchase of shares on the open market at $25 would likely give a boost to the share price as well as causing the underlying value of remaining shares to increase above $50. 


Obviously investors need to be alert to the motivations of managements at the companies in which they invest.

Sunday 12 January 2020

Insider Buying and Management Stock Options Can Signal Opportunity

In their search for complete information on businesses, investors often overlook one very important clue. In most instances no one understands a business and its prospects better than the management. Therefore investors should be encouraged when corporate insiders invest their own money alongside that of shareholders by purchasing stock in the open market.

It is often said on Wall Street that there are many reasons why an insider might sell a stock (need for cash to pay taxes, expenses, etc.), but there is only one reason for buying. 

Investors can track insider buying and selling in any of several specialized publications, such as Vickers Stock Research.

The motivation of corporate management can be a very important force in determining the outcome of an investment. 

  • Some companies provide incentives for their managements with stock-option plans and related vehicles.  Usually these plans give management the specific incentive to do what they can to boost the company's share price. 
  • While management does not control a company's stock price, it can greatly influence the gap between share price and underlying value and over time can have a significant influence on value itself. 
  • If the management of a company were compensated based on revenues, total assets, or even net income, it might ignore share price while focusing on those indicators of corporate performance.
  • If, however, management were provided incentives to maximize share price, it would focus its attention differently. 



For example, the management of a company whose stock sold at $25 with an underlying value of $50 could almost certainly boost the market price by announcing a spinoff, recapitalization, or asset sale, with the result of narrowing the gap between share price and underlying value. The repurchase of shares on the open market at $25 would likely give a boost to the share price as well as causing the underlying value of remaining shares to increase above $50.

Obviously investors need to be alert to the motivations of managements at the companies in which they invest.

Friday 30 January 2015

Financial Efficiency - Is the stockholders' money (capital) working in forms most suitable to their interest.

Concept of Financial Efficiency

A company's management may run the business well and yet not give the outside stockholders the right results for them, because its efficiency is confined to operations and does not extend to the best use of the capital.

The objective of efficient operation is to produce at low cost and to find the most profitable articles to sell.

Efficient finance requires that the stockholders' money be working in forms most suitable to their interest.  

This is a question in which management, as such, has little interest.


$$$$$


Actually, it almost always wants as much capital from the owners as it can possibly get, in order to minimize its own financial problems.

Thus the typical management will operate with more capital than is necessary, if the stockholders permit it - which they often do.

It is not to be expected that public owners of a large business will strive as hard to get the maximum use and profit from their capital as will a young and energetic entrepreneur.

We are not offering any counsels of perfection or suggesting that stockholders should make exacting demands upon their superintendents.

We do suggest, however, that failure of the existing capital to earn enough to support its full value in the marketplace is sufficient justification for a critical spirit on the part of the stockholders.

Their inquiry should then extend to the question of whether the amount of capital used is suited to the results and to the reasonable needs of the business.


$$$$$


For the controlling stockholders, the retention of excessive capital is not a detriment, especially since they have the power to draw it out when they wish.

As pointed out above, this is one of the major factors that give insiders important and unwarranted benefits over outsiders.

If the ordinary public stockholders hold a majority of the stock, they have the power - buy use of their votes - to enforce appropriate standards of capital efficiency in their own interest.

To bring this about they will need more knowledge and gumption than they now exhibit.

Where the insiders have sufficient stock to constitute effective voting control, the outside stockholders have no power even if they do have the urge to protect themselves.

To meet this fairly frequent situations there is need, we believe, for a further development of the existing body of law defining the trusteeship responsibilities of those in control of a business toward those owners who are without an effective voice in its affairs.


Benjamin Graham
The Intelligent Investor

Thursday 13 March 2014

Securities Commission Malaysia - 82pc offences involve insider trading, mart manipulation

13 March 2014

82pc offences involve insider trading, mart manipulation

KUALA LUMPUR: The Securities Commission Malaysia (SC) said 82 per cent of its 56 active investigations involved suspected insider trading and market manipulation offences.

The rest of the investigation cases comprised of securities fraud, intermediaries misconduct, unlicensed activities and matters of corporate governance.
A total of 16 referrals were received from sources like market surveillance and investor affairs and complaints departments and other regulatory bodies.
SC said a majority of the whistle-blowing cases - 75 per cent - were attributed to suspicious trading activities like market manipulation and insider trading.
Breaches in corporate governance practices and illegal conduct of regulated activities also figured in the referrals that the SC received, it said in its 2013 annual report released yesterday.
The SC's various enforcement measures in 2013 had resulted in 34 criminal charges filed against six individuals and five against directors in public-listed companies, for offences relating to false financial reporting.
It also filed a civil suit in the High Court against a former licensed asset management company to claim RM13.3 million for losses caused to 63 investors. Regulatory settlements from this case amounted to over RM2.7 million, with steps taken to provide restitution to impacted investors.
The body also imposed four administrative sanctions on licensed intermediaries and as a bond trustee for their failure to comply with regulatory obligations.
A total of RM1.35 million in penalties were collected through such actions and 70 infringement notices were issued for other various breaches of securities laws and guidelines.
The SC used its investigation powers to obtain evidence from various sources like professional companies, financial institutions, public-listed and private companies, regulated entities, investors and various individuals. Oral evidence was gathered as formal recordings of statements from witnesses.
Last year, 246 witnesses' statements were recorded and these individuals comprised of professionals, advisers, company directors, senior management teams from listed companies as well as licensed persons.
As the trend in cross-border transactions is becoming common in many of the SC's investigations, the SC continues to cooperate with its foreign supervisory counterparts through the IOSCO's multilateral memoranda of understanding on consultation and co-operation and exchange of information.
In this regard, the SC made 24 requests to seek assistance from seven foreign jurisdiction to obtain evidence. The places include China, Hong Kong, British Virgin Islands, Singapore, Switzerland, United Kingdom and the United States.
On the other hand, the SC received 11 requests for assistance from foreign supervisory authorities of seven jurisdictions.

http://www.nst.com.my/business/nation/82pc-offences-involve-insider-trading-mart-manipulation-1.509938

Wednesday 5 March 2014

Use the News - Maria Bartiromo




Use the News
Maria Bartiromo - The first person to report live from the NYSE.

@ 52.40  Jim Cramer
@ 53.40  Day Trading, its not investing.
@ 1.13.00  Sources of business news.

How to make money from the stock market:  Wall Street Insiders' Investment Secrets (2001)


Monday 9 September 2013

Insiders buying more of their own stock is a bullish signal

There are thousands of reasons for insiders to sell stock, but there's only one reason they'll buy:  They think the stock is going to go up.

After all, insiders know more about their company than outside investors ever could.  If they're buying, there's probably a pretty good reason for it.

Past studies bear this reasoning out.  They show that insider-buying is a bullish signal at both the company-specific and macro-market levels.

Wednesday 22 May 2013

Insiders Selling to lock in their gains during this bull market.

Date Announced  22-May-13  
Changes in Share Holdings
Company Shrs Acquired/ Director/Substantial Shareholder Shrs held
(Disposed) after Changed
ALLIANCE FINANCIAL GROUP BERHAD AFG (909,000)   Employees Provident Fund Board 190,793,140  
81,000  
ALLIANCE FINANCIAL GROUP BERHAD AFG (24,400)   Mitsubishi UFJ Financial Group, Inc ("MUFG") 80,532,807  
ALLIANCE FINANCIAL GROUP BERHAD AFG (3,400)   Mitsubishi UFJ Financial Group, Inc ("MUFG") 80,529,407  
ALLIANCE FINANCIAL GROUP BERHAD AFG (300,000)   Employees Provident Fund Board 191,111,240  
618,100  
ALLIANCE FINANCIAL GROUP BERHAD AFG 2,900   Mitsubishi UFJ Financial Group, Inc ("MUFG") 80,532,307  
AIRASIA BERHAD   AIRASIA 4,000,000   Employees Provident Fund Board 231,549,000  
MALAYSIA AIRPORTS HOLDINGS BERHAD AIRPORT (7,700)   Employees Provident Fund Board 135,171,520  
AL-`AQAR HEALTHCARE REIT ALAQAR 1,311,400   Lembaga Tabung Haji 57,761,356  
AMMB HOLDINGS BERHAD AMBANK (81,100)   Employees Provident Fund Board 331,972,457  
2,928,900  
BENALEC HOLDINGS BERHAD   BENALEC (2,782,000)   Kumpulan Wang Persaraan (Diperbadankan) 53,064,600  
BIMB HOLDINGS BERHAD BIMB 659,000   Employees Provident Fund Board 97,370,700  
BINTULU PORT HOLDINGS BERHAD BIPORT (293,900)   KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 38,792,300  
BOILERMECH HOLDINGS BERHAD (ACE Market)  BOILERM (668,800)   Leong Yew Cheong 38,877,412  
BURSA MALAYSIA BERHAD BURSA (5,800)   Mitsubishi UFJ Financial Group, Inc. ("MUFG") 27,869,258  
42,400  
CIMB GROUP HOLDINGS BERHAD CIMB (1,354,400)   Employees Provident Fund Board 877,827,032  
1,186,000  
CIMB GROUP HOLDINGS BERHAD CIMB (433,900)   Mitsubishi UFJ Financial Group Inc (MUFG) 794,785,177  
CAPITAMALLS MALAYSIA TRUST CMMT (750,000)   Employees Provident Fund Board 165,943,600  
DIALOG GROUP BERHAD DIALOG 2,500,000   Employees Provident Fund Board 372,190,035  
DIGI.COM BERHAD DIGI (1,014,600)   Employees Provident Fund Board 1,201,738,740  
DOLOMITE CORPORATION BERHAD   DOLMITE 278,970   HUANG JEN SOONG 9,074,073  
DRB-HICOM BERHAD DRBHCOM 500,000   EMPLOYEES PROVIDENT FUND BOARD 146,287,600  
EASTERN & ORIENTAL BERHAD E&O 311,600   CIMB COMMERCE TRUSTEE BERHAD 59,504,000  
EASTERN & ORIENTAL BERHAD E&O 8,351,900   CIMB COMMERCE TRUSTEE BERHAD 67,855,900  
FELDA GLOBAL VENTURES HOLDINGS BERHAD   FGV 342,000   EMPLOYEES PROVIDENT FUND BOARD 299,986,370  
FELDA GLOBAL VENTURES HOLDINGS BERHAD   FGV (105,000)   KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 253,079,800  
GENTING PLANTATIONS BERHAD GENP (5,000)   KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 46,545,700  
GENTING PLANTATIONS BERHAD GENP (200,000)   EMPLOYEES PROVIDENT FUND BOARD 116,458,200  
HAP SENG CONSOLIDATED BERHAD   HAPSENG (8,935,100)   Gek Poh (Holdings) Sdn Bhd 1,272,992,880  
HAP SENG CONSOLIDATED BERHAD   HAPSENG (8,935,100)   Hap Seng Insurance Services Sdn Bhd ["HSIS"] 108,481,780  
HONG LEONG BANK BERHAD HLBANK 80,000   Employees Provident Fund Board 260,375,772  
HOCK SENG LEE BERHAD HSL 263,400   Employees Provident Fund Board 56,128,560  
HAP SENG PLANTATIONS HOLDINGS BERHAD HSPLANT (2,916,000)   Gek Poh (Holdings) Sdn Bhd 424,240,000  
HAP SENG PLANTATIONS HOLDINGS BERHAD HSPLANT (2,916,000)   Hap Seng Consolidated Berhad 424,240,000  
ICAPITAL.BIZ BERHAD ICAP 129,200   City of London Investment Management Company Ltd 12,781,900  
IGB CORPORATION BERHAD IGB (175,100)   Employees Provident Fund Board (EPF) 92,544,122  
193,400  
IHH HEALTHCARE BERHAD IHH 1,043,900   Employees Provident Fund Board 530,355,000  
IJM CORPORATION BERHAD IJM (123,300)   Kumpulan Wang Persaraan (Diperbadankan) 102,766,280  
200,000  
IJM CORPORATION BERHAD IJM (500,000)   Employees Provident Fund Board 154,793,489  
100,000  
IJM LAND BERHAD   IJMLAND (174,200)   Employees Provident Fund Board 75,870,300  
KUALA LUMPUR KEPONG BERHAD   KLK 31,500   Employees Provident Fund Board 162,743,138  
MAH SING GROUP BERHAD   MAHSING 175,000   Employees Provident Fund Board ("EPF") 103,001,960  
MAH SING GROUP BERHAD   MAHSING (3,000,000)   Kumpulan Wang Persaraan (Diperbadankan) 57,173,866  
MAH SING GROUP BERHAD   MAHSING (3,100,000)   Kumpulan Wang Persaraan (Diperbadankan) -
MAXIS BERHAD MAXIS 2,019,000   Employees Provident Fund Board ("EPF Board") 478,710,400  
MALAYAN BANKING BERHAD   MAYBANK (5,698,000)   EMPLOYEES PROVIDENT FUND BOARD 874,025,124  
MBM RESOURCES BHD MBMR (500,000)   EMPLOYEES PROVIDENT FUND BOARD 58,401,891  
170,000  
MICROLINK SOLUTIONS BERHAD (ACE Market) MICROLN 3,000   Insas Berhad 7,852,400  
MICROLINK SOLUTIONS BERHAD (ACE Market) MICROLN 3,000   Insas Plaza Sdn Bhd 7,852,400  
MISC BERHAD MISC (34,300)   Employees Provident Fund Board 426,309,958  
MISC BERHAD MISC (811,700)   Employees Provident Fund Board 426,442,158  
MISC BERHAD MISC (97,900)   Employees Provident Fund Board 426,344,258  
MK LAND HOLDINGS BERHAD   MKLAND (8,700,000)   KASI A/L K L PALANIAPPAN 268,134,415  
MNRB HOLDINGS BERHAD MNRB (255,200)   AMANAHRAYA TRUSTEES BERHAD - SKIM AMANAH SAHAM BUMIPUTERA 101,423,000  
METRONIC GLOBAL BERHAD   MTRONIC (8,000,000)   Ling Yew Kong 37,355,000  
NESTLE (MALAYSIA) BERHAD NESTLE (32,200)   Employees Provident Fund Board 23,404,200  
NESTLE (MALAYSIA) BERHAD NESTLE (1,200)   Employees Provident Fund Board 23,403,000  
NESTLE (MALAYSIA) BERHAD NESTLE (5,000)   Employees Provident Fund Board 23,398,000  
NYLEX (MALAYSIA) BERHAD NYLEX 227,800   Pacific & Orient Berhad 85,356,388  
NYLEX (MALAYSIA) BERHAD NYLEX 227,800   Chan Thye Seng 85,356,388  
NYLEX (MALAYSIA) BERHAD NYLEX 227,800   Mah Wing Holdings Sdn Bhd 85,356,388  
NYLEX (MALAYSIA) BERHAD NYLEX 227,800   Mah Wing Investments Limited 85,356,388  
ORIENTAL HOLDINGS BERHAD ORIENT 2,100   Aberdeen International Fund Managers Limited 46,725,100  
ORIENTAL HOLDINGS BERHAD ORIENT 36,100   Aberdeen International Fund Managers Limited 46,761,200  
ORIENTAL HOLDINGS BERHAD ORIENT 2,100   Aberdeen Asset Management Asia Limited 54,222,700  
ORIENTAL HOLDINGS BERHAD ORIENT 36,100   Aberdeen Asset Management Asia Limited 54,258,800  
ORIENTAL HOLDINGS BERHAD ORIENT 2,100   Aberdeen Asset Management PLC and its subsidiaries 66,145,200  
ORIENTAL HOLDINGS BERHAD ORIENT 36,100   Aberdeen Asset Management PLC and its subsidiaries 66,181,300  
PANASONIC MANUFACTURING MALAYSIA BERHAD PANAMY 2,000   Mitsubishi UFJ Financial Group,Inc ("MUFG") 6,073,000  
PANASONIC MANUFACTURING MALAYSIA BERHAD PANAMY 700   Aberdeen Asset Management PLC and its subsidiaries 8,731,800  
PANASONIC MANUFACTURING MALAYSIA BERHAD PANAMY 2,000   Aberdeen Asset Management PLC and its subsidiaries 8,733,800  
PANTECH GROUP HOLDINGS BERHAD   PANTECH (1,200,000)   GL MANAGEMENT AGENCY SDN BHD 79,895,960  
PANTECH GROUP HOLDINGS BERHAD   PANTECH (1,200,000)   DATO’’ GOH TEOH KEAN 79,895,960  
PANTECH GROUP HOLDINGS BERHAD   PANTECH (1,200,000)   DATIN LEE SOCK KEE 79,895,960  
PARKSON HOLDINGS BERHAD   PARKSON (559,300)   Kumpulan Wang Persaraan (Diperbadankan) ("KWAP") 55,968,954  
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   Guoco Group Limited -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   GuoLine Overseas Limited -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   GuoLine Capital Assets Limited -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   Hong Leong Company (Malaysia) Berhad -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   HL Holdings Sdn. Bhd. -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   Tan Sri Quek Leng Chan -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   GLL (Malaysia) Pte. Ltd. -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   Pembinaan Sri Jati Sdn. Berhad -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   Bedford Development Sdn. Bhd. -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   GuocoLand Limited -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   GuocoLand Assets Pte. Ltd. -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   Hong Realty (Private) Limited -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   Hong Leong Investment Holdings Pte. Ltd. -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   Kwek Holdings Pte. Ltd. -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   Kwek Leng Beng -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   Davos Investment Holdings Private Limited -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   Kwek Leng Kee -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   Quek Leng Chye -
PASDEC HOLDINGS BERHAD PASDEC (1,750,200)   GuocoLand (Malaysia) Berhad -
PUBLIC BANK BERHAD PBBANK (1,925,900)   Employees Provident Fund Board 461,040,381  
130,000  
PETRONAS CHEMICALS GROUP BERHAD   PCHEM 950,000   Employees Provident Fund Board 1,012,690,800  
PETRA ENERGY BERHAD PENERGY (1,241,000)   Lembaga Tabung Haji 22,299,412  
PERISAI PETROLEUM TEKNOLOGI BHD PERISAI (2,005,200)   EMPLOYEES PROVIDENT FUND BOARD 61,793,000  
PERISAI PETROLEUM TEKNOLOGI BHD PERISAI 1,600,000   EMPLOYEES PROVIDENT FUND BOARD 63,393,000  
PETRONAS DAGANGAN BHD PETDAG (80,000)   Employees Provident Fund Board 73,440,900  
PETRONAS DAGANGAN BHD PETDAG 41,900   Employees Provident Fund Board 73,482,800  
PETRONAS GAS BERHAD PETGAS (44,000)   EMPLOYEES PROVIDENT FUND BOARD 266,966,400  
222,000  
PETRONAS GAS BERHAD PETGAS (150,900)   KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 104,779,600  
36,900  
POS MALAYSIA BERHAD POS (300,000)   Employees Provident Fund Board 41,467,800  
PRICEWORTH INTERNATIONAL BERHAD   PWORTH (4,500,000)   Lee Kian Vui 9,648,150  
SIME DARBY BERHAD SIME (454,400)   Employees Provident Fund Board 809,389,455  
1,249,800  
SAPURAKENCANA PETROLEUM BERHAD SKPETRO (816,400)   Employees Provident Fund Board 679,584,689  
1,150,000  
SKP RESOURCES BHD SKPRES (9,000,000)   DATO’’ GAN KIM HUAT 525,424,291  
SKP RESOURCES BHD SKPRES (9,000,000)   RENOWN MILLION SDN BHD 175,246,075  
S P SETIA BERHAD SPSETIA 200,000   KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 129,158,850  
S P SETIA BERHAD SPSETIA 1,850,000   Employees Provident Fund Board 128,666,230  
S P SETIA BERHAD SPSETIA (671,200)   Mitsubishi UFJ Financial Group, Inc ("MUFG") 133,161,400  
SUNWAY REAL ESTATE INVESTMENT TRUST SUNREIT (845,000)   Employees Provident Fund Board 318,304,300  
250,000  
TASEK CORPORATION BERHAD TASEK 5,000   Mitsubishi UFJ Financial Group, Inc ("MUFG") 14,851,759  
TH PLANTATIONS BERHAD   THPLANT 1,480,200   Employees Provident Fund Board 47,855,400  
TELEKOM MALAYSIA BERHAD TM 249,900   Employees Provident Fund Board 480,700,300  
TOP GLOVE CORPORATION BHD TOPGLOV (809,200)   Kumpulan Wang Persaraan (Diperbadankan) -
TRIPLC BERHAD TRIPLC (6,488,295)   Gempur Likas Sdn Bhd -
TRIPLC BERHAD TRIPLC (6,488,295)   Ho Kim Shing -
TRIPLC BERHAD TRIPLC (6,488,295)   Md Zahary Bin Malek -
TRIPLC BERHAD TRIPLC 4,000,000   Minat Bakti Sdn Bhd 4,000,000  
TRIPLC BERHAD TRIPLC 4,000,000   Aidil Bin Abdul Aziz 4,000,000  
TRIPLC BERHAD TRIPLC 4,000,000   Ruzlan Bin Rahmat 4,000,000  
UNITED MALACCA BERHAD UMCCA 12,800   Aberdeen Asset Management PLC and its subsidiaries ("The Group&qu 29,152,050  
UNITED MALACCA BERHAD UMCCA 7,300   Aberdeen Asset Management Asia Limited 16,112,350  
UNITED MALACCA BERHAD UMCCA 7,300   Aberdeen International Fund Managers Limited 10,912,650  
UNITED MALACCA BERHAD UMCCA 5,500   Aberdeen Asset Management Sdn Bhd 12,989,700  
UNITED MALACCA BERHAD UMCCA 20,600   Mitsubishi UFJ Financial Group, Inc("MUFG") 29,139,250  
UMS-NEIKEN GROUP BERHAD UMSNGB 150,000   Yeo Guik Hiang 4,012,400  
UOA DEVELOPMENT BHD UOADEV 600,000   EMPLOYEES PROVIDENT FUND BOARD ("EPF BOARD") 79,828,200  
UNITED PLANTATIONS BERHAD UTDPLT 7,600   MITSUBISHI UFJ FINANCIAL GROUP. INC (MUFG) 24,148,000  
UNITED PLANTATIONS BERHAD UTDPLT 19,800   Aberdeen Asset Management PLC and its Subsidiaries 24,167,800  
WAH SEONG CORPORATION BERHAD WASEONG 83,200   Employees Provident Fund Board 45,142,433  
WCT BERHAD WCT (2,500,000)   Kumpulan Wang Persaraan (DiPerbadankan) 64,933,210  
WCT BERHAD WCT (300,000)   Employees Provident Fund Board 123,708,430  
WHITE HORSE BERHAD WTHORSE    Teo Kim Tay 12,559,015  
WHITE HORSE BERHAD WTHORSE    Teo Kim Lap 12,533,027  
WHITE HORSE BERHAD WTHORSE    Teo Swee Teng 13,498,593  
YTL CORPORATION BERHAD YTL (3,312,300)   EMPLOYEES PROVIDENT FUND BOARD 789,297,047  
YTL POWER INTERNATIONAL BHD YTLPOWR (3,000,000)   EMPLOYEES PROVIDENT FUND BOARD 586,482,916