This article first appeared in Capital, The Edge Malaysia Weekly on November 24, 2025 - November 30, 2025

Several Bursa Malaysia-listed companies saw significant changes in their shareholding during the week of Nov 10 to 14, one of which was Sealink International Bhd (KL:SEALINK), an offshore marine industry outfit.

Sealink Holdings Sdn Bhd, the private vehicle of former Sealink managing director Yong Foh Choi, sold 109.08 million shares in Sealink, representing a 21.82% stake. The sale reduced Foh Choi and Sealink Holdings’ stake to 9.14% or 45.72 million shares. Foh Choi’s son, Yong Kiam Sam, is currently Sealink’s CEO and managing director.

On Nov 18, Sealink announced to Bursa Malaysia that Lo Ling, a former geologist for Petroliam Nasional Bhd and a seasoned financial market professional, had acquired a 17.14% stake or 85.7 million shares in the company — possibly part of what constituted Foh Choi’s block of shares.

Sealink has a fleet of seven vessels. It also owns a shipyard in Kuala Baram and a workshop in Krokop, both of which are in Miri, Sarawak. Its stock closed at 24 sen last Wednesday, translating into a market capitalisation of RM120 million. Since hitting its 52-week low of 11.5 sen on July 21, the counter has gained almost 110%.

At Top Glove Corp Bhd (KL:TOPGLOV), executive chairman Tan Sri Lim Wee Chai bought six million shares in the rubber glove manufacturer during the week, nudging his shareholding up to 37.19%, or 2.98 billion shares. This is up from 36.8% (2.95 billion shares) he held in early July.

Top Glove’s shares, which settled at 60 sen last Wednesday with a market value of RM4.81 billion, have shed more than 60% of their value since early January.

The glove industry continues to struggle with a massive supply glut as China rubber glove makers set up shop in Southeast Asian countries in order to bypass US tariffs. The stronger ringgit, which has appreciated more than 7% against the greenback so far this year, has also eroded sales that are undertaken in US dollars, which affects glove exporters like Top Glove.

During the week in review, Urusharta Jamaah Sdn Bhd — a Minister of Finance (Inc)-controlled entity that has been nibbling at Wasco Bhd (KL:WASCO) shares since early November — continued to increase its investment in the energy solutions player. It acquired 434,000 shares in Wasco, pushing its shareholding up to 5.67%, or 43.9 million shares.

Urusharta Jamaah first surfaced as a substantial shareholder in Wasco on Nov 13, 2024, after acquiring 10 million shares, which bumped its shareholding to 5.67%, or 43.87 million shares. It briefly sold a small amount of shares in January this year, before acquiring shares again this month.

Wasco’s stock, which has shed more than 29% of its value since early January, closed last Wednesday at 90 sen, translating into a market value of RM696.9 million.

Meanwhile, privately held Dynamic Paradigm Sdn Bhd — the vehicle of businessman Mohd Solehuddin Yahya — has ceased to be a substantial shareholder of Binasat Communications Bhd (KL:BINACOM) after hiving off 24.71 million shares in the communications service provider.

Dynamic Paradigm first emerged as a substantial shareholder in Binasat Communications in late April with the same amount of shares it disposed of recently: 24.71 million shares or 5.79% equity interest.

Binasat Communications ended trading last Wednesday at 12.5 sen, with a market value of RM75.5 million.

MY EG Capital Sdn Bhd, a wholly-owned unit of Zetrix AI Bhd (KL:ZETRIX), sold 7.9 million shares in Heitech Padu Bhd (KL:HTPADU) during the week in review. This reduced its shareholding in the IT systems integration company to 16.9%, or 27.55 million shares.

Heitech Padu’s stock, which started gaining attention last October after the company was awarded the National Integrated Immigration System (NIISe) project, has since shed more than 20% of its value to close at RM1.86 last Wednesday. 

The NIISe project it secured from the Immigration Department of Malaysia was initially valued at RM892.19 million. More recently, the contract value was revised to RM1.05 billion, and covers the “studying, proposing, designing, developing, supplying, delivering, installing, testing, integrating, migrating and synchronising data, commissioning and implementing change management and training”.

Over at Parkson Holdings Bhd (KL:PARKSON), Irelia Management Sdn Bhd continued to increase its stake in the department store operator by acquiring 2.96 million shares, increasing its shareholding to 8%, or 92.01 million shares.

Irelia Management first became a substantial shareholder in Parkson with a 5.73% stake or 65.79 million shares in June.

Since end-May, Parkson’s stock has gained more than 20% to close at 23 sen last Wednesday.

Parkson’s largest shareholder is its chairman and managing director Tan Sri William Cheng Heng Jem. Cheng, of the Lion group fame, holds a 54.57% stake in the department store operator. 

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