The fall of Prestariang is now clear. It was margin call forced-selling of 117 million shares. Coincidentally, Affin-Hwang Asset Fund picked up 40,000,000 - probably bargain hunting. However, it seems flukey to bargain hunt when a major portion of Prestariang's outlook and prospects were diminished with the announcement over SKIN. We would understand better if the buying was an average down exercise, but the announcement showed that it was a new position, which is surprising. But I am not a fund manager.
Watta Holdings, a relatively clean Main Board, which had earlier announced its exit from their main car battery business, saw the emergence of a new substantial shareholder. Just the name might not make much sense except that he is the current Group CEO for Serba Dinamik (the only consistently profitable oil & gas outfit left in the country I guess, making around RM100m PBT per quarter for the last five quarters and counting).
