[Form 4/A] Perma-Pipe International Holdings, Inc. Amended Insider Trading Activity

Rhea-AI Filing Summary

Discerene Group LP, Discerene Holdings Inc. and founder Soo Chuen Tan have filed a Schedule 13G disclosing a 5.5 % passive stake in Sabre Corporation (SABR).

• The reporting persons collectively own 21,242,336 common shares, calculated against the issuer’s 387,806,562 shares outstanding as of 1 May 2025.
• All voting and dispositive authority is shared; none of the parties has sole power to vote or dispose.
• The filing is made under Rule 13d-1(b) by an investment adviser/parent holding company, signalling that the position is for investment purposes and not to influence control.
• Date of event triggering the filing: 30 Jun 2025; filing signed 29 Jul 2025.

No financial results, transactions or plans to alter Sabre’s strategy were disclosed.

Positive

• New 21.2 M-share position introduces a committed institutional investor, potentially supporting SABR’s share price.
• Filing under Schedule 13G indicates a non-activist stance, lowering the risk of disruptive governance battles.

Negative

• Passive classification means limited likelihood of strategic or operational catalysts from the new holder.

Insights

Portfolio Manager

TL;DR: Discerene’s 5.5 % passive stake adds a value-oriented institutional holder but offers limited immediate catalysts.

Crossing the 5 % threshold makes Discerene one of Sabre’s larger shareholders, demonstrating confidence in the company’s valuation amid travel industry recovery. Because the stake is reported on a Schedule 13G, Discerene represents itself as a passive investor, reducing the probability of near-term activist pressure on management. Still, a concentrated fund’s presence can provide downside support and potentially influence shareholder votes on governance matters. Liquidity impact is negligible, as all 21.2 M shares are held with shared, not sole, voting power. Overall, the news is moderately positive for sentiment but not transformative.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Lewicki Matthew Earl

(Last) (First) (Middle)

25025 INTERSTATE 45

SUITE 200

(Street)

THE WOODLANDS TX 77380

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Perma-Pipe International Holdings, Inc. [ PPIH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
06/26/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/24/2025		F		333	D	$23.51	10,588(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This amendment corrects an error in Column 5 of Table I, where the number of shares was reported incorrectly on June 26, 2025 to report a transaction that occurred on June 24, 2026. The original Form 4 reported that the securities owned by the reporting person is 11,954 but the correct number of shares held is 10,588. Pursuant to Instruction 9(b) to Form 4, only the lines to the original Form 4 requiring correction or amendment are being restated on this amended Form 4.

	/s/ Matthew E. Lewicki	07/28/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who filed the Schedule 13G on Sabre (SABR)?

The filing was made by Discerene Group LP, Discerene Holdings Inc. and Soo Chuen Tan.

How many Sabre shares does Discerene own?

Discerene reports beneficial ownership of 21,242,336 common shares.

What percentage of Sabre’s outstanding shares is represented by this stake?

The position equals 5.5 % of Sabre’s common stock.

Is Discerene’s holding passive or activist?

The Schedule 13G filing classifies the stake as passive.

When did the stake exceed the 5 % threshold?

The trigger date was 30 June 2025.