KUALA LUMPUR: Insas Bhd raised it equity stake in Formis Resources Bhd to 15.09 million shares or 8.12% after the former bought an additional three million shares last Thursday.

A filing with Bursa Malaysia showed the shares were acquired by its subsidiary Insas Plaza Sdn Bhd via a direct business transaction. Of the 15.09 million shares, a total of 12.307 million shares are held directly by Insas Plaza and the remaining 2.79 million shares held by M&A Securities Sdn Bhd.

Insas, which is controlled by Datuk Thong Kok Khee, emerged as substantial shareholder in IT-based firm Formis that holds a 20.59% equity stake in Ho Hup Construction Co Bhd, in July.

On top of that, Insas’ unit Insas Credit & Leasing Sdn Bhd has extended a RM75 million financing facility to Ho Hup’s subsidiary and that will help to lift the property developer out of its financial stress.

Thong has a 22.76% interest in Insas and is the company’s CEO.

Insas has a diversified portfolio, including stock broking, pharmaceuticals, car rental services and property management, among others.

Other than Insas, Thong was previously with Standard Chartered Bank, the Berjaya group, Dijaya Corp Bhd and UK listed apparel company Liberty Plc, among others.

Formis Resources bought into Ho Hup in late June. Formis Resources is believed to have taken over the 20.59% equity stake from Extreme System Sdn Bhd, which ceased to be Ho Hup substantial shareholder on July 5.

This article appeared in The Edge Financial Daily, September 13, 2011.