KUALA LUMPUR (March 9): MMAG Holdings Bhd has emerged as the second largest shareholder in Dynaciate Group Bhd with a 9.92% stake after participating in the latter’s private placement.

In a filing today, Dynaciate said MMAG has subscribed to 65.88 million shares in the company at 12.4 sen per share or RM8.17 million. The stock was last traded at 15 sen, valuing the group at RM89.72 million.

Subsequent to the exercise, MMAG’s 24.4% shareholder Chan Swee Ying also emerged as an indirect shareholder in Dynaciate. Chan is also an executive director of Vortex Consolidated Bhd, in which she owns a 24.82% stake.

Following the placement, Dynaciate’s largest shareholder Dynaciate Engineering Sdn Bhd saw its stake diluted to 9.98%, from 11.23% previously. Dynaciate Engineering is controlled by the listed firm’s executive directors Khoo Song Heng and Woon Kok Kee.