KUALA LUMPUR (Dec 14): Chung Chee Yang, who emerged as Cypark Resources Bhd's single largest shareholder in September when his shareholding surpassed that of its co-founder-cum-chief executive officer Datuk Daud Ahmad, has continued to raise his stake in the company by acquiring more shares in the open market.

Chung now has 74.3 million shares representing a 12.618% stake in Cypark, after his latest acquisition of 400,000 shares on Monday (Dec 12), according to Cypark's bourse filing.

Little is known about Chung other than that he had briefly been a substantial shareholder of Tanco Holdings Bhd with a 5% interest from September till end-November 2021, and that of MAG Holdings Bhd with a 6.32% stake from Sept 20 till Oct 9, 2019.

He first emerged as a substantial shareholder in Cypark on Aug 9 when he acquired 30 million shares of the company via the open market, which gave him a 5.095% stake.

He then raised his stake via a series of open market acquisitions. By Sept 15, his shareholding had gone up to 7.928%, versus Daud's 6.766% stake. By end-November, he had 12.482%.

From Aug 9 until Dec 12, Cypark's shares closed between 43 sen and 41 sen apiece. It closed at 40 sen on Wednesday, giving the renewable energy and environmental engineering solutions company a market capitalisation of RM235.6 million.

Cypark's third largest shareholder is Amanah Saham Nasional Bhd, who holds 6.30% via Amanah Saham Bumiputera and Amanah Saham Malaysia 3.

Cypark's net profit for its latest quarter ended July 31, 2022 (3QFY2022) fell 29.2% to RM11.8 million from RM16.68 million in 3QFY2021, as revenue dropped 30.9% to RM45.49 million from RM65.92 million on lower contribution from its renewable energy division, whose revenue decreased to RM20.3 million from RM56.2 million.

On Dec 8, Cypark announced that its indirect subsidiaries had been awarded 21-year feed-in approval certificates by Sustainable Energy Development Authority (Seda) to carry out biogas projects, with a total capacity of 2.7MW, in Johor and Terengganu.

The first biogas project comprises a 1.2 MW installed capacity biogas plant in Layang-Layang, Johor, which was awarded to Cypark's 51%-indirectly-owned Reviva BACRE (Ulu Remis) Sdn Bhd. The second is a 1.5 MW plant in Kemaman, Terengganu awarded to BACRE Reviva Biogas (Kemaman) Sdn Bhd, which is 80%-owned by BACRE Reviva Biogas Holdings Sdn Bhd, which in turn is an indirect 51%-subsidiary of Cypark.

Cypark said Tenaga Nasional Bhd would purchase electricity from the project companies at pre-agreed feed-in tariff rates.