KUALA LUMPUR (Jan 13): Malaysian Bulk Carriers Bhd (Maybulk) executive director and EonMetall Group Bhd founder Goh Cheng Huat has become the largest shareholder of the dry bulk carrier operator after he acquired a further 10% equity interest, raising his stake in the company to 26%.
Maybulk’s bourse filing on Friday (Jan 13) showed that Goh acquired 100 million shares for 52 sen apiece, or RM52 million for the block of shares — lifting his shareholding in the company to 260 million shares.
This came after Maybulk mutually terminated the Heads of Agreement with the shareholders of retail chain operator Tunas Manja Sdn Bhd (TMSB) — Datuk Chin Yoke Kan, Datuk Chin Yoke Choon, Chin Poh Yun, Chin Polling and Chin Poh Yung — under the Tunas Manja Group on the same day.
Filings showed that Yoke Kan and his brother Yoke Choon’s indirect shareholding in Maybulk dropped to 60 million shares (6% indirect stake) after Tunas Capital Sdn Bhd offloaded 100 million Maybulk shares — representing a 10% stake — at 52 sen apiece. The duo also resigned as executive directors of Maybulk on Friday.
To recap, the Chin brothers — via Tunas Capital — and Goh had each bought their respective 16% stakes in Maybulk from tycoon Robert Kuok’s Pacific Carriers Ltd in end-April 2022, which ceased to be a substantial shareholder of Maybulk.
Yoke Kan and Goh were appointed executive directors of Maybulk in May 2022, while Yoke Choon subsequently joined them in June 2022.
Following the exit of Chin brothers from the board, Maybulk has appointed Ooi Teik Huat as its new executive director, effective Friday.
Ooi, 53, was an executive director of Can-One Bhd. In 2012, he was also seconded to assume the role of chief financial officer in Kian Joo Can Factory Bhd and Box-Pak (M) Bhd.
Maybulk first announced calling off its plan to diversify into the grocery retail business two months prior in Nov 2022, when the company terminated a collaboration agreement it had with TMSB citing conditions precedent of the relevant agreement having not been obtained by the cut-off date on Nov 14, 2022.
According to a filing dated Aug 15, Maybulk said its investment into the grocery business was to be spearheaded by Goh.
Shares in Maybulk ended half a sen or 1.3% lower at 38 sen, giving the group a market capitalisation of RM375.13 million.