KUALA LUMPUR (April 19): Computer Forms (M) Bhd's remaining substantial shareholder, Arena Evolusi Sdn Bhd, has reduced its stake in the group to 4.8% from 5.47%.

Arena disposed of the stake comprising 1.8 million shares via the open market on March 17, according to Computer Forms' bourse filing on Wednesday (April 19).

The books printer saw three other shareholders ceasing to be substantial shareholders in March, including Datuk Seri Dr Jacky Pang Chow Huat and Cita Realiti Sdn Bhd.

Pang, who was previously the group’s largest and controlling shareholder, offloaded 133.16 million shares or a 49.76% stake in the open market on March 27 and March 31.

Based on back-of-the-envelope calculations, Pang is left with 12.01 million shares or a 4.49% stake in Computer Forms.

Pang is also the founder and managing director of another public-listed company, Sanichi Technology Bhd.

Last year, he failed in his bid to take over Computer Forms at 60 sen a share. When he made the offer on March 31 last year, he held a 64.97% stake after acquiring former major shareholder Tan Sri Tan Hua Choon’s 133.19 million shares.

Cita disposed of 9.44 million shares in the open market on March 23, and reduced its stake in Computer Forms to 4.25% from 7.78%.

Earlier in March, Bursa Malaysia had issued Computer Forms an unusual market activity query after its share price fell 29.72% to close at RM1.49 on March 8.

In response, the group said it was unaware of any reason which could have driven the sharp decline in its share price.

Meanwhile, Fitters Diversified Bhd in April said it will be seeking the approval of its non-interested shareholders to ratify its acquisition of shares and warrants in Computer Forms, after Bursa Malaysia informed Fitters that the proposed acquisitions are deemed to be related party transactions.

Fitters' executive director Hoo Swee Guan is also an executive director of Computer Forms, while Fitters' independent non-executive directors Wong Kok Seong and Kho See Yiing also sit on the board of Computer Forms as senior independent non-executive director and independent non-executive director, respectively.

Fitters has justified that it was investing in Computer Forms because it was optimistic over the latter's new venture into the electrical vehicle industry.

Both Cita and Arena ceased to be Fitters’ substantial shareholders in March 2022.

Pang is Fitters’ substantial shareholder with a 7.9% stake. Hoo holds a 0.01% stake in Fitters.  

On Wednesday, Computer Forms' share price closed half a sen or 2.04% higher at 25 sen, valuing the group at RM66.9 million. The counter has been on a downtrend since Feb 23, falling 91.29%.

Fitters closed unchanged at five sen, giving the company a market capitalisation of RM124.16 million. It was the day's top active stock on Bursa Malaysia, with 96.4 million shares changing hands.

Read also:
Computer Forms shareholders told to reject takeover offer
Fitters to seek non-interested shareholders’ nod to ratify purchase of Computer Forms shares as Bursa says deal is RPT