Tuesday 28 May 2024
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KUALA LUMPUR (May 2): Keh Chuan Seng, who recently emerged as the largest shareholder in K Seng Seng Corp Bhd, is now the largest shareholder in Tex Cycle Technology (M) Bhd after acquiring 67 million shares in the waste recycling company.

The stake, representing 26.15% in Tex Cycle, was bought from Can Cycle Sdn Bhd by Keh’s private vehicle Frazel Group Sdn Bhd at an undisclosed price.

On Tuesday (May 2), the counter slipped 1.5 sen or 2.03% to close at 72.5 sen.

Can Cycle, which disposed of a total of 80 million Tex Cycle shares on April 27, is a private entity controlled by several individuals, including Tex Cycle chairman Ho Siew Choong.

The remaining 13 million Tex Cycle shares (5.13%) sold by Can Cycle were acquired by K Seng Seng executive director Lee Hai Peng, filings showed. Lee was formerly executive director and chief financial officer of Chin Hin Group. He resigned last December.

Keh and Lee both emerged as shareholders in K Seng Seng in January this year. Keh holds 26.36 million or 20.34% in the steel products manufacturer, where he was also appointed as executive chairman. Lee holds three million shares or 2.32% in K Seng Seng.

Besides Tex Cycle, Keh also recently emerged as a substantial shareholder of electronic manufacturing services (EMS) outfit EG Industries Bhd, after buying 27.95 million shares or a 6.47% stake in EG Industries via QYH Capital Sdn Bhd in October last year.

The 52-year-old is now non-executive chairman in both EG Industries and HB Global. He is the largest shareholder in HB Global, with 129.5 million shares or 16.65% direct stake.

Shares of Tex Cycle jumped at the start of the year, rising to as high as 84.5 sen on Jan 26 from 41.5 sen on Dec 30, 2022. At its latest closing price of 72.5 sen, the company has a market capitalisation of RM185.74 million.

Edited ByTan Choe Choe
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