KUALA LUMPUR (June 21): Hextar Group’s Datuk Eddie Ong Choo Meng has increased his stake in fibre optic cable maker Opcom Holdings Bhd to 28.27% from 21.13% in May.

In the month of June thus far, Ong has acquired 27.43 million shares or a 7.14% stake in Opcom in six blocks, according to Opcom's bourse filings.

This increased the businessman’s shareholding in Opcom to 108.57 million shares (28.27% stake) from 81.14 million (21.13% stake) previously.

For the financial year ended March 31, 2023 (FY2023) Opcom posted a record net profit of RM15.75 million versus RM3.95 million a year earlier, while revenue rose 62.5% to RM141.66 million from RM87.17 million.

The strong full-year performance was carried by the fourth quarter record high results, with the group posting a net profit of RM13.23 million in 4QFY2023 compared to a net loss of RM1.43 million a year prior, as quarterly revenue surged over three folds to RM74.97 million from RM22.64 million.

Opcom had attributed the surge in quarterly net profit to the group’s diversification into the telecommunication network segment.

Ong first emerged as a substantial shareholder of Opcom back in February 2021, after Datuk Seri Mukhriz Mahathir, son of former prime minister Tun Dr Mahathir Mohamad, ceased to be a substantial shareholder in the group, which he co-founded in 1994.

Shares in Opcom closed half a sen or 0.64% higher at 79 sen on Wednesday (June 21), giving the group a market capitalisation of RM301.53 million. Year-to-date, the counter has climbed 7.48%.