KUALA LUMPUR (Aug 21): Top Glove Corp Bhd founder and executive chairman Tan Sri Lim Wee Chai has emerged as a substantial shareholder of Ramssol Group Bhd after raising his stake in the human resources solutions provider to 7.46%.

Lim bought 14 million shares or a 5.71% stake in Ramssol on Aug 17, according to the company’s bourse filing on Monday (Aug 21). Prior to that, he owned 4.3 million shares or a 1.75% stake in the company.

The company said the 14 million shares were acquired via a direct business transaction, but did not disclose the price.

Ramssol shares closed at 36 sen on Aug 17, and at that price, the 14 million shares would have cost Lim RM5.04 million.

Lim is now the third largest shareholder in Ramssol, after Ramssol managing director and chief executive officer Tan Chee Seng (30.32% stake) and non-independent non-executive director Lee Miew Lan (10.51%).

For the second quarter ended June 30, 2023, Ramssol’s net profit increased to RM2.21 million from RM1.24 million a year earlier, as revenue rose to RM10.13 million from RM6.47 million.

Ramssol’s share price finished half a sen or 1.39% lower at 35.5 sen on Monday, translating into a market capitalisation of RM87.1 million. Year-to-date, the counter has risen by over 18%.