KUALA LUMPUR (Aug 24): Businessman Datuk Eddie Ong Choo Meng has ceased to be a substantial holder in SWS Capital Bhd after selling a total of 23.04 million shares or an 8.38% stake in the company. 

On Wednesday (Aug 23), he sold a block of 10.83 million shares, or a 3.94% stake. This was followed on Thursday by another block of 12.21 million shares, or a 4.44% stake, according to SWS Capital’s filing. 

Following the two open market transactions, Ong reduced his stake in the company to 4.7% (12.92 million shares) from 13.07% (35.96 million shares).

Meanwhile, palm kernel expeller manufacturer Muar Ban Lee Group Bhd emerged as SWS Capital’s largest shareholder after acquiring an 18.73% stake on Tuesday. 

Last week, SWS Capital terminated a deal to buy two parcels of land from Hextar Technologies Solutions Bhd (HexTech) due to a failure to obtain financing. The two parcels of land measuring a total of 235,213 sq ft are located in Pasir Gudang, Johor and Klang, Selangor.

The deal drew market attention due to Ong being the common shareholder of HexTech and SWS Capital. He owns a 54.77% stake in HexTech via Hextar Tech Sdn Bhd.

SWS Capital’s share price hit a high of 41 sen on Aug 15. On Tuesday, the counter closed up 6.76% or 2.5 sen to 29.5 sen, for a market capitalisation of RM108.66 million.