KUALA LUMPUR (Oct 13): EG Industries Bhd's former non-executive chairman Keh Chuan Seng has ceased to be a substantial shareholder, after the disposal of his entire 5.97% indirect stake in June.
A bourse filing on Friday notified of the change in Keh's shareholding status, saying the entire 27.95 million shares or 5.97% stake held under QYH Capital Sdn Bhd was disposed of on June 19.
QYH Capital is linked to Keh and EG Industries group chief executive officer and executive director Datuk Alex Kang Pang Kiang.
Based on June 19’s closing price of RM1.06, the block of 27.95 million shares in the electronics manufacturing services company was valued at RM29.62 million.
While there was no update on Kang’s shareholding, it is understood that he is now the company’s sole substantial shareholder with the 8.34% stake he directly holds.
It is worth noting that Keh resigned from the company’s non-executive chairman post back in end-May to “pursue personal interests”.
In his stead, Ong Lye Soon, the founder of property development company Savalut Development Sdn Bhd, was appointed to the non-executive chairman post.
Meanwhile, Datuk Terence Tea Yeok Kian, previously the company’s other substantial shareholder, ceased to be one in February, after his vehicle Jubilee Industries Holdings Ltd disposed of 22.58 million shares.
EG Industries posted a record performance for the financial year ended June 30, 2023, with net profit up 255% year-on-year to RM38.44 million or 9.04 sen per share, from RM10.82 million or 2.75 sen per share, on higher sales of better-margin products and a fair value gain of RM7.4 million on financial instruments.
Full-year revenue rose 20.97% to RM1.35 billion, from RM1.11 billion a year earlier, on the back of higher sales of consumer electronic products, as well as 5G wireless and photonic modular related products.
Shares in EG Industries ended 10 sen or 7.35% higher at RM1.46 on Friday, giving the company a market capitalisation of RM682.99 million.