KUALA LUMPUR (Oct 31): Vincent Chew Chuon Ghee has stepped down as Pensonic Holdings Bhd managing director “to pursue other interest and personal commitment” after reducing his stake in the electrical home appliances maker to below 5%, the threshold that requires timely disclosure to Bursa Malaysia for any shareholding changes.

He ceased to be a substantial shareholder in the group after disposing of four million shares or a 3.18% stake for RM3 million or 75 sen apiece, in an off-market transaction on Sept 25.

On the same day, Pensonic also saw the emergence of a new substantial shareholder, Neo Ching Yuen, who acquired 8.3 million shares or a 6.6% stake, according to a  bourse filing.

Pensonic’s stock exchange disclosure on Sept 27 showed that Vincent Chew is left with 4.7 million shares or a 3.74% direct stake in the group, along with a 0.94% indirect stake or 1.18 million shares.

In its latest filing, Pensonic did not announce a successor to Vincent Chew.

His father, Pensonic founder and chairman Datuk Seri Chew Weng Khak @ Chew Weng Kiak recently transferred three million shares or 2.4% stake to an elder son Dixon Chew Chuon Jin, whose shareholding increased to 8.7% or 10.9 million shares.

This left Weng Khak with a 6.4% direct stake or 8.03 million shares.

Weng Khak is still deemed to have an indirect stake of 15.33% or 19.26 million shares through his family and the family’s private vehicle Chew Weng Khak Realty Sdn Bhd.

This has taken into account the private entity’s recent sale of a 10.34% stake in Pensonic for RM10.27 million — or 13 million shares at 79 sen apiece — to Sphere Corp Sdn Bhd on Sept 15.

Chew Weng Khak Realty is left with 10.4% direct stake or 13.06 million shares after the off market disposal.

By end-September, Pensonic also disclosed that Datuk Dr Lai Kim Teng has emerged as a substantial shareholder by virtue of his interest in Sphere Corp, a supplier of crumb rubber machinery based in Klang, Selangor.

Pensonic’s shares went through a steep climb in the last few months, rising from 45.5 sen on Aug 23 to a multi-year high of 72 sen on Sept 15, the day Sphere Corp’s entry into the Main Market-listed entity.

Subsequent to Sept 15, the stock pared some of its gains but has remained above the 60 sen level.

Pensonic closed half sen or 0.8% higher at 66.5 sen on Tuesday, giving the group a market capitalisation of RM86.23 million.