KUALA LUMPUR (Dec 20): Harvest Miracle Capital Bhd (formerly Vortex Consolidated Bhd) has redesignated its non-independent non-executive director Datuk Liu Han Ming as executive chairman with immediate effect.
Liu is succeeding Tan Ooi Jin who is resigning from the executive chairman post on the same date “to pursue other businesses”, according to bourse filings on Wednesday. It is worth noting that Ooi Jin also sits on the board of Ingenieur Gudang Bhd as an executive director.
Touching on Liu, he is the IT and ICT-related product trader’s largest shareholder with a 25.02% stake via his investment vehicle Fortress Parade Sdn Bhd.
He emerged as a major shareholder in March last year after he subscribed to the entire 306.52 million shares (25.02% stake) issued under a private placement exercise. A month later, he joined the company’s board as a director.
At the exercise’s issue price of 6.5 sen per share, Liu forked out RM19.92 million for the block of shares.
Aside from Liu, the company’s two other substantial shareholders are Chan Swee Ying with 14.47% via Epic Pavilion Sdn Bhd, as well as both Tan Le Siang and Tan Leh Kiong with 9.09% via Selama Bintang Sdn Bhd.
Chan formerly sat on the company’s board but resigned as executive director back in February this year. She emerged as a substantial shareholder back in April 2020.
Chan is also a substantial shareholder of Ingenieur Gudang with a 12.61% stake.
Meanwhile, Le Siang and Leh Kiong’s Selama Bintang emerged as substantial shareholders in March this year, subscribing to the entire issuance of 111.31 million shares under another private placement exercise. At 10.5 sen apiece, the pair forked out RM11.69 million for the block of shares.
Besides Liu, Harvest Miracle’s board comprises executive director See Toh Kean Yaw, and independent non-executive directors Sherene Lee Mong Ee, Ling Wee Tak and Chua Ei Ming.
Harvest Miracle's business operations range from its core retail and online trading of IT and ICT-related products to property development, property investment, money lending as well as plantation.
For the second quarter ended Sept 30, 2023 (2QFY2024), the company posted a much narrower net loss of RM2,000 versus RM1.21 million a year ago despite quarterly revenue declining 38.61% to RM21.56 million from RM35.11 million previously.
The lower revenue was due to its IT and ICT-related products division registering a 39.5% decrease in contribution to RM20.02 million versus RM33.08 million previously.
Shares in Harvest Miracle ended unchanged at 11.5 sen, valuing the company at RM140.88 million.
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