KUALA LUMPUR (Dec 22): A month after a fertiliser group became a substantial shareholder of ILB Group Bhd, Vestland Bhd managing director Datuk Liew Foo Heen has also emerged as a substantial shareholder of the rooftop solar power system provider.

According to a bourse filing on Friday, Fohen Holding Sdn Bhd has become a substantial shareholder of the group after acquiring 23.17 million shares or a 12.27% stake via a direct business transaction.

A check with the Companies Commission Malaysia (SSM) showed that Fohen is 100% owned by Liew, the major shareholder of construction company Vestland with a 63.33% stake.

Meanwhile, ILB chief executive officer Makoto Takahashi has ceased to be a substantial shareholder of the group after he disposed of his entire 7.57% stake or 14.3 million shares for RM22.63 million on Friday.

Back-of-the-envelope calculations showed that he disposed of the block at an average of RM1.58 apiece — a 106.54% premium to, or more than double, Friday’s close of 76.5 sen, an over six-year high. Year-to-date, ILB shares have climbed 66.3%.

At the closing price of 76.5 sen, ILB is valued at RM149.19 million.

Late last month, ILB also saw the emergence of another substantial shareholder, Agrobulk Holdings Sdn Bhd. The fertiliser group emerged as a substantial shareholder of ILB with a 9% stake that it acquired from Etern Group (HK) Co Ltd.

In early December, Agrobulk acquired another 17.96 million shares or a 9.51% stake in ILB from from Tee Tuan Sem, ILB’s vice chairman and executive director as well as the group's former largest shareholder.

With these changes, Agrobulk has become ILB’s largest shareholder with its 18.51% stake.

According to SSM, Tang & Co Sdn Bhd is the controlling shareholder of Agrobulk with a 61.42% stake, followed by Loo Tung Hua & Sons Holdings Sdn Bhd with 11.25%, Tan Chai Swan with 6.04%, and shareholders who hold up to 1.42% each.

Meanwhile, at Tang & Co, the major shareholder is Lee May Lin with 80% equity interest, while Tang Weihann and Tang Shyaan Yng hold 10% each.

ILB’s other substantial shareholders comprise Fohen with 12.27%, followed by BT Investment Capital Ltd with 11.2%, Tee with 7.97% and Syed Abu Hussin Hafiz Syed Abdul Fasal with 5.69%.

For the third quarter ended Sept 30, 2023, ILB posted a wider net loss of RM7.31 million from RM6.16 million a year ago, despite a higher topline of RM14.31 million versus RM2.84 million previously. The group attributed the higher revenue to contributions from its solar-related business.

At end-September, ILB's cash and cash equivalents stood at RM26.15 million — excluding deposits of RM31.36 million with a maturity period of more than three months and a RM3.35 million deposit pledge to a financial institution.

The group’s long- and short-term borrowings stood at RM19.71 million and RM4.83 million, respectively.