KUALA LUMPUR (Jan 15): Kanger International Bhd said its executive director Wu Wai Kong has emerged as a substantial shareholder on Monday after acquiring 50.50 million shares in the company.

In a bourse filing, the construction outfit said the shares were acquired through the exercise of options under a share issuance scheme, at 5.8 sen per share or a total of RM2.93 million.

Post-transaction, Wu now owns a direct interest of 7% or 51.17 million shares and an indirect stake of 0.024% or 178,000 shares in the company.

Previously, on Nov 30, 2023, Kanger's executive director Kuah Choon Ching had offloaded his entire 12.28% stake or 74.05 million shares in the company at seven sen per share or RM5.18 million.

For its July-Sept 2023 quarter, Kanger reported a net profit of RM2.8 million, as opposed to a net loss of RM9.95 million in the same quarter a year ago, despite revenue dropping 62% to RM7.23 million from RM19 million due to a significant decrease in revenue of the construction, property development and renovation business segments. 

Kanger had in February 2023 changed its financial year end to Sept 30 from March 31 previously, due to a restructuring plan for the company.

Kanger’s share price closed down half a sen or 7.14% to 6.5 sen on Monday, bringing the company a market capitalisation of RM44 million.