KUALA LUMPUR (April 17): Excel Force MSC Bhd said Chinese national Chen Hui had ceased to be a substantial shareholder after he disposed of 30 million shares or a 4.9% stake in the company for RM10.2 million.

According to a bourse filing on Wednesday, Chen sold the shares held indirectly through Hong Kong-based company Honest Winner Ltd via a direct business transaction on the same day.

A check with Bloomberg showed that a block of 30 million Excel Force shares changed hands at 34 sen apiece, totalling RM10.2 million.

Following this, Chen’s stake in the financial services business solutions provider fell to 3.4%, comprising 20.5 million shares.

Chen first emerged as a substantial shareholder of Excel Force on Feb 29, after the group fully acquired Orca Capital Holdings Ltd (OCHL) for RM18.15 million in a share sale agreement.

The acquisition was satisfied through the issuance of 50.5 million new ordinary shares in Excel Force at 33.5 sen apiece, totalling RM16.92 million, and the balance of RM1.23 million in cash.

OCHL is principally involved in investment holdings, and holds a 20% stake in Shahe Technology (Beijing) Co, a company principally involved in extended reality (XR) content production and publishing.

Excel Force mentioned in a previous filing that the acquisition would offer the group an opportunity to leverage XR technology on its existing platforms, potentially enabling it to market its solutions to banks.

The largest shareholder of Excel Force is Wong Thean Soon with a 30.3% stake — comprising an 18.23% direct stake and a 12.07% indirect stake via Asia Internet Holdings Sdn Bhd. Wong is also a co-founder and the managing director of MyEG Services Bhd.

Another substantial shareholder of the company is Datuk Mohamed Nizam Abdul Razak with a 7.18% stake. Nizam is a brother of jailed former prime minister Datuk Seri Najib Razak.

At Wednesday’s close, shares in Excel Force remained unchanged at 35 sen, valuing the group at RM213.46 million.