KUALA LUMPUR (May 21): Confectionary maker Apollo Food Holdings Bhd’s (KL:APOLLO) said its public shareholding spread is back in compliance with Bursa Malaysia’s listing requirements.

This followed the disposal by its largest shareholder, Baskin-Robbins ice cream brand franchisee Scoop Capital Sdn Bhd, of 3.2 million shares or 4% stake in Apollo on May 16. The disposal slashed Scoop Capital’s shareholding in Apollo to 74.79%.

Based on Bloomberg data, a 3.2 million share block was traded off-market at RM7 apiece or a total RM22.4 million. The price tag was in line with May 16’s closing price of RM7.

“Based on the record of depositors of the company dated May 20, 2024, the public shareholding spread of the company is 25.21%,” the filing said, in compliance with the bourse's minimum 25% threshold.

Scoop Capital is 90%-owned by Datuk Cheah See Yeong, while his wife Datin Soon Gock Lan @ Soon Geok Lin holds the remaining 10% shares in the company. The company owns 100% of Golden Scoop Sdn Bhd, the master franchisee for Baskin-Robbins in Malaysia and Singapore.

See Yeong sits on Apollo’s board as executive chairman, while his son Cheah Jia Ming holds the managing director's post.

Scoop Capital emerged as Apollo’s largest shareholder in December last year after it acquired the entire 51.31% stake from Keynote Capital Sdn Bhd, the investment vehicle of Singaporeans Liang Chiang Heng and his younger brother Liang Kim Poh at RM5.80 per share.

Following the deal, Scoop Capital was obliged to extend an unconditional mandatory takeover offer for the remaining 48.49% stake in Apollo it did not own at RM5.80 per share.

At the offer’s close in end-January this year, Scoop’s stake in Apollo rose to 78.42%, prompting the need to address the company’s compliance with the bourse’s public shareholding spread requirement.

Shares in Apollo ended 11 sen or 1.57% lower at RM6.90, valuing the company at RM552 million.