KUALA LUMPUR (June 19): Khoo Boo Wui has ceased to be a substantial shareholder of Volcano Bhd (KL:VOLCANO) after selling a 1.43% stake comprising 2.6 million shares to Acme Sky Sdn Bhd — a company controlled by Volcano executive director Andrew Su Meng Kit — for RM1.69 million.

A bourse filing on Wednesday showed that Khoo, Volcano's chief financial officer, sold the shares at 65 sen per share through direct business transactions, trimming his stake in the company to 4.79%.

Subsequently, Su saw his stake in Volcano rose to 6.94%, of which 5.45% are indirecty held via Acme Sky.

He emerged as Volcano's substantial shareholder last week after acquiring 2.7 million shares through Acme Sky — also from Khoo.

Volcano is principally involved in the manufacturing of nameplates and plastic injection moulded parts used in the electrical and electronics (E&E) and automotive industries.

For the nine months ended March 31, 2024 (9MFY2024), the company reported a net profit of RM3.96 million, on the back of RM52.87 million in revenue.

There are no comparative figures for the corresponding period as the company just changed its financial year end to June 30 from Dec 31, which it said is to facilitate better management of resources.

Shares of Volcano dipped two sen or 2.63% to close at 74 sen on Wednesday, valuing the group at RM134.4 million. Year-to-date, the counter has declined by 10 sen or 11.9%