KUALA LUMPUR (June 21): The Armed Forces Fund Board, Lembaga Tabung Angkatan Tentera (LTAT), has ceased to be a substantial shareholder of OCK Group Bhd (KL:OCK) after offloading an 8.94% stake in the telecommunications infrastructure and services provider.
According to OCK's bourse filing, LTAT sold the stake, comprising 95.4 million shares, on Wednesday (June 19) through a direct business transaction. The filing did not disclose the transaction amount or to whom it sold the shares to. Based on the stock's Wednesday closing price of 60 sen, the block of shares could be worth RM57.24 million.
OCK had also just announced on Wednesday that its deputy chairman Abdul Halim Abdul Hamid and executive director Chang Tan Chin had resigned, with immediate effect, as part of the board's internal restructuring efforts.
LTAT has been trimming its stake in OCK since the start of June. Following the latest transaction, LTAT's shareholding in OCK will be reduced to just 0.03% or 299,755 shares.
OCK’s largest shareholder is managing director Datuk Wira Ooi Chin Koon, who holds a 0.04% direct stake and a 34.93% indirect stake through Aliran Armada Sdn Bhd.
Last month, OCK signed a 15-year tower leasing agreement with Best Telecom Co Ltd, marking its entry into Laos. Best Telecom plans to launch its 5G network there by the end of the year.
OCK's net profit for the first quarter ended March 31, 2024 (1QFY2024) rose 18.4% year-on-year to RM10.2 million from RM8.64 million, mainly due to foreign exchange gains. Revenue, however, slipped 7.6% to RM166 million from RM179.7 million, dragged by lower contributions across its business segments.
Shares in OCK settled half a sen or 0.87% higher at 58 sen, giving the group a market capitalization of RM620.92 million.