KUALA LUMPUR (June 21): Seah Heng Chin and Datuk Samsuri Rahmat are no longer substantial shareholders of water and sewerage pipe maker YLI Corp Bhd (KL:YLI).
Seah is currently the group's managing director and Samsuri holds the position of non-independent and non-executive chairman.
In a bourse filing on Friday, YLI said the duo have ceased to be its substantial shareholders after they divested their interests in Suasana Karisma Sdn Bhd (SKSB) through the disposal of shares in SKSB.
They sold the entire 32.51 million shares or a 31.62% stake in YLI on June 21. However, the filing did not disclose the price of their stake disposal.
Based on YLI’s closing price of 68.5 sen on June 21, a back-of-the-envelope calculation suggests that the duo may have disposed of the stake for about RM22.27 million.
YLI’s annual net profit jumped nearly fivefold to RM16.28 million for the 12 months ended March 31, 2024 (FY2024), up from RM3.39 million a year before.
The increase was driven by gains from the disposal of land and machinery by its unit, Laksana Wibawa Sdn Bhd.
Revenue, however, declined by 15.75% to RM63.57 million, from RM75.45 million in FY2023, attributed to lower sales recorded.
In October last year, Laksana Wibawa accepted and received RM97.84 million in compensation for its land in Hulu Serendah, Selangor that was compulsorily acquired for a rail project.
The land was acquired by Malaysian Rail Link Sdn Bhd, an agency under the Ministry of Finance Inc (MOF Inc), which has been appointed as the asset and project owner of the East Coast Rail Link (ECRL).
Following the disposal, YLI is expected to gain approximately RM62.17 million, and it will utilise most of the proceeds for expenses and repayment of its borrowings, as well as redemption of redeemable convertible preference shares.
Shares of YLI closed up 1.5% or one sen at 68.5 sen, giving the group a market capitalisation of RM71 million.