KUALA LUMPUR (Oct 11): Following his emergence as a substantial shareholder in property developer Magna Prima Bhd (KL:MAGNA) last week, Seah Ley Hong has been appointed as the company’s executive director.

Seah replaces Tan Chin Yen, who stepped down "to pursue other personal opportunities", according to Magna Prima's filing with Bursa Malaysia on Friday.

Seah, 36, is also the managing director of plastic manufacturer Scanwolf Corp Bhd (KL:SCNWOLF), where he holds a 4.68% direct stake and a 7.01% indirect stake.

Seah, together with Datuk Seri Wong Sze Chien, became substantial shareholders of Magna Prima through their private vehicle, Edxus Solutions Sdn Bhd, after acquiring 95 million shares, or a 23.91% stake, on Sept 27.

On the same day, Tan, 56, ceased to be a substantial shareholder of Magna Prima after disposing of 64.78 million shares, representing a 16.94% stake, via an off-market transaction valued at RM51.82 million.

Edxus Solutions is now the largest shareholder in Magna Prima with a 26.93% stake. Magna Prima’s other substantial shareholders include Lee Hock Seng (12.74%) and Joanne Yew Hong Im (6.54%).

Magna Prima recently posted a financial turnaround, recording a net profit of RM31.91 million for the second quarter ended June 30, 2024, compared with a net loss of RM1.57 million in the same period last year.

The improved earnings were attributed to profits from the development of its Jalan Ampang land and the reversal of prior-year operating expenses.

Shares in Magna Prima rose by three sen, or 4.96%, to close at 63.5 sen on Friday, giving the company a market capitalisation of RM252.82 million. Year to date, the stock has appreciated over 54%.