KUALA LUMPUR (Dec 31): Datuk Foong Wei Kuong, managing director and controlling shareholder of JF Technology Bhd (KL:JFTECH), is now a substantial shareholder of Cosmos Technology International Bhd (KL:COSMOS).

According to a bourse filing, Foong’s stake crossed the 5% threshold after acquiring 13.946 million shares on Dec 16, which raised his stake to 24.07 million shares in the integrated water solutions provider.

He went on to acquire an another 7.6 million shares on Dec 17.

According to Bloomberg data, Foong bought the two blocks of shares at a price of 39.4 sen per share or RM8.49 million.

Cosmos' shares on Dec 31 closed unchanged at 43 sen, giving it a market capitalisation of RM110.3 million. The counter is up 13.1% this year.

This latest purchase increased Foong's total holding in Cosmos Technology to 31.68 million shares or 12.35%.

Foong’s emergence comes at a time when Cosmos’ second largest shareholder MSM International Ltd pared its stake in the listed company to 11.6%, from 27%.

MSM had disposed of the block of 7.6 million shares to Foong, as well as another 26.77 million shares on Dec 16, of which 13.946 million went to Foong. It is unclear who the remaining 12.825 million shares were sold to.

MSM on Dec 19 also sold another 5.13 million shares to I.S.E.T. Engineering Sdn Bhd, which is linked to Cosmos’ largest shareholder and managing director Datuk Chong Toh Wee. The shares were sold at RM2.02 million or 39.4 sen per share as well — a discount of 7.29% to the Dec 19 open market share price closing of 42.5. sen, according to Bloomberg data.

Chong, following the acquisition, raised his indirect stake to 2% in Cosmos. He holds another 94.568 million shares or 36.87% in the company.

The ACE Market-listed company has been working with Germany-based Siemens as a solution partner to distribute and service the company’s electronic flow meters for the commercial sector.

Cosmos’ financials have rebounded in the last quarter, after a downtrend that lasted six quarters since its transfer to the ACE Market from the LEAP Market in 2022.

In the six months ended Oct 31, 2024 (1HFY2025), Cosmos' net profit rose 23.9% to RM1.33 million or 0.51 sen per share, from RM1.07 million or 0.42 sen per share.

This as revenue rose 19.49% to RM9.33 million, from RM7.81 million, thanks to completion of previously delayed projects, its filing showed.

Over at JF Tech, in which Foong owns a 23.74% direct and 26.97% indirect stake, shares of the semiconductor test products manufacturer have risen by 60% from its record low of 50.5 sen in November to 81 sen on Tuesday. The counter is still down nearly 12% in 2024.

At 81 sen, the counter was valued at RM746.45 million, bringing Foong’s interest in the company to RM378.51 million.