KUALA LUMPUR (Jan 3): Asia Internet Holdings Sdn Bhd has ceased to be a substantial shareholder in Cuscapi Bhd (KL:CUSCAPI) after paring 5.29% stake in the point-of-sale systems provider.

Asia Internet is a private vehicle of Wong Thean Soon, the managing director MyEG Services Bhd (KL:MYEG). Also known as TS Wong, he still personally holds 21.96% in Cuscapi, making him the biggest shareholder of Cuscapi.

The disposal on Dec 26 involved 50 million Cuscapi shares, according to an exchange filing. The value of the transaction was not disclosed though the block of shares would be worth RM10.25 million based on Cuscapi's closing price of 20.5 sen on Dec 26.

Following the sale, Asia Internet was left with 27.75 million shares or 2.94%. Bursa Malaysia considers a shareholder as substantial if he has at least 5% of the voting shares in a company.

Cuscapi mainly provides point-of-sale systems for the food and beverage, retail, hospitality, automotive, financial, telecommunications, and public service industries.

Asia Internet had offloaded 5.5 million shares or 0.58% stake in Cuscapi on Dec 17. Before that, Asia Internet owned 83.25 million shares or 8.81% stake in Cuscapi. Wong emerged as a Cuscapi shareholder in 2019.

Cuscapi’s other substantial shareholders include Lee Lan Moi who has 7.75% stake, Jessie Lim Me Xian with 7.22% and Transight Systems Sdn Bhd holding 6.86%.

Shares of Cuscapi were unchanged at 26 sen on Friday, valuing the company at RM240.33 million.