KUALA LUMPUR (Jan 14): AYS Ventures Bhd (KL:AYS) said Chiew Ho (L) Foundation has become the steel product manufacturer's largest shareholder after acquiring the entire equity interest in Chiew Ho Holding Sdn Bhd (CHH).

CHH is the registered shareholder of 239.66 million shares of AYS Ventures shares, representing a 57.27% stake.

With the acquisition, Chiew Ho (L) Foundation now has an indirect interest in the 239.66 million shares, according to CHH’s bourse filing on Tuesday.

CHH said the foundation has obtained an exemption for itself and persons acting in concert, which include the Oh Family (executive chairman Oh Chiew Ho and his children Sam Oh Yung Sim, Chriss Oh Yung Wooi, Delon Oh Yung Kwan and Jess Oh Pooi Foon), from having to make a mandatory takeover offer for the remaining AYS Ventures shares upon the transfer of the Oh Family’s interest in CHH to the foundation.

The persons acting in concert also include Ann Yak Siong Group Sdn Bhd, which holds a 5.99% stake in AYS Ventures.

For the second quarter ended Sept 30, 2024, AYS Ventures incurred a net loss of RM6.83 million, against a net profit of RM2.89 million a year earlier, as revenue declined 16.76%, mainly attributable to lower sales volume, lower average selling prices and higher foreign exchange losses.

Shares of AYS Ventures closed unchanged at 28.5 sen on Tuesday, giving the company a market capitalisation of RM119.3 million.