KUALA LUMPUR (Jan 24): Building and infrastructure construction services provider TCS Group Holdings Bhd (KL:TCS) saw the emergence of a new substantial shareholder.

James Liew Vun Tak acquired an 11.9% stake, equivalent to 71.5 million shares, through a direct business transaction on Friday. The shares were purchased from TCS’ managing director and largest shareholder, Datuk Tee Chai Seng, at 16 sen per share, amounting to RM11.44 million, the group's bourse filings show.

Following the sale, Tee’s direct stake in TCS was reduced to 36.31%. He also has an indirect stake of 8.47% in the company, held via his spouse, Datin Koh Ah Nee.

In a statement, Tee said Liew has extensive experience in the infrastructure construction sector, particularly in Sabah and Sarawak, where he has established a strong track record through his involvement in numerous major infrastructure and building projects.

This creates strong synergies for TCS as the company looks to further strengthen its presence in Sabah and Sarawak, he said.

“Together, we will be leveraging our technical expertise and track record to secure more jobs there. This is in line with our plans to grow our infrastructure segment as well.

“All in all, we believe this partnership will create significant value for all stakeholders as we continue to execute on our growth strategies and also improve our current shareholding mix,” Tee concluded.

Shares of TCS closed unchanged at 13.5 sen on Friday, valuing the company at RM81.1 million.