KUALA LUMPUR (Jan 27): Co-founder of Cocoaland Holdings Bhd Lau Pak Lam has raised his stake in loss-making digital payment solutions provider PUC Bhd (KL:PUC) to 5.041% from 4.26%.

Lau acquired 8.1 million shares in the ACE Market-listed company on the open market last Thursday (Jan 23), bringing his total shareholding to 140.1 million shares, according to PUC’s filing with Bursa Malaysia.

While the purchase consideration was not disclosed in the filing, based on PUC’s closing share price of 4.5 sen last Thursday, the block of shares would have cost Lau about RM364,500.

Lau raised his stake a month after PUC proposed on Dec 17 to acquire digital marketing and business management consultancy firm Alevate Solutions Sdn Bhd for RM100 million from Tham Lih Chung, to be paid with 800 million new PUC shares at 12.5 sen apiece.

He ceased to be the group’s substantial shareholder last December after disposing of 100 million shares, or a 3.6% stake, through a direct business transaction, leaving him with 118.5 million shares, or a 4.26% stake in PUC.

Lau first emerged as the group’s substantial shareholder in January 2024 after purchasing 232 million shares, or a 9.644% stake.

On PUC's proposed acquisition of Alevate, the deal would value the target company at 16 times earnings based on an average annual profit guarantee of RM6.5 million for the financial year ending Dec 31, 2025 (FY2025) and FY2026.

PUC’s share price closed unchanged at four sen on Monday, giving it a market capitalisation of RM111.2 million.

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