KUALA LUMPUR (March 17): Asia Poly Holdings Bhd (KL:ASIAPLY) has ceased to be a substantial shareholder in Ta Win Holdings Bhd (KL:TAWIN) after disposing of its entire 5.59% stake in the copper wire manufacturer  via a direct business transaction.

Ta Win's filing with Bursa Malaysia on Monday showed that Asia Poly disposed of the shares on March 14, but the price was not disclosed.

Based on Ta Win’s closing price of 3.5 sen on March 14, the stake is valued at RM6.7 million.

In a separate filing, Ta Win said Asia Poly executive chairman Datuk Yeo Boon Leong has stepped down as Ta Win's chairman and non-independent non-executive director, citing personal commitments.

Yeo has a 5.53% direct and 2.36% indirect stake in Ta Win, according to the filing.

Ta Win also announced the resignation of its non-independent non-executive director Lim Boon Shen, also due to personal commitments.

Ta Win has been loss-making since the financial year ended June 30, 2020 (FY2020). Its latest quarterly results saw the company posting a net loss of RM3.34 million on revenue of RM146.13 million for 2QFY2025.

Ta Win’s shares closed unchanged at 3.5 sen on Monday, valuing the company at RM107.09 million.