KUALA LUMPUR (March 24): Ge-Shen Corp Bhd (KL:GESHEN) and Tex Cycle Technology (M) Bhd (KL:TEXCYCL) were among top losers in Monday’s morning session.

Ge-Shen's share price dropped as much as 14% in morning trade to an intraday low of RM4.01, before paring some losses to close at RM4.40, still down 25 sen or 5.38% from last Friday's closing price of RM4.65.

Meanwhile, Tex Cycle's share price dropped 14.42% to an intraday low of 89 sen in early trade, and later settled at 89.5 sen at Monday's market close. Its share price was down 14.5 sen or 13.94% from last Friday's closing price of RM1.04.

The Edge has identified at least six companies associated with Datuk Keh Chuan Seng, whose shares were under selling pressure from investors since the market opened on Monday. It remains unclear what triggered the selling pressure.

The selling pressure also dragged other counters related to Keh, such as the newly-listed ES Sunlogy Bhd (KL:SUNLOGY), which saw its share price fall as much as 11% to an intraday low of 24 sen. Other notable losses included K Seng Seng Corp Bhd (KL:KSSC), whose shares dropped as much as 9% to an intraday low of 70 sen and Agricore CS Holdings Bhd (KL:AGRICOR), which declined as much as 4% to an intraday low of 39 sen in early trade.

Keh was the executive chairman of K Seng Seng Corp, Tex Cycle and Ge-Shen, with significant ownership stakes in all three companies at 22.98%, 26.44% and 29.59% respectively.

In separate Bursa Malaysia filings during lunch break on Monday, all three companies announced the resignation of Keh, 53, as their executive chairman, citing personal circumstances.

Keh was also the promoter and a substantial shareholder in ES Sunlogy, which debuted on February 20, and Agricore CS Holdings, which was listed on June 21 last year. He owns a 28% stake in ES Sunlogy, but he does not hold a directorship in the company.

On Monday, Keh also tendered his resignation as non-independent non-executive deputy chairman of Agricore CS Holdings, where he holds a 4.3% direct and 33% indirect stake. The reason cited was unforeseen personal circumstances.

EG Industries Bhd (KL:EG) also faced selling pressure in early trade on Monday, dropping as much as 7% to an intraday low of RM1.95. It closed at RM2.12, down two sen or 0.95% from last Friday's closing price of RM2.10. This was despite Keh having stepped down as non-executive chairman of the company in May 2023, and ceased to be a substantial shareholder in October that year.

Keh ceased to be a substantial shareholder of EG Industries after divesting his entire 5.97% indirect stake in QYH Capital Sdn Bhd, a company linked to both him and EG Industries group chief executive officer and executive director Datuk Alex Kang Pang Kiang.