This article first appeared in Capital, The Edge Malaysia Weekly on March 24, 2025 - March 30, 2025

Notable filings on shareholding changes between March 10 and 14 included that at Kanger International Bhd (KL:KANGER), which saw executive director Wu Wai Kong ceasing to be a substantial shareholder, with the disposal of 51.17 million shares, or a 7% stake, in the company. Wu had emerged as a substantial shareholder on Jan 15 by exercising options under the company’s share issuance scheme.

The largest shareholder in the building materials and bathroom solutions company is Chai Woon Yun, who emerged as a substantial shareholder on Dec 13 last year with the acquisition of 122 million shares, or a 17.2% stake. She then purchased 81.7 million shares to raise her stake to 26.5% on March 7. She is the daughter of Aset Kayamas founder Tan Sri Datuk Chai Kin Kong and former managing director of Permaju Industries Bhd (KL:PERMAJU).

Meanwhile, at Penang-based biomass material manufacturer HHRG Bhd (KL:HHRG), the largest substantial shareholders Ch’ng Chen Mong and Tan Poh Cheng disposed of their entire 17.77% stake, or 154.3 million shares, via their private vehicle Cfamillie Holdings Sdn Bhd in an off-market transaction on March 11. Bloomberg data shows that the 154.3 million shares at 0.5 sen apiece amounted to RM771,450, representing a sharp 94% discount to the closing price of nine sen.

On the same day, Digital Trustee Bhd, which emerged as a substantial shareholder with the acquisition of 154.3 million shares, or a 16.048% stake, in an off-market transaction, called for an extraordinary general meeting to remove the entire board of directors and replace it with three new directors.

The Edge has since learnt that Cfamillie Holdings is behind the requisition to remove the board and is still the ultimate owner of the shares registered under Digital Trustee. At press time, the reason for the transfer of ownership to the trustee company was not known.

Note that Ch’ng, Tan and Cfamillie Holdings sued HHRG in August 2024, alleging fraudulent inducement in agreements related to the transfer of shares in HHRG’s 51%-owned subsidiary, MG Furniture Sdn Bhd, and wholly-owned subsidiary, MG Furniture Innovation Sdn Bhd.

Over at EG Industries Bhd (KL:EG), also on March 11, CEO Datuk Kang Pang Kiang beefed up his shareholding with the acquisition of 1.17 million shares, increasing his stake to 16.45%. This year, Kang has acquired 2% in the electronic manufacturing services group, cementing his position as the largest shareholder.

On the same day, QYH Capital Sdn Bhd — which is linked to Kang and EG Industries’ former non-executive chairman Keh Chuan Seng — acquired 700,000 shares in the group, bringing its total shareholding to 6.66%, or 30.3 million shares.

Upstream integrated oil and gas solutions provider T7 Global Bhd (KL:T7GLOBAL)’s share price closed flat at 47 sen last Wednesday (March 19), from the 47.5 sen to 48 sen level a month ago. The group had successfully bagged a new award on Feb 13.

Puan Sri Shirley Law Siong Hiong — mother of the group’s executive director Tan Kay Vin — ceased to be a substantial shareholder after disposing of 24.9 million shares, representing 2.8% equity interest in T7 Global on March 11. On the same day, Abyssina Resources (M) Sdn Bhd — which is controlled by T7 Global chairman Datuk Seri Dr Nik Norzrul Thani Nik Hassan Thani — acquired 24.9 million shares, bringing its total shareholding to 16.1%.

In a bourse filing on Feb 13, T7 Global said its unit Tanjung Offshore Services Sdn Bhd had been awarded a contract by EnQuest Petroleum Production Malaysia Ltd for maintenance, construction and modification as well as hook-up and commissioning services under the B3 Package, with an initial duration of five years. The upstream oil and gas contract, which commenced on Dec 4, 2024, and runs until Dec 3, 2029, includes two extension options — three years for the first and two years for the second.

Meanwhile, the share price of Sin Heng Chan (Malaya) Bhd (KL:SHCHAN) fell 17.24% to 24 sen last Wednesday from the 29 sen level a month ago, valuing the company at RM74.2 million. On March 7, Wan Jin Resources Sdn Bhd ceased to be a substantial shareholder of the agri-based group after disposing of 19.18 million shares, which represented its entire stake of 6.55% in the company.

On the same day, UOB Kay Hian Securities (M) Sdn Bhd became a substantial shareholder in Sin Heng Chan after acquiring 27.18 million shares, or an 8.9% stake, on the open market. 

This article has been amended to reflect T7 Global Bhd’s correct share price movement.

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