KUALA LUMPUR (April 30): Compugates Holdings Bhd’s (KL:COMPUGT) fourth largest shareholder, Datuk Koh Lean Poh, has sold a 9.92% stake in the IT product trading and services provider for RM8.4 million.

The purchaser, Eternal Harmony Sdn Bhd, has emerged as a substantial shareholder of the company with the 9.92% stake, while Koh ceases to be one, according to bourse filings on Wednesday.

Koh disposed of the stake, comprising 600 million shares, to Eternal Harmony via a direct business transaction on Monday.

According to Bloomberg off-market data, the transaction was priced at 1.4 sen a share for a total of RM8.4 million.

Koh has been paring his stake in Compugates since December last year. Following the latest deal, his is understood to be left with a 1.07% stake in the company.

Eternal Harmony is a company wholly owned by Eternal Harmony (L) Ltd, according to the Companies Commission Malaysia (SSM).

Koh emerged as a substantial shareholder of Compugates in 2023 via a private placement exercise. In the cash call, he subscribed to 809.73 million shares, then a 14.72% stake.

The private placement exercise comprised 916.73 million shares, with tranches priced from 0.9 sen to 1.15 sen.

Compugates’ largest shareholder is Soo Yi Sin with a 14.98% stake, followed by CEO Goh Kheng Peow (13.38%) and Hian Holdings Sdn Bhd (13.22%).

Shares in Compugates ended unchanged at 1.5 sen on Wednesday, valuing the company at RM68.07 million.