KUALA LUMPUR (July 25): Salcon Bhd (KL:SALCON) executive deputy chairman Tan Sri Tee Tiam Lee has emerged as a new substantial shareholder in Eduspec Holdings Bhd (KL:EDUSPEC) after acquiring a 7.86% stake via a private placement.

Tee took up 111.1 million new shares on July 24, Eduspec said in a bourse filing on Friday (July 25). However, the transaction value was not disclosed.

The integrated education services provider’s largest shareholder remains its executive chairman Datuk Kang Pang Kiang, who holds a 12.62% stake — or 90.5 million direct shares and 87.33 million indirect shares — following the placement exercise.

Other substantial shareholders include SEM Global Sdn Bhd with a 9.4% stake, group chief executive officer Datuk Seri Gan Chow Tee (6.3%) and UOU Resources Sdn Bhd (5.3%).

First announced in July last year, the fundraising exercise, which involved the issuance of 234.9 million new shares, aims to raise RM30.54 million to fund its venture into the provision of testing services for electrical and electronic (E&E) components.

The first tranche of 105 million placement shares was priced at 9.61 sen per share, the second tranche of 45 million shares at 9.32 sen, the third tranche of 10 million shares at 10 sen, and the final tranche of 74.9 million shares at 10.01 sen per share.

Eduspec has been in the red since the financial year ended Feb 29, 2020 (FY2020). Its latest quarterly results (1QFY2026) showed net loss narrowing to RM511,000 from RM2.57 million.  

Its shares rose half a sen or 3.7% to close at 14 sen on Friday, giving the group a market capitalisation of RM187.4 million. The stock is down by more than 70% in the past five years.