KUALA LUMPUR (Oct 31): Oversea-Chinese Banking Corp Ltd, Singapore’ second-largest banking group also known as OCBC, has sold off its entire indirect stake in Mega Fortris Bhd (KL:MEGAFB). 

OCBC and its affiliate Lion OCBC Capital Asia I Holdings Pte Ltd sold their combined 25.99% stake in Mega Fortris Global Pte Ltd, the holding company of Mega Fortris, to ProWealth Management Holding Ltd. A sale and purchase agreement signed on Oct 2 was completed on Oct 30.

An investment holding company incorporated in the British Virgin Islands, ProWealth Management is coming in as a strategic investor, according to a statement from Mega Fortris.

“ProWealth Management’s entry is a clear endorsement of our direction and an opportunity to ride the trajectory we’ve established into our next phase of growth,” said Mega Fortris managing director Datuk Adrian Ng Meng Poh.

Financial details of the transaction were not disclosed. Mega Fortris also did not comment on OCBC's divestment.

Ng and his family has 65% control of the company that mainly manufactures security seals through Mega Fortris Global. The company was listed on the Main Market in November 2024.

“We see a company with strong capabilities and disciplined execution, trusted by global customers across industries, and increasingly positioned as a solutions provider in supply chains where security and reliability matter most,” said ProWealth Management director Gan Kok Xan.

Mega Fortris expects to complete the first phase of its UK facility, a centralised warehouse and distribution centre with marking capability, by the end of this year to fulfil regional demand and respond to customers in key markets.

Shares of Mega Fortris closed down 1.5 sen or 1.85% to 79.5 sen on Friday for a market capitalisation of RM671.8 million.