KUALA LUMPUR (Dec 11): Farm Fresh Bhd's (KL:FFB) co-founder and group managing director Loi Tuan Ee has disposed of RM132.5 million worth of shares in the dairy producer via a direct business transaction.

Loi sold 50 million shares — representing 2.66% of Farm Fresh’s issued share capital — through his family’s private investment vehicles Rainforest Capital Sdn Bhd and Farmchoice Foods Sdn Bhd, according to the group’s bourse filing on Thursday (Dec 11).

Off-market transaction data showed the block was crossed at RM2.65 apiece on Dec 9. This is Loi's largest single open market sale of Farm Fresh shares since the group's listing in March 2022. The last time he disposed of a big bloc of Farm Fresh shares was in May 2024, when he sold 46.81 million shares representing a 2.5% stake then for RM66.47 million.

Following the disposal, Loi remains the single largest shareholder of Farm Fresh, with a 37.42% stake or 703.14 million shares.

The share sale comes on the heels of Farm Fresh’s share price hitting a record high of RM2.95 on Dec 4, buoyed by the group’s strong results for its second quarter ended Sept 30, 2025.

The group posted its highest-ever quarterly net profit of RM36.66 million for the period, up 40% from RM26.18 million a year earlier.

Revenue rose 18.4% year-on-year to RM294.94 million, driven by robust domestic demand, new market entries in Cambodia and the Philippines, and fresh product launches. This was partly offset by weaker external sales from its Australian unit, Goulburn Valley Creamery Pty Ltd.

For the six months ended Sept 30, Farm Fresh's net profit climbed 33.1% to RM69.47 million, while revenue grew 13.2% to RM555.51 million.

This latest disposal by Loi follows a series of stake reductions in Farm Fresh by sovereign wealth fund Khazanah Nasional Bhd, which ceased to be a substantial shareholder in September after paring its interest from 6.49% to 3.02%.

Khazanah first invested in Farm Fresh in 2011 — then known as The Holstein Milk Company Sdn Bhd — acquiring a 30% stake as part of its food security agenda.

Since the group’s RM1 billion initial public offering in 2022 — the largest that year, which valued the company at RM2.5 billion at an issue price of RM1.35 per share — Khazanah has steadily trimmed its holdings via open-market disposals.

In 2025 alone, Khazanah sold 42.5 million shares in June, reducing its stake from 11.8% to 9.42%, before offloading another 55 million shares in July.

Other institutional investors in Farm Fresh include the Retirement Fund (Incorporated) with 9.7%, Employees Provident Fund with 8.24% and Abrdn Malaysia Sdn Bhd with 4.81%.

Farm Fresh shares last traded at RM2.83, giving the group a market capitalisation of RM5.32 billion. Year to date, the counter has surged 52.2%.