KUALA LUMPUR (Feb 13): The youngest son of billionaire investor Tan Sri Chua Ma Yu, Chua Ray-Men, has emerged as a substantial shareholder in transport IT solutions company Go Hub Capital Bhd (KL:GOHUB).

The move comes just a day after Ray-Men entered into a conditional share purchase agreement to sell his 3.03% interest in Woodpeckers Group Sdn Bhd — the master franchisee of the IIlaollao frozen yogurt chain — to Hextar Industries Bhd (KL:HEXIND) for RM10.57 million. It is a part of a larger deal by Hextar Industries to acquire a 51% interest in Woodpeckers for RM177.5 million.

According to a bourse filing, Ray-Men acquired 12.88 million shares in Go Hub via a direct business deal, representing a 2.93% stake. Following the purchase, Ray-Men holds a 6.76% interest in Go Hub, comprising 3.96% direct and 2.8% indirect ownership.

No price was disclosed in the filing. However, Bloomberg data shows off-market blocks traded between 77 sen and RM1.04 over the past two days, implying a transaction value of nearly RM11 million.

Based on weighted average prices, the deal was struck at 88.9 sen — almost in line with Go Hub’s last close of 89 sen.

Ray-Men himself previously served as a portfolio manager at Affin Hwang Asset Management (now AHAM Asset Management) before managing his family office funds.

Earlier this year, the technology partner for Keretapi Tanah Melayu Bhd (KTMB)’s ticketing and fare systems proposed to raise up to RM21.2 million via a private placement of 10% of its enlarged share base to fund four new projects.

These included upgrades to ticket vending machines, access gates and POS terminals at eight southern stations, plus improvements at Terminal Bersepadu Selatan (TBS), including taxi queue management with e-hailing integration, smart gates, better traffic flow and upgraded passenger lounges.

For the nine months ended Sept 30, 2025 (9MFY2025), it posted a net profit of RM3.44 million on revenue of RM32.3 million, compared with RM4.04 million net profit on RM29.36 million revenue in 9MFY2024.

Chief executive officer Tan Cherng Thong remains the largest shareholder with 55.27%. Institutional investors such as AIA Investment Management, Kenanga Investors and Hong Leong Asset Management are also among its top 30 shareholders.

At the closing price of 89 sen on Friday, Go Hub is valued at RM391.6 million. Since its IPO at 35 sen on July 3, 2024, the stock has surged by 154%.