This article first appeared in The Edge Malaysia Weekly on April 6, 2026 - April 12, 2026

KEDAH businessman Datuk Seri Keh Chuan Seng — better known in market circles as “Dato Ramen” — is ­expected to scale back his presence in a number of Bursa Malaysia-listed companies, according to multiple sources. Some of the sources cite “a need for cash” as the reason but are unclear as to the purpose for the cash.

Keh had already pared down his stakes in ACE Market-listed mechanical and electrical engineering contractor ES Sunlogy Bhd (KL:SUNLOGY) and Main Market-listed contract manufacturer Ge-Shen Corp Bhd (KL:GESHEN). Sources tell The Edge that he is in the process of gradually exiting several other companies linked to him, but that it will be done in stages.

These include secondary stainless steel products maker K Seng Seng Corp Bhd (KL:KSSC), waste management company Tex Cycle Technology (M) Bhd (KL:TEXCYCL) and plant-based agricultural food ingredients distributor Agricore CS Holdings Bhd (KL:AGRICOR).

Market talk of Keh’s potential stake sale in K Seng Seng has been circulating since February, with several sources indicating that the 54-year-old is exploring an exit. K Seng Seng closed at 93 sen a share last Friday.

A contact maintains that the deal has yet to materialise, with uncertainties linked to the Middle East conflict now weighing on the identified buyer’s willingness to commit.

“The [K Seng Seng] deal is largely agreed in principle and was close to being finalised, but the buyer is probably reassessing the timing given the external environment,” says the contact.

Despite the delay, sources broadly agree that Keh is likely to divest most, if not all, of his shareholdings in the local listed companies associated with him, although the rationale behind the move remains unclear.

Considering that the divestments have been ongoing for several months, multiple sources suggest the move may also be linked to Keh’s need to raise liquidity.

“There is a need for cash, and therefore, he intended to exit K Seng Seng, and for that matter, Tex Cycle and Agricore too,” says a source.

Another source says the monetisation of listed shares — among Keh’s more liquid assets — is the most straightforward route under current market conditions.

In recent years, Keh has been an active player in small- and mid-cap counters on Bursa Malaysia. He had previously divested his shares in ready-to-serve food and frozen vegetables company HB Global Ltd (KL:HBGLOB) and electronic manufacturing services firm EG Industries Bhd (KL:EG).

The low-profile Keh’s Dato Ramen moniker is said to date back to his early days working in Japan, where he was believed to have worked at a ramen restaurant. Beyond that, how he made his fortune has been the subject of much market speculation over the years.

Keh’s nickname has stuck in Malaysia’s corporate circles, and is even reflected in one of his personal email addresses.

A check on Tex Cycle’s previous annual reports shows that Keh has vast experience in areas of business management such as human resources, finance, marketing, research and development, sales and distribution.

“Datuk Keh brings with him a wealth of real estate development experience and built discipline inculcated from his days in Japan from 1991 to 2005.

“Datuk Keh has been blessed with cross-border opportunities in the development industry. Foremost is his planning capabilities and expertise in strategising housing development projects,” the annual reports stated.

Aside from his time in Malaysia, Tex ­Cycle highlighted the 14 years Keh spent in the Japanese built industry where he “cultivated invaluable built experience”.

“His wide array of experience also included the food and beverages business in Japan and the niche bird nest trading and evergreen fishery businesses in Malaysia,” the company said.

It is also worth noting that in 2014, Keh co-founded property firm Frazel World Sdn Bhd, which has ongoing projects in Penang, Kedah and Bukit Jalil, KL.

Today, Keh holds sizeable stakes in Tex Cycle (24.06%), K Seng Seng (21.19%) and Agricore (23.04%), alongside positions in Ge-Shen (4.3%) and ES Sunlogy (4.98%). It is estimated that his total stake value in these five companies is over RM170 million.

But his actions over the past 12 months have not escaped notice as a review of Keh’s positions in Bursa Malaysia-listed companies shows a swift — and somewhat abrupt — pullback, both at the boardroom and shareholding levels.

What stood out most was his simultaneous resignations from multiple boards in March 2025 — including as executive chairman of Tex Cycle, K Seng Seng and Ge-Shen — with little prior signalling. The sudden exits, coming barely two years after some of his appointments, raised eyebrows in the market.

Until today, it remains unclear what triggered the heavy sell-off in a number of counters linked to Keh on March 24 last year. Perhaps some investors had wind of his imminent resignation. In any event, five counters linked to him came under selling pressure.

Ge-Shen and Tex Cycle each fell about 14% in morning trade. ES Sunlogy dropped as much as 11%, while K Seng Seng and Agricore lost 9% and 4% respectively.

On the same day, amid the selling pressure, Keh resigned as executive chairman of K Seng Seng, Tex Cycle and Ge-Shen, citing personal circumstances.

At the same time, he tendered his resignation as non-executive deputy chairman of Agricore, citing “unforeseen personal circumstances”.

About two years earlier in May 2023, Keh stepped down as non-executive chairman of EG Industries, and subsequently ceased to be a substantial shareholder in October that year.

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