KUALA LUMPUR (May 4): Eurospan Holdings Bhd (KL:EUROSP) said its controlling shareholder is selling down its stake in the furniture maker by June 25, 2026, to comply with the bourse’s public shareholding requirement.
Controlling shareholder, EC Synergy (M) Sdn Bhd, the vehicle of executive director Samuel Ng Heng Hong, which holds a 78.189% stake in the company, is selling its shares to third parties, Eurospan said in a bourse filing on Monday.
The sell-down comes as the company works to comply with the bourse’s public spread requirement of 25% following Ng’s mandatory general takeover that concluded in October last year.
Ng ended up with an 84.1% stake in Eurospan after acquiring a 74.14% stake for RM2.30 a share from “Casio King” Tan Sri Robert Tan Hua Choon’s children, Tan Han Chuan and Tan Ching Ching.
On Oct 15, 2025, Eurospan was given a six-month extension to meet public shareholding rules by March 25, 2026, but had no plan as of early February. On March 24, 2026, Eurospan applied for another three-month extension to June 25, 2026, which Bursa Securities approved on April 30.
Ng, via EC Synergy, sold 2.63 million shares on April 22, 2026, reducing his stake to 78.189% and increasing public shareholding from 15.9% to 21.81%.
“The company remains committed to ensuring full compliance with the Main Market Listing Requirements and will make further announcements on the progress of its rectification plan in due course,” the company said.
Eurospan posted a net loss of RM1 million for the nine months ended Feb 28, 2026, versus a RM20.68 million profit a year earlier, which was boosted by one-off gains from asset disposals.
Revenue, however, more than tripled to RM65.7 million, driven by higher battery and construction materials trading.
Shares in Eurospan ended half a sen or 1.53% higher at RM3.31, valuing the company at RM147.04 million.