KUALA LUMPUR (May 21): A new substantial shareholder has emerged at GIIB Holdings Bhd (KL:GIIB), a penny stock that has rocketed from seven sen to 39.5 sen within a month, while another ceased to be one. 

Mega Fortris Global Pte Ltd subscribed to 65.04 million placement shares, or a 9.09% stake, according to the rubber compounds manufacturer’s bourse filing.

Meanwhile, its recent filings show that Singapore-based HAGF Investment (I) Pte Ltd, which held a 16.56% stake as at April 20, has ceased to be a substantial shareholder.

Other substantial shareholders of GIIB are Tai Qisheng, with a 10.68% stake, and Datuk Sri Andy Lim Kok Han, with a 6.63% stake.

Mega Fortris Global is the largest shareholder of security seal specialist Mega Fortris Bhd (KL:MEGAFB), holding a 65% stake.

Gan Kok Xian, who recently launched a takeover offer for Pineapple Resources Bhd (KL:PINEAPP), is deemed interested in GIIB through his indirect shareholding in Mega Fortris Global via ProWealth Management Holding Ltd.

Datuk Ng Meng Kee and Datuk Ng Meng Poh, chairman and managing director of Mega Fortris respectively, are also deemed interested in GIIB through related entities.

GIIB manufactures and distributes rubber compounds and related products, and recently said it is exploring a potential investment in a healthcare-related business.

The company recently received a qualified audit opinion and issued a going concern warning due to heavy losses and weak cash flow. For the 18-month period ended Dec 31, 2025, GIIB posted a net loss of RM24.5 million, partly due to a RM17.7 million impairment on receivables, on revenue of RM59.6 million.