KUALA LUMPUR (June 11): Trading in the shares of FACB Industries Incorporated Bhd (KL:FACBIND) will be suspended from July 22 after the company’s public shareholding spread fell below the minimum requirement of 25%, said Bursa Malaysia Securities.
The regulator, in its notice on Thursday, said trading in FACB's shares will remain suspended until the company complies with the public shareholding spread requirement.
FACB's public shareholding spread, which had been hovering just above the 10% mark, fell to 8.875% on June 5 after its chairman and non‑independent executive director Chen Yiy Fon, through his private investment vehicle Magni Vintage Ltd, acquired an additional 1.55 million shares, raising his stake to 60.96%.
The privatisation of the bedding manufacturer began when Chen launched a RM134 million buyout bid at RM1.60 per share, offering a 42% premium. The offer turned unconditional on Aug 28, 2025 after crossing the 50% control mark, and officially closed on Oct 10, 2025.
The final deadline prompted a wave of retail shareholders to cash out their stakes, enabling Chen to successfully complete his initial takeover exercise.
As a direct result of the final‑day sell‑downs and subsequent purchases, the company’s public shareholding spread plummeted to 12.24%.
Following that milestone, Chen continued to mop up remaining shares through aggressive open‑market and off‑market purchases. His latest acquisition on June 5 further expanded his shareholdings, pushing both his direct and indirect stake to total 66.46%.
FACB’s main sales contribution comes from its bedding division through its subsidiary, Restonic (M) Sdn Bhd, which focuses on the sales and marketing of bedding products.
Restonic is a leading manufacturer of spring and foam mattresses under well‑known brands such as Dreamland. FACB also has exposure in China through subsidiaries and associates involved in the online retailing of bedding products.
For the financial year ended June 30, 2025, the company reported a 26.7% decline in revenue to RM33.52 million, compared with RM45.74 million in the previous year, with all of its revenue contributed by the bedding division, according to its 2025 annual report.
Net profit fell 44.6% to RM3.78 million from RM6.82 million, mainly due to a higher sales mix of lower‑margin bedding products.
FACB closed unchanged at RM1.68 on Thursday, valuing the company at RM143.1 million.