KUALA LUMPUR (June 23): Wellspire Holdings Bhd (KL:WELLS), who is facing earnings contraction, said its independent non-executive chairman, Tengku Datuk Abu Bakar Ahmad Tengku Abdullah, has retired from the board.

In a Bursa Malaysia filing on Tuesday, the consumer packaged foods distributor said Tengku Abu Bakar, 41, ceased to serve as chairman with immediate effect.

Tengku Abu Bakar, who is the son-in-law of Sultan Pahang Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah, had served as Wellspire's chairman since the company's listing on Jan 16, 2023.

According to Wellspire's latest annual report, Tengku Abu Bakar has been executive chairman of Fomema Sdn Bhd since July 2016, overseeing the operations of the foreign workers' medical examination screening service provider. He has also served as executive director of Bookdoc Holdings Bhd since March 2019.

His previous directorships include stints as independent non-executive director of Central Global Bhd and non-executive director of Datasonic Group Bhd, which is now known as NeXG Bhd (KL:NEXG).

Wellspire's latest shareholding disclosures showed Tengku Abu Bakar held a direct 0.098% stake in the company. Its largest shareholder is managing director and chief executive officer Mo Guopiao, who owns a 28.16% direct stake and a further 17.03% indirect interest.

Wellspire is the exclusive distributor of the "ChaCha" brand of sunflower seeds and nuts in Thailand. The group is also involved in the distribution and online retailing of consumer packaged food products.

The company's net profit shrunk 36.2% to RM5.3 million for the financial year ended Dec 31, 2025 (FY2025), from RM8.31 million a year earlier, despite revenue rising 10.6% to RM159.1 million from RM143.89 million.

For the first quarter ended March 31, 2026 (1QFY2026), net profit fell further by 78.2% to RM592,000 from RM2.71 million a year earlier, while revenue declined 10.7% to RM36.48 million from RM40.85 million.

Shares of Wellspire were unchanged at 58 sen on Tuesday, giving it a market capitalisation of RM413 million. The stock has declined 12.8% over the past year but it is still 152.2% higher against the initial public offer price of 23 sen.