This article first appeared in The Edge Malaysia Weekly on June 29, 2026 - July 5, 2026

On June 15, loss-making Jentayu Sustainables Bhd (KL:JSB) announced that Agrobulk Holdings Sdn Bhd had emerged as its substantial shareholder through a private placement exercise that raised RM23.41 million.

Through this exercise, Agrobulk acquired 45.37 million shares or an 8.33% stake in Jentayu on April 17. This made Agrobulk the renewable energy solutions group’s second largest shareholder, after Datuk Beroz Nikmal Mirdin and his wife, Datin Nurhaida Abu Sahid, who hold indirect stakes of 13.06% and 15.67% respectively.

Based on Jentayu’s closing price of 29.5 sen on April 17, Agrobulk’s shares are estimated to be worth RM13.38 million.

The proceeds from the private placement are primarily earmarked for Project Oriole, a 162mw run-of-river hydropower plant in Sabah, which is targeted for completion in September 2029.

What is puzzling is that Jentayu disclosed Agrobulk’s emergence as a substantial shareholder nearly two months after the acquisition.

The gap between Agrobulk’s acquisition and Jentayu’s disclosure raises questions about the timing of the announcement. What caused the delay? Was it the result of an administrative lapse or a late notification by the shareholder?

Given the significance of the change in the company’s shareholding structure, did Bursa Malaysia seek an explanation from Jentayu over the delayed disclosure?

The delay also casts a spotlight on Jentayu’s disclosure practices. Investors expect material changes in shareholdings to be reported promptly so they can make informed decisions.

Another disclosure issue that has come under the spotlight is the company’s exit from the healthcare business, announced last Friday through the disposal of its entire stake in Ultimate Forte Sdn Bhd — operator of the 30-bed Ohana Specialist Hospital in Kuala Lumpur — to Lourdes Medical Centre for RM1.75 million.

Although the transaction did not require shareholder approval, Lourdes Medical Centre’s sole director, Datuk Muhammad Rayyan Abdullah, had already assumed management and operational control of the hospital more than two months before the disposal was announced.

Jentayu may face even greater scrutiny, having only recently been embroiled in a dispute with minority shareholders over the same private placement exercise.

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