KUALA LUMPUR (July 29): Silver Ridge Holdings Bhd’s (KL:SRIDGE) largest shareholder Datuk Khoo Yik Chou has ceased to be a substantial shareholder after a forced disposal of approximately 64.5 million shares, representing a 15.7% stake, following a margin call.
The disposal took place on July 27, according to the group’s filing with Bursa Malaysia on Wednesday. Following the transaction, Khoo’s direct shareholding fell to 2.02%, while his indirect stake stood at 0.49%, taking his total interest below the 5% threshold required to be classified as a substantial shareholder.
The filing did not disclose the price at which the shares were disposed of. Based on Silver Ridge’s closing price of 16 sen on July 27, the block was worth about RM10.3 million.
Khoo, who was also the group managing director until June 26, was previously the company’s largest shareholder. He had resigned to facilitate the company’s ongoing succession planning and leadership transition, the filing had read. Deputy group managing director Syauqat Mohd Suhaimi and executive director Syakur Mohd Suhaimi stepped down from their posts on the same day. Another three independent directors resigned thereafter.
Following the disposal, the remaining substantial shareholders are Datuk Mohd Suhaimi Abdullah with a 6.919% stake and newly-appointed group managing director Vincent Gan Kean Cheang with a 5.52% stake. Gan was previously an executive director of the company.
The board now consists of five new directors including Nigel Law Hun Chuen, 37, who joins as a non-independent non-executive director.
Silver Ridge is principally involved in telecommunication solutions, network solutions, and connected and green technology. Its services include the design, installation and testing of cellular systems, network optimisation, advanced metering infrastructure (AMI) solutions, and telecommunication-related software solutions.
Shares of Silver Ridge were unchanged at 17 sen during Wednesday’s midday break, valuing the company at RM69.7 million. Year-to-date, the stock has lost 44.26% of its value.