KUALA LUMPUR (Sept 2): Industrial paint manufacturer and trader Sersol Bhd (KL:SERSOL) sees the emergence of Peh Lon Pah @ Pei Tze Chiang as a substantial shareholder and the resignation of executive director Datuk Mohamed Suffian Awang.
The Johor-based firm said Peh had acquired 100 million shares, or a direct equity stake of 12.429%, through an off-market transaction on Sept 1, according to an exchange filing on Bursa Malaysia. Based on the then closing price of three sen, the estimated value of the share purchase was RM3 million.
According to a separate filing, Mohamed Suffian resigned on Wednesday, citing “personal commitments”.
Mohamed Suffian owned 100 million indirect shares via his investment vehicle Ice Age Property Sdn Bhd, which was the largest shareholder of Sersol. As per previous filings, Mohamed Suffian’s last updated equity stake stood at 13.671%.
It has only been 15 months since Mohamed Suffian reemerged as the largest shareholder in Sersol. He was appointed as executive director on Aug 25, 2023.
Sersol did not disclose whether Peh had purchased the shares from Mohamed Suffian.
Following Mohamed Suffian’s resignation, non-independent and non-executive directors Tan Long Lang and Alan Ling Sie Kiong resigned on Wednesday, also citing “personal commitment”.
The remaining members on Sersol’s board are executive director Toh Boon Hsing, and independent and non-executive directors Leong Lup Yan and Tan Su Ning.
For its financial year ended June 30, 2026 (4QFY2026), Sersol posted a net loss of RM1.03 million on revenue of RM15.15 million.
It had said that the business environment for the second half of 2026 would remain challenging amid geopolitical uncertainties in West Asia, which lends to unstable pricing and availability of resin and solvent.
Shares of Sersol were unchanged at three sen on Wednesday’s market close, giving the group a market capitalisation of RM24.1 million.