KUALA LUMPUR (Sept 3): Globetronic Technology Bhd’s (KL:GTRONIC) non-executive chairman Ta Shun Dher has emerged as a substantial shareholder in the semiconductor manufacturer.

Ta acquired 8.91 million shares, equivalent to a 1.14% stake, in Globetronic on Sept 1, according to a bourse filing on Thursday.

The shares changed hands via a direct business transaction at 24.5 sen apiece, a 2.1% premium to Globetronic’s closing price of 24 sen on Sept 1. The transaction was valued at RM2.18 million.

Following the acquisition, Ta’s direct stake in Globetronic rose to 5.08%, crossing the 5% threshold to be deemed a substantial shareholder.

Ta is the son of the late Tan Sri Ta Kin Yan, the founder of Waz Lian Group and Majestic Gen Sdn Bhd. He was appointed to Globetronic’s board in January, replacing Liaw Way Gian, who was redesignated as an executive director.

Globetronic’s largest shareholder currently is Ooi Keng Thye, with an 11.39% stake, while Main Market-listed APB Resources Bhd (KL:APB) holds a 10.36% stake.

Globetronic shares fell one sen, or 4.3%, to settle at 22.5 sen on Thursday, valuing the Penang-based company at RM175.9 million. The stock has been volatile this year, falling to a low of 15.5 sen in March before nearly doubling to 31 sen in May.

Year to date, the stock has fallen more than 16%.