KUALA LUMPUR (Sept 4): LFE Corp Bhd (KL:LFECORP) executive chairman Chuah Chong Ewe has emerged as the largest shareholder of Salutica Bhd (KL:SALUTE) after acquiring a 31.13% stake in the consumer electronics manufacturer.
Chuah acquired 145 million shares for RM15.95 million, or about 11 sen per share, via an off-market transaction on Thursday, according to Salutica’s filing with Bursa Malaysia on Friday.
The transaction comes amid leadership changes at Salutica, with the resignations of Lim Chong Shyh as executive chairman and Joshua Lim Phan Yih as managing director. Joel Lim Phan Hong, who was an alternate director, also resigned in connection with Chong Shyh’s departure.
Phan Yih and Phan Hong are Chong Shyh’s sons.
Salutica has since appointed Chuah Chong San and Siew Chiew Loon as executive directors.
Chuah acquired the block of 145 million shares the same day that Blue Ocean Enlightenment – an investment vehicle linked to the Lim family – disposed of its 35.41% stake of 166.04 million shares for RM18.26 million.
The company undertook a major restructuring earlier this year to streamline operations and improve financial sustainability after reporting losses for seven consecutive financial years. The restructuring resulted in about 250 employees — more than half of its workforce — being retrenched from its wholly owned subsidiary, Salutica Allied Solutions Sdn Bhd, with effect from April 30.
Salutica recently changed its financial year end from June 30 to Dec 31. For the 12 months ended June 30, 2026, the company narrowed its net loss to RM23.36 million from RM29.76 million a year earlier, while revenue jumped 38% year-on-year to RM27.94 million.
At Friday’s noon break, shares of Salutica climbed 4.5 sen, 39.13%, to 16 sen, valuing the company at RM75.02 million. Year-to-date, the counter has fallen 20%.