KUALA LUMPUR (Sept 10): HHRG Bhd's (KL:HHRG) newly appointed executive chairman Tan Sri Syed Azman Syed Ibrahim has raised his stake in the biomass company by acquiring a 0.36% stake.
Syed Azman bought the stake, comprising 4.72 million shares, on Sept 9 at 18.15 sen apiece, for a total of RM857,333, according to a bourse filing on Thursday. The purchase price represented a 3.7% premium to HHRG’s closing price of 17.5 sen on Sept 9.
Following the transaction, Syed Azman’s stake in HHRG stood at 3.21%, still below the 5% threshold to be deemed a substantial shareholder.
HHRG’s largest shareholders are Ch’ng Chen Mong and Tan Poh Cheng, with a combined 14.53% stake, followed by former group executive chairman H’ng Choon Seng and Goh Boon Leong with a combined 11.32% stake.
Syed Azman, who is also the founder of helicopter services firm Weststar Aviation, was appointed to HHRG’s board on Sept 4, filling the chairman position that had been vacant for more than two years.
HHRG on Thursday also redesignated its executive deputy chairman Datuk Ammar Shaikh Mahmood Naim as executive director.
The company, in its filing, did not announce Ammar’s successor as executive deputy chairman.
Ammar, 64, served as Kedah state secretary from December 2018 until his retirement in 2022.
He joined HHRG’s board in June 2024 and subsequently oversaw the company’s operations after H’ng stepped down in June 2024 due to unspecified personal reasons.
According to HHRG’s annual report, Ammar is responsible for overseeing the company’s business development. He currently owns 310,000 shares, equivalent to a 0.025% stake in HHRG.
Shares of HHRG ended one sen or 5.7% lower at 16.5 sen on Thursday, giving the company a market capitalisation of RM215.3 million.