KUALA LUMPUR (Sept 11): Wong Thean Soon, better known as TS Wong, has more than halved his stake in Cuscapi Bhd (KL:CUSCAPI) over the past two weeks, as the forced selling of his shares hits a second listed company.
According to a filing with Bursa Malaysia, the shares disposed of were pledged securities held with CGS International Nominees Malaysia (Tempatan) Sdn Bhd, Affin Hwang Nominees (Tempatan) Sdn Bhd and Amsec Nominees (Tempatan) Sdn Bhd. Another 650,000 shares held through UOB Kay Hian Nominees (Tempatan) Sdn Bhd were also disposed of, although these were not classified as pledged securities.
The company said Wong began trimming his stake on Aug 28, 2026, with his last transaction taking place on Sept 7, 2026. This was around the same period that pledged shares in Zetrix AI Bhd (KL:ZETRIX) and shares in Excel Force MSC Bhd (KL:EFORCE) were also disposed of.
Wong, who previously held a 25.13% direct stake and a 2.937% indirect interest in Cuscapi, now holds a 10.49% direct stake while his indirect interest remains unchanged. He is still the company’s largest shareholder.
Around the same time, two other substantial shareholders divested their stakes in Cuscapi on Sept 3. Datin Seri Lee Lan Moi sold 67.5 million shares in an off-market deal, while Jessie Lim Me Xian sold 58.5 million shares through a separate off-market transaction.
A series of boardroom changes followed the next week, with Teo Beng Wei, 47, appointed as executive director of the company. Datuk Jayakumar Panner Selvam, 60, was redesignated as a non-executive director from his previous role as executive chairman.
TS Wong first emerged as a substantial shareholder of Cuscapi in March 2022, with a 7.732% direct stake.
Cuscapi, which operates in Malaysia, Singapore, Thailand, Indonesia, China, the Philippines and Vietnam, reported a net profit of RM1.88 million for the six months ended June 30, 2026, down from RM15.45 million a year earlier. The group’s operations are mainly focused in Malaysia.
Cuscapi closed unchanged at five sen a share on Friday, valuing the company at RM47.2 million. Year to date, the stock is down 54.55%.
Cuscapi is the second listed company to be affected by forced selling in Wong’s pledged shares, following Zetrix AI.
At a briefing with analysts and investors on Sept 4, Wong said the selldown in Zetrix AI was triggered by margin calls on pledged shares and exacerbated by short-selling activities.
Between Aug 26 and Sept 10, about two-thirds of Zetrix AI’s market value was wiped out before the stock recovered slightly from its 12-year low.
A Friday filing showed that Wong sold more shares in Zetrix AI. He sold 68.598 million shares on Aug 28 at 29.5 sen each and another two million shares at 26 sen each on Sept 10, 2026, for total proceeds of about RM20.7 million.
This brought his direct stake in Zetrix AI down to 6.668%, while his indirect interest remained at 5.562%. He remains the single largest shareholder of Zetrix AI.
Zetrix AI’s shares were unchanged on Friday at 25 sen, valuing the company at RM1.97 billion. Year to date, the stock is down 69.14%.
During the same period, Wong also reduced his stake in Excel Force MSC to 7.234% from 24.322%. It is not known, however, if this was also a case of forced selling in pledged shares. He also holds a 6.772% indirect interest in the company.
Excel Force MSC’s share price was up 5.41% to 19.5 sen, valuing the company at RM118.9 million. Year to date, the stock is down 4.88%.