This article first appeared in Capital, The Edge Malaysia Weekly on September 14, 2026 - September 20, 2026
Notable filings
Between Sept 1 and 4, notable filings with Bursa Malaysia on changes in shareholding included those of ACE Market-listed Ambest Group Bhd (KL:AMBEST), where co-founder and managing director Tan Beng Beng and co-founder and executive director Lim Eng Guan together disposed of 13.75 million shares in the company.
Post-disposal, Tan and Lim control 32.5% equity interest, equivalent to 165.77 million shares.
The precision engineering service provider, which made its debut on the stock exchange in February, has been one of the few better performing initial public offerings (IPO) this year. Since its listing, the company has gained close to five times its IPO price of 29 sen, thanks to the massive artificial intelligence capital expenditure that has trickled down to local precision engineering service providers.
Ambest’s share price closed at RM1.43 on Sept 8.
Salutica Bhd (KL:SALUTE) saw a change in shareholding after its major shareholder, executive chairman Lim Chong Shyh, and his son, managing director Joshua Lim Phan Yih, exited the company after disposing of 166.04 million shares, equivalent to a 35.41% stake, through family investment vehicle Blue Ocean Enlightenment Sdn Bhd.
Filings with Bursa also showed that Chong Shyh and Joshua both resigned from their roles in the company “to pursue other interests”. Joel Lim Phan Hong, who is also a son of Chong Shyh, also resigned from his position as alternate director of the company.
The shares were transacted through a direct business deal and on the open market at 11 sen per share, giving the Lim family a total disposal value of RM18.26 million.
According to filings, 145 million shares, equivalent to a 30.9% stake, were picked up by individual Chuah Chong Ewe, who is the executive chairman of LFE Corp Bhd (KL:LFECORP). At 11 sen per share, Chuah would have paid a total of RM15.95 million for the stake.
Salutica, a consumer electronics manufacturer, has been in the red over the last seven financial years. In May, it announced that it was changing its financial year end from June to December. In the quarter ended June 30, 2026, it reported a net loss of RM4.46 million against revenue of RM6.67 million.
Meanwhile, Sersol Bhd (KL:SERSOL) saw the emergence of a new substantial shareholder after individual Peh Lon Pah @ Pei Tze Chiang acquired 100 million shares, equivalent to 12.42% equity interest in the company, on Sept 1.
The acquisition came on the same day that Datuk Mohamed Suffian Awang ceased to be a substantial shareholder of the company after disposing of 100 million shares through Ice Age Property Sdn Bhd.
Mohamed Suffian was formerly an executive director of Sersol. He resigned on Sept 2, a day after disposing of his stake in the company, citing “other personal commitments”.
Following his resignation, two other directors also resigned, similarly citing personal commitments. They are non-independent and non-executive directors Tan Long Lang and Alan Ling Sie Kiong.
Notable movements
Zetrix AI Bhd’s (KL:ZETRIX) share price has fallen a total of 66%, from 66 sen on Aug 26 to 22 sen on Sept 2. At 22 sen, the stock was trading at a multi-year low for the company as its market cap was slashed to RM1.7 billion from RM5.2 billion on Aug 26.
The shares of the digital services provider came under heavy selling pressure as managing director Wong Thean Soon, better known as T S Wong, grappled with the fallout from a margin call. Wong reportedly told analysts and investors that he “needed time to resolve the forced sale”.
Filings with Bursa during the period in review showed that Wong’s stake in Zetrix AI has been reduced by some 2.4%. He disposed of 99.8 million shares, equivalent to a 1.5% direct stake in the company, at 29.9 sen per share for RM29.8 million.
He also trimmed his stake in Zetrix AI through his private vehicle Asia Internet Holdings Sdn Bhd by 56.64 million shares. The disposal was done in two blocks; 4.29 million shares were disposed of at 60.6 sen each on Aug 27 and 52.3 million shares at 48 sen each on Aug 28, bringing the total to RM27.7 million.
Post-disposal, Wong remains the largest shareholder of Zetrix AI with his stake amounting to 27.5%.
Interestingly, two other companies linked to Wong also saw massive hits to their share price around the same time frame.
Heitech Padu Bhd’s (KL:HTPADU) share price fell from RM1.27 on Aug 26 to 96 sen on Sept 3, shaving off a total of 24% of its value over that period.
Filings with Bursa show that deputy chairman and executive director Sandraruben Neelamagham had purchased 1.3 million shares, or a 0.79% stake, in a direct business deal on Sept 1. Subsequently Sandraruben upped his stake by another 1.13 million shares, or 0.72%, on the open market between Sept 3 and 8, increasing his total equity interest in the company to 1.49%.
Meanwhile, Wong ceased to be a substantial shareholder of Heitech after disposing of 27.54 million shares via My E.G. Capital Sdn Bhd through a direct business deal. He is deemed interested in the stake by virtue of his substantial interest in Zetrix AI. He now retains a direct stake of 0.97%.
Excel Force MSC Bhd’s (KL:EFORCE) share price fell from 16.5 sen on Aug 27 to nine sen on Aug 28. But it quickly rebounded thereafter. On Sept 18, the share price closed at 18.5 sen.
Notably, Wong is no longer the largest shareholder at Excel Force after disposing of 104.21 million shares, or a 17.09% stake, on the open market on Aug 28 and Sept 1. Post-disposal, he is left with a 7.23% direct stake and a 6.77% indirect stake in Excel Force.
Taiwanese individual Wang Kuen Chung @ Jeff Wang has become the largest shareholder of Excel Force after acquiring the shares on the open market via several transactions. Based on a filing on Sept 7, Wang has now amassed a total of 94.41 million shares, equivalent to 15.48% equity interest.
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