KUALA LUMPUR (Sept 15): Tan Boon Seng has emerged as a substantial shareholder of Cuscapi Bhd (KL:CUSCAPI), purchasing a 10.618% interest in the company via a direct business transaction as existing shareholders exit.
No details were provided about Tan, but he now holds 100.326 million shares in the company. According to Bloomberg data, the shares were bought in two blocks at five sen apiece, for a total of RM5.02 million.
Tan’s entry comes as two other substantial shareholders divest their stakes in Cuscapi, while its largest shareholder Wong Thean Soon, better known as TS Wong, suffers margin calls that effectively more than halved his stake in the company between Aug 28 and Sept 7.
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 now has 126.87 million shares in the company.
Meanwhile, Cuscapi’s second- and third-largest shareholders, Datin Seri Lee Lan Moi and Jessie Lim Me Xian, divested their holdings around the same time. Lee sold all 67.5 million of her shares in an off-market deal, while Lim sold 58.5 million shares through a separate off-market transaction on Sept 3.
Cuscapi, a provider of point-of-sale systems, mainly operates in Malaysia despite having a presence in countries such as Singapore and Vietnam. It reported a net profit of RM1.88 million for the six months ended June 30, 2026, down from RM15.45 million a year earlier.
Cuscapi’s shares have been trading near record lows after hitting an all-time low of 4.5 sen on Sept 4. The shares closed unchanged at five sen on Tuesday, giving the company a market value of RM47.2 million. The stock is down 54.55% year to date.