KUALA LUMPUR (Sept 17): Zetrix AI Bhd (KL:ZETRIX) founder Wong Thean Soon has ceased to be a substantial shareholder in Cuscapi Bhd (KL:CUSCAPI), after disposing of about 103.6 million shares in the company.
The shares disposed of via direct business transactions on Sept 11, comprise 99.1 million shares held directly and 4.5 million shares held indirectly through his private vehicle Asia Internet Holdings Sdn Bhd, according to a bourse filing. The shares represented nearly an 11% stake in Cuscapi.
Details of the transaction were not disclosed, although investor Tan Boon Seng was reported to have acquired 100.3 million shares via a direct business transaction on Sept 11, the same day Wong disposed of his stake. Tan subsequently emerged as a substantial shareholder in Cuscapi.
Based on Cuscapi’s closing price of five sen on Sept 11, the stake offloaded by Wong could be worth as much as RM5.18 million.
Following the disposal, Wong was left with 23.2 million shares, or about a 2.5% stake, down sharply from his roughly 28% stake in Cuscapi before Aug 28.
Wong began trimming his stake in Cuscapi amid margin calls around the same period that pledged shares in Zetrix AI and shares in Excel Force MSC Bhd (KL:EFORCE) were also disposed of.
Tan is now Cuscapi’s sole substantial shareholder.
Cuscapi shares rose one sen, or 20%, to close at six sen on Thursday, giving the company a market capitalisation of RM56.7 million.