KUALA LUMPUR (Sept 18): Newly listed beverage blend maker Butterfield FB Bhd (KL:BFIELD) has announced the emergence of Datuk Ooi Eng Leong, believed to be managing director of Nationgate Holdings Bhd (KL:NATGATE), as a substantial shareholder.

Ooi acquired 45 million shares, representing a 5.63% stake, in Butterfield on Tuesday (Sept 15) — the company’s maiden trading day on Bursa Malaysia’s ACE Market — according to Butterfield's bourse filing.

Details of the transaction were not disclosed. Based on Butterfield’s closing price of 46 sen on Tuesday, the stake would be worth about RM20.7 million.

The Edge has reached out to Ooi as well as Butterfield's communications team for comments on the stake buy.

Butterfield’s largest shareholder is deputy chairman Yeap Kim Siew, with a 32.95% stake, followed by executive director Yeap Chin Loon with 31.16%, chief executive officer Lee Mong Khai with 8.32%,and executive director Lee Chan Hua with 6.82%.

Butterfield is a Penang-based company that mainly manufactures coffee and tea extract powder blends under its “Butterfield” house brand. Its products are used in a range of instant and ready-to-drink beverages, as well as confectionery and baked goods.

The company’s shares ended unchanged at 46 sen on Friday — down two sen or 4.17% from its initial public offering price of 48 sen — giving it a market capitalisation of RM368 million.