This article first appeared in Capital, The Edge Malaysia Weekly on September 21, 2026 - September 27, 2026
Notable filings
During the week of Sept 7 to 11, notable changes in shareholding at Bursa Malaysia-listed companies included those at IT company Cuscapi Bhd (KL:CUSCAPI), where Datin Seri Lee Lan Moi and Jessie Lim Me Xian ceased to be substantial shareholders.
According to Bursa filings, Lee hived off 67.5 million shares or a 7.14% stake in an off-market deal, while Lim sold 58.5 million shares via a separate off-market transaction. Both transactions took place on Sept 3.
Separately, Cuscapi’s largest shareholder, Wong Thean Soon, saw his stake cut from 28.07% to 13.43%, as the share price tumbled from nine sen at end-August to close at six sen last Thursday, giving the company a market capitalisation of RM56.7 million.
Filings showed that the bulk of the shares Wong disposed of had been pledged, and were likely forced sold as the share price fell. There have also been a slew of boardroom changes at Cuscapi.
Following the transactions, Tan Boon Seng emerged as a substantial shareholder of Cuscapi after acquiring 100.33 million shares or a 10.62% stake on Sept 11. Wong had emerged as a substantial shareholder of Cuscapi in March 2022, with a 7.73% stake.
Apart from his shares in Cuscapi, Wong’s shares in his flagship Zetrix AI Bhd (KL:ZETRIX) and Excel Force MSC Bhd (KL:EFORCE) were also likely forced sold after their market prices plummeted.
During the week in review, Wong’s direct stake in Zetrix AI was slashed by 571.36 million shares to 525.27 million shares, or a 6.67% stake, while his indirect interest held via Asia Internet Holdings Sdn Bhd was substantially reduced after 632.05 million shares were sold, bringing the firm’s stake in Zetrix AI down to 5.56% or 438.17 million shares.
Wong now has 12.23% equity interest in Zetrix AI, in stark contrast to the 29.25% he held in early April this year. Meanwhile, his stake in Excel Force was reduced to 14.01% or 85.42 million shares after 104.21 million shares were disposed of.
At Formosa Prosonic Industries Bhd (KL:FPI), privately held OS Capital Sdn Bhd emerged as a substantial shareholder of the audio products manufacturer after acquiring 53.45 million shares or 20.01% equity interest on Sept 10. OS Capital is the vehicle of Gan Chun Hui, who also has a direct stake of 0.36% or 955,500 shares in Formosa Prosonic.
The shares acquired by Gan could have come from Taiwanese managing director Shih Chao Yuan, who sold 66.78 million shares or a 24.88% stake on Sept 10 and ceased to be a substantial shareholder. Another substantial shareholder of Formosa Prosonic, Singaporean Wu Swee Ngor, sold 44.18 million shares or a 16.46% stake in the company.
Formosa Prosonic’s share price closed at RM1.08 last Thursday, giving the company a market value of RM288.5 million.
Meanwhile, privately held Gentle Rainbow Sdn Bhd — the private vehicle of Fong Hew Chung and Hew Hong Thee — ceased to be a substantial shareholder of edible bird’s nest processor MyMBN Bhd (KL:MBN) after disposing of 28.8 million shares or a 7.46% stake in the company during the week in review.
While Fong ceased to be a substantial shareholder, Hew still has 129.6 million shares, or 33.58% equity interest, in MyMBN. Hew is the mother of Lavernt Chen Vun Wo, executive director and CEO of MyMBN.
In early September, MyMBN chairman Liw Chong Liong sold 43.2 million shares or an 11.19% stake in the company, halving his shareholding. It is not clear who acquired those shares.
From eight sen at end-June, MyMBN’s share price had doubled to 17 sen in the first week of September, before tapering off and finishing at 14.5 sen last Thursday, valuing the company at RM56 million.
Notable movements
Bursa filings during the week in review showed the Employees Provident Fund (EPF) accumulating shares in RHB Bank Bhd (KL:RHBBANK). The provident fund acquired another 31.46 million shares to bring its equity interest to 35.47% or 1.55 billion shares. At end-June, it held 1.51 billion shares or a 34.54% stake in RHB.
RHB’s share price closed at a multi-year high of RM8.88 on Aug 10, having gained 11% since early April. However, it had since eased 12.05% from its high to close at RM7.81 last Thursday, giving the banking group a market capitalisation of RM34.09 billion.
Bourse filings also showed that EPF continued to accumulate Gamuda Bhd’s (KL:GAMUDA) shares and emerged as a net buyer during the week in review, having mopped up 20.92 million shares to bring its equity interest to 21.93% or 1.32 billion shares. In early July, the provident fund held a 20.83% stake or 1.24 billion shares in the construction giant.
Gamuda’s share price closed at RM4.74 last Thursday, having gained about 17% since early July. This gave the group a market capitalisation of RM28.64 billion.
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