KUALA LUMPUR (Sept 30): One of the brothers who co-founded Solid Automotive Bhd (KL:SOLID), Ker Boon Kee, has transferred his shares in the company to his children, making his son and executive director Ker Keddy the company’s second-largest shareholder.

Boon Kee made off-market transfers of 48.44 million shares, or his entire 9.33% interest in the company, to his four children on Sept 29. This included the transfer of 12.11 million shares, equivalent to a 2.33% stake, to Keddy.

Boon Kee transferred his remaining shares to his other children — sons Ker Koni and Ker Kai Xiang, and daughter Ker Verena.

The move brings Keddy’s direct shareholding to 17.43 million shares, or a 3.36% stake, while his indirect interest stands at 58.83 million shares, or 11.33%, giving him a combined 14.69% interest in the company, according to Solid Automotive’s bourse filings.

The transfers saw Boon Kee cease to be a substantial shareholder of Solid Automotive, with a remaining indirect 0.44%, or 2.3 million shares, stake in the company held via Tampoi Auto Supply Sdn Bhd.

Solid Automotive, founded by the Ker brothers — Ker Min Choo, Boon Kee and Ker Mong Keng — currently lists Min Choo, who is also its managing director, as its largest shareholder, with a 19.74% direct stake and a 1.65% indirect stake.

Ker Shiloong, Mong Keng’s son, has an 8.29% direct stake in the company after receiving his father’s shares in 2023. Shiloong is also an executive director of the company.

For the first quarter ended July 31, 2026 (1QFY2027), Solid Automotive’s net profit edged down to RM2.32 million from RM2.34 million, weighed down by higher impairment losses on trade debtors.

This came despite a 3.1% increase in quarterly revenue to RM87.72 million from RM85.05 million, driven by higher local sales.

Shares of Solid Automotive closed unchanged at 11.5 sen on Wednesday, valuing the group at RM57.24 million. Year to date, the counter has fallen by more than 11%.