KUALA LUMPUR (Oct 9): There appears to be an internal shareholding realignment in Tiong Nam Logistics Holdings Bhd (KL:TNLOGIS), with two entities linked to founder and managing director Ong Yoong Nyock emerging as substantial shareholders, while his wife Yong Kwee Lian exits the list.

According to the group's bourse filings on Friday, OFG Capital (L) Foundation and OFG Sdn Bhd emerged as substantial shareholders after taking 100% ownership of TNTT Realty Sdn Bhd and Renitrans Sdn Bhd on Aug 14, with an indirect 27.04% stake.

Ong's direct interest in the group remained the same at 25.02%, though his indirect interest slipped from 28.38% to 27.04%, held via the two OFG entities, as his deemed interest in the shares held by Yong and their son, deputy managing director Ong Wei Kuan, ceased on Wednesday (Oct 7).

This trimmed his total shareholding from 53.4% to 52.06%.

Yong, who is also an executive director of the group, is no longer a substantial shareholder after her deemed indirect interests in TNTT Realty, Renitrans, her husband and her son were all removed, leaving her with a 1.29% direct stake.

No other reason was given for the shareholding changes.

Other notable shareholding changes recently were the emergence of Teo Kwee Hock as a new substantial shareholder in the group with a total shareholding of 5.01% on July 17. Teo then gradually acquired more shares in the group, raising his stake to 5.58% as of Friday.

The group recently reported that its net profit more than tripled to RM13.41 million for the first quarter ended June 30, 2026, from RM3.98 million a year earlier, while revenue rose 13.8% to RM268.73 million.

Tiong Nam is expecting its logistics and warehousing business to perform positively in the financial year ending March 31, 2027, supported by demand from existing and new customers and additional warehousing capacity coming onstream.

Shares of Tiong Nam closed unchanged at 78 sen at market close on Friday, valuing the group at RM411.7 million. The stock is down 8.24% from a year ago.