KUALA LUMPUR (Oct 19): Eonmetall Group Bhd (KL:EMETALL) announced Monday that Datuk Seri Lee Hock Seng has ceased to be a substantial shareholder in the steel manufacturer.

In a bourse filing, the company said Lee disposed of 6.09 million shares through an open market transaction on Oct 15, which gives the share sale an estimated value of RM2.68 million based on the then closing price of 44 sen.

His stake fell below the 5% substantial shareholder threshold, as his current stake is now estimated to be 4.21% from 5.57% previously, according to Bloomberg data.

He was the second-largest shareholder of the company, which was founded by executive director Datuk Goh Cheng Huat, who is also its largest shareholder.

Lee first emerged as a substantial shareholder in the company on Oct 16, 2024 after purchasing 25 million shares.

For the second quarter ended June 30, 2026 (2QFY2026), Eonmetall posted a net loss of RM4.56 million on revenue of RM29.9 million. The group cited that the operating environment has become challenging due to economic uncertainties and geopolitical tensions, adding that operating costs are expected to increase even further.

Shares of Eonmetall Group were flat at 44 sen at Monday’s market close, giving the group a market value of RM197.4 million.