This article first appeared in Capital, The Edge Malaysia Weekly on October 19, 2026 - October 25, 2026
Notable filings
From Oct 5 to 9, notable filings at Bursa Malaysia-listed companies included those at Salutica Bhd (KL:SALUTE), in which Singapore-based Fortune Innovative VCC Sub-Fund GEMS High Yield Investment Fund ceased to be a substantial shareholder after disposing of 3.09 million shares in the electronics firm on the open market on Oct 5.
The fund, which emerged as a substantial shareholder in the company after acquiring a 9.62% stake from the latter’s then largest shareholder Blue Ocean Enlightenment Sdn Bhd, had been paring down its interest in Salutica in recent months. As at July 24, the fund held 23.45 million shares, representing a 5.03% stake, following a series of disposals. Blue Ocean ceased to be a substantial shareholder in Salutica on Sept 3 with the disposal of 166 million shares.
Salutica then announced plans on Oct 7 to undertake a private placement of up to 30% of its issued shares to raise as much as RM16.18 million and diversify into property development and construction-related activities. The issue price of the placement shares will be determined and fixed by the board at a later date after receipt of all relevant approvals for the exercise.
The proposed diversification would be a significant departure from the group’s existing manufacturing business. As at Oct 15, Salutica had a market value of RM49.23 million.
Penang-based property developer Tambun Indah Land Bhd (KL:TAMBUN) saw the cessation of Amal Pintas Sdn Bhd as a substantial shareholder following the disposal of 23 million shares on Oct 9 in an off-market disposal.
Meanwhile, substantial shareholder and director Teh Kiak Seng increased his shareholding in the company after acquiring 23.33 million shares through open-market and off-market transactions between Oct 2 and 9. Kiak Seng, the founder and former managing director of the group, had handed over the running of the company’s operations to his son Teh Deng Wei and was redesignated as the company’s executive deputy chairman.
Following the transactions, Kiak Seng’s direct interest in Tambun Indah Land rose to 24.11%, or 105.8 million shares, while his indirect interest stood at 32.51%, or 142.8 million shares, for a total interest of 56.62%, or 248.71 million shares, as at Oct 9. Tambun Indah Land had a market capitalisation of RM298.73 million as at Oct 15.
Over at mattress manufacturer Lee Swee Kiat Group Bhd (KL:LEESK), managing director and chief financial officer Datuk Lee Kong Sim disposed of 6.39 million shares on Oct 6 and 7, relinquishing his direct stake in the company.
The shares were transferred to Panna Asset Management Sdn Bhd, in which Lee has indirect interest via Panna (L) Foundation.
The transactions comprised 1.66 million shares on Oct 6, followed by another 4.74 million shares on Oct 7, putting his indirect interest in Lee Swee Kiat at 66.03% or 160.67 million shares.
In addition to Panna Asset Management, Lee’s deemed interest in the group is through several vehicles including Lee Swee Kiat & Sons Sdn Bhd, LSK Wealth Management Sdn Bhd and TKL Wealth Management Sdn Bhd. Lee Swee Kiat is valued at RM62.05 million as at Oct 15.
Notable movements
Shares of Solarvest Holdings Bhd (KL:SLVEST) have continued to decline over recent weeks, falling 16.7% from the year’s high of RM4.49 on Sept 29, to RM3.74 last Thursday, for a market value of RM3.66 billion.
On Oct 6, the clean energy firm’s group CEO Datuk Chong Chun Shiong acquired six million shares through a direct business transaction (DBT) for RM5.4 million.
The sellers were two of the solar engineering group’s co-founders, Lim Chin Siu and Tan Chyi Boon, who sold three million shares each through DBTs on the same day.
Following the transactions, Chong’s reported direct interest increased to 3.06%, or 29.97 million shares, while Lim and Tan held 219.67 million and 211.14 million shares respectively.
On Oct 8, Urusharta Jamaah Sdn Bhd ceased to be a substantial shareholder in Solarvest after disposing of 377,900 shares, following earlier disposals totalling 1.648 million shares between Oct 2 and 8.
Meanwhile, shares of Excel Force MSC Bhd (KL:EFORCE) plummeted 30.2% from 21.5 sen apiece on Sept 30 to 15 sen last Thursday, valuing the company at RM91.48 million.
On Oct 9, Wong Thean Soon, better known as T S Wong, ceased to be a substantial shareholder after his private vehicle Asia Internet Holdings Sdn Bhd disposed of 29.3 million shares in Excel Force, an IT solutions provider for stockbroking firms and investment banks, via a direct business transaction.
The disposal comes amid a massive selldown by Wong, who is also managing director of Zetrix AI Bhd (KL:ZETRIX), where he has been reducing his shareholding following heavy selling pressure on the counter in recent months. He told The Edge recently he may take legal action over developments that have battered the company’s share price, alleging possible collusion and price manipulation. He said the disposals were forced, not voluntary.
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