KUALA LUMPUR (Oct 30): Businessman Datuk Ng Meng Kee has acquired 6.48 million shares in GIIB Holdings Bhd (KL:GIIB) as its stock hovers over a five-month low.
The latest acquisition raised his shareholding in the rubber compound manufacturer to 15.823%, from 15.038% previously, according to a Bursa Malaysia filing on Friday.
He has a 7.951% direct stake in GIIB and a 7.872% indirect interest via Mega Fortris Global Pte Ltd and Mega Fortris Capital Ltd.
Ng, who is the non-independent non-executive chairman of Mega Fortris Bhd (KL:MEGAFB), acquired the shares from the open market on Thursday.
A back-of-the-envelope calculation showed that the acquisition of 6.48 million shares would have cost him approximately RM3.5 million, based on GIIB's closing share price of 54 sen on Thursday.
The stock, which has halved over the past two trading sessions, closed 18 sen or 33.33% lower at 36 sen on Friday, with a market capitalisation of RM297 million.
Despite the recent sell-off, the stock's price is still about four times higher than the eight sen it started the year with.
GIIB was the second most actively traded stock on Bursa Malaysia, with 95.94 million shares changing hands, and the ninth-largest loser of the day.
Earlier on Friday, the company told Bursa Malaysia that it was not unaware of any corporate developments that may have triggered unusual market activity (UMA) for the sharp fall in its share price on Thursday.
Meanwhile, shares of security seals specialist Mega Fotris, which Ng has an almost 67% stake, also succumbed to selling pressure.
Mega Fortris, the second top loser on Bursa Malaysia, closed 18.98% or 52 sen lower to RM2.22 on Friday. Cumulatively, the stock has dropped 35.65% or RM1.23 over the past two trading sessions, from RM3.45.
At RM2.22, the stock was valued at RM1.88 billion.
Another company in which Ng holds a minority stake, Ni Hsin Group Bhd (KL:NIHSIN), fell nearly 30% on Friday to close at 26 sen, after hitting a record low of 15 sen. Ni Hsin was among the exchange’s top losers on Friday. The company was valued at RM162.6 million at its closing price.
Ng held a 2.22% stake in Ni Hsin as at Sept 30, 2026, according to the latest annual report.
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