KUALA LUMPUR (Nov 3): Datuk Low Chin Koon, 46, the non-executive chairman of Tex Cycle Technology (M) Bhd (KL:TEXCYCL), has emerged as a substantial shareholder of auto parts supplier MCE Holdings Bhd (KL:MCEHLDG) after increasing his stake in the company.

According to a filing with Bursa Malaysia, Low, who previously held 7.701 million shares in MCE Holdings, bought 22,000 shares on the open market on Oct 30, raising his shareholding to 5.004%.

Based on MCE Holdings' closing price of RM1.43 per share that day, the newly acquired shares were worth RM31,460.

Low is also an independent non-executive director of Mestron Holdings Bhd (KL:MESTRON) and TechBase Industries Bhd (KL:TECHBASE), and independent non-executive chairman at EC Excel Holdings Bhd (KL:ECEXCEL).

MCE Holdings' largest shareholder is Dulcet One Holdings Sdn Bhd, with a 17.346% stake, followed by Woo Chiew Loong with 7.59%.

The company's executive director and group managing director Dr Goh Kar Chun holds a 5.224% direct stake and a 2.126% indirect stake.

Founded by the Goh family, MCE Holdings was listed in 1996.

MCE Holdings’ shares were unchanged at RM1.42 on Tuesday, valuing the company at RM219.1 million.  Year to date, the stock is down almost 6%.