ACME sees change of largest shareholder as Supptech sells another 18%

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KUALA LUMPUR (April 16): Supptech Holdings Sdn Bhd, the largest shareholder of Penang-based ACME Holdings Bhd, has continued to pare down its stake in the company with another off-market trade.

Supptech sold 41.94 million shares, representing an 18.24% stake, to Inspire Sense Sdn Bhd in an off-market transaction on April 11, according to stock exchange filings by the property developer and plastic components manufacturer today.

The block of shares was exchanged at 34 sen per share, a 0.5 sen premium to its closing price of 33.5 sen per share that day.

Subsequently, two individuals named Tang Tiam Hock and Ooi Kian Chuan also emerged as substantial shareholders in ACME by virtue of their interest in Inpsire Sense.

The stake exchange cut the total stake held by Supptech, which is the private vehicle of ACME's chairman Datuk Seri Dr Lee Kuang Shing, to 20.07%. Lee also has a direct stake of 2.6% in ACME, which means he controls 22.67% in Supptech.

The acquisition made Inspire Sense the third largest shareholder in Acme. Nada Wangi Sdn Bhd, with its 29.995% -- after acquiring 19.99 million shares or a 9.5% stake from Supptech on March 1 -- is now the group’s largest shareholder.

On March 1, Supptech sold 19.99 million shares or 9.5% of its stake to Nada Wangi, which is controlled by ACME executive director Ooi Soon Hong.

Shares in ACME were not traded on the open market today. They last closed at 34 sen apiece on April 12, giving ACME a market capitalisation of RM73.19 million.