Thursday 28 Mar 2024
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KUALA LUMPUR (April 15): Banking tycoon Tan Sri Quek Leng Chan has ceased to be a substantial shareholder in mid-cap fabricator TH Heavy Engineering Bhd (TTHE), effective yesterday (April 14).

In a filing to Bursa today, TTHE (fundamental: 0.35; valuation: 1.2) said Quek disposed of some 38.86 million shares via his indirect stake in GuoLine Capital Ltd, GuoLine Capital Assets Ltd, Hong Leong Company (M) Bhd and HL Holdings Sdn Bhd.

Quek, who is rumoured to have an interest in the oil and gas industry, chairs privately held conglomerate Hong Leong Co (M) Bhd which is involved in the finance, property and food sectors. Guoline is a subsidiary of the group.

Quek first emerged as a substantial shareholder in THHE, when he took up a sizeable stake in the company via a private placement at 45 sen a share in 2013.

TTHE closed 2.5 sen higher or 7.46% at 36 sen today, giving it a market capitalisation of RM375.56 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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