KUALA LUMPUR (July 3): Hussin Othman has emerged as a new substantial shareholder at Guidance Note 3 (GN3) company, Scan Associates Bhd.

In a filing with Bursa Malaysia today, it was revealed that Hussin, 56, had acquired 10.17 million Scan Associates shares or a 5.09% stake in the company yesterday (July 2).

The company had earlier announced the emergence of MNC Wireless Bhd executive director Yeoh Eng Kong, 46, as a substantial shareholder in Scan Associates on June 25, 2015, after acquiring 500,000 shares, bringing his total shareholding in the company to 10.48 million shares or 5.24%.

In May this year, the company had applied to restrain Bursa Securities from classifying it as a GN3 company, after it incurred a loss of RM7.1 million for its financial year ended Dec 31, 2014, which exceeded its shareholders’ funds of RM6.2 million, and its aggregate losses for two consecutive financial years exceeded its shareholders’ funds. However, this was subsequently dismissed by the Kuala Lumpur High Court.

It was placed under the GN3 category on May 18. Shares in Scan Associates fell to its lowest of 3 sen on May 25.

On June 30, it saw the resignation of its chief executive officer and co-founder Datuk Dr Norbik Bashah Idris, which cited personal reasons.

Scan Associates' (fundamental: 0.15; valuation:0) shares closed up 1 sen or 10% today to 11 sen, for a market capitalisation of RM19 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.)