KUALA LUMPUR: Loss-making Spring Gallery Bhd has appointed new substantial shareholder Wan Khalik Wan Muhammad as an executive director effective immediately.
Last Friday, Wan Khalik, 46, emerged as a substantial shareholder in Spring Gallery with a 10% stake after acquiring 19.86 million shares via his private vehicle Total Sejati Sdn Bhd.
Data showed that on the same day, 19.7 million of the ceramics and pottery products manufacturer’s shares — representing a 9.92% stake — were traded off market at 65 sen apiece, compared with their 79 sen closing price.
It is worth noting that on Jan 4, a week before Wan Khalik’s emergence as a substantial shareholder, Spring Gallery chief executive officer (CEO) and executive director Datuk Lim Chaing Cheah resigned to “focus on ceramic business at subsidiary level”.
To date, Spring Gallery has not announced a new CEO.
For the first quarter ended Sept 30, 2018 (1QFY19), Spring Gallery reported widened net losses of RM2.1 million as revenue shrank from RM2.23 million in 1QFY18 to RM1.17 million.
In its Bursa Malaysia filing, Spring Gallery said Wan Khalik has vast experience in corporate planning, public administration, IT strategic planning and business development among others.
Currently, Wan Khalik is also vice-president of non-profit organisation Access Green Association of Malaysia.
Separately, Spring Gallery has proposed to change its name to DWL Resources Bhd, which is subject to the approval of shareholders at a general meeting to be convened.
“This change would allow the group to strengthen its position as an upcoming player in the various industries while continue our commitment to creating sustainable growth and revenue for the stakeholders,” Spring Gallery executive director Tan Ooi Jin said in a separate statement.
“Although the group has undergone a few transitions recently, our partners, clients, and investors can rest assured that all of these changes were done for the betterment of the group and we will continue to improve and hopefully bring the group to achieve bigger things thereby adding value to our shareholders’ investment in us,” he added.