KUALA LUMPUR (May 5): Businessmen Datuk Chin Yoke Choon and Datuk Chin Yoke Kan have emerged as substantial shareholders of Malaysian Bulk Carriers Bhd (Maybulk) after their private vehicle Tunas Capital Sdn Bhd acquired 160 million shares or a 16% stake in the dry bulk carrier last week.

Maybulk’s filing with Bursa Malaysia on Thursday (May 5) showed that Yoke Choon and Yoke Kan hold equal 50% stakes in Tunas Capital.

Last Friday (April 29), Pacific Carriers Ltd, controlled by tycoon Robert Kuok, disposed of 160 million shares to Datuk Goh Cheng Huat -- founder and executive director of Eonmetall Group Bhd -- and another 160 million shares to Tunas Capital. Goh is also founder, deputy chairman and executive director of Leader Steel Holdings Bhd. 

Post-disposals, Pacific Carriers is left with 24.62 million shares or 2.46% in Maybulk, while Goh and Tunas Capital become the largest shareholders of the group, followed by Minister of Finance Inc (15.34%) and Kuok Brothers Sdn Bhd (14%).

Based in Kuantan, Pahang, Tunas Capital is principally involved in property development and construction activities via its subsidiary Tunas Manja Development & Construction Sdn Bhd. Yoke Kan is Tunas Manja’s executive director and managing director.

Maybulk shares closed down one sen or 0.94% at 54 sen on Thursday, giving the group a market capitalisation of RM530.14 million.