KUALA LUMPUR (May 14): Datuk Lim Chai Beng, the managing director (MD) of CB Industrial Product Holding Bhd (CBIP), emerged as a substantial shareholder of EA Technique (M) Bhd after upping his stake in the company to 5.047%.
A filing with Bursa Malaysia today showed that Lim had acquired 852,800 shares, representing a 0.155% stake in the company, yesterday via a open market transaction.
Based on the closing price of EA Technique shares of 31.5 sen yesterday, the 852,800 shares purchased had a market value of RM268,632.
With the purchase, Lim now has a direct 26.78 million shares or a 5.047% stake in CBIP.
EA Technique is a marine vessel operator with a focus on marine transportation, offshore oil and gas (O&G) and provision of port marine services.
For the full financial year ended Dec 31, 2019 (FY19), the company's net profit halved to RM36.4 million, from RM74.23 million a year ago.
The company attributed the lower profit to having no contribution from its engineering, procurement, construction, installation and commissioning (EPCIC) segment throughout the year as well as reversal of EPCC project cost in the previous year that lifted profit before tax to a much higher level compared to the twelve-month period of 2019.
However, it was cushioned by a narrow net loss on foreign exchange of RM1.64 millon for FY19, compared with RM6.38 million for the previous year.
Revenue for FY19 was down 35.11% to RM271.87 million, from RM419 million a year ago. Other than having no contribution from the EPCC segment, the group added that one short-term charter hire contract was expired, coupled with lower offtake from the Petronas Floating Liquefied Natural Gas 1 tugboat operation as the client shifted the operation to Sabah in March 2019.
At the noon break today, EA Technique's share price was down half a sen or 1.59% to 31 sen, with a market capitalisation of RM164.46 million.