Thursday 25 Apr 2024
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KUALA LUMPUR: Tsai Yung Yu, co-founder of Chin Well Holdings Bhd, ceased to be a substantial shareholder of the company effective yesterday.

In a filing with Bursa Malaysia, Chin Well said Tsai ceased to be a substantial shareholder. He disposed of 158.31 million shares in the company.

According to the company’s 2014 annual report, Tsai, a Taiwanese, held 158.31 million shares or 58.09% as at Oct 31, 2014, through Benua Handal Sdn Bhd. 

The filing did not state the price of the transaction and the method of disposal.

Chin Well (fundamental: 2.1; valuation: 2) is a manufacturer and supplier of high-quality carbon steel fasteners such as screws, nuts and bolts used in highway guard rails, power transmission towers and furniture.

His latest purchase was on Sept 19 last year, when he acquired 21.53 million shares in an off-market transaction.

Shares in Chin Well were not traded yesterday. The counter last closed at RM1.50 per share, giving it a market capitalisation of RM449.3 million.

 

This article first appeared in The Edge Financial Daily, on June 23, 2015.

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