KUALA LUMPUR: Carbon steel fasteners manufacturer Chin Well Holdings Bhd has clarified that its managing director Sunny Tsai Yung Chuan remains the group's controlling shareholder with a 52.9% deemed equity stake.

In a statement yesterday, Chin Well said Yung Chuan’s deemed interest is held via his investment holding company Benua Handal Sdn Bhd.

“Yung Chuan and his immediate family members of spouse and children together are currently holding an effective 100% equity stake in Benua Handal, an investment company that owns 158.3 million shares or 52.9% of Chin Well’s total number of shares of 299.5 million,” said Chin Well.

It said Yung Chuan and his family members previously held a 67.4% equity stake, while Tsai Yung Yu, brother to Yung Chuan and co-founder of Chin Well, held the remaining 32.6%.

"On June 22, 2015, Yung Yu successfully transferred his 32.6% holding in Benua Handal to Yung Chuan's immediate family members, thus resulting in Yung Yu ceasing to be a substantial shareholder of Chin Well," the statement read.

The announcement on the cessation of Yung Yu’s substantial shareholding in Chin Well was made to Bursa Malaysia on Monday.

“Direct substantial shareholding of Chin Well prior to the announcement remains [the] status quo,” the statement added.

This article first appeared in The Edge Financial Daily, on June 25, 2015.