KUALA LUMPUR (July 29): Vsolar Group Bhd said today Switzerland-based Credit Suisse Group AG emerged as a major shareholder with a 5.08% stake in the solar energy specialist after acquiring 8.8 million shares on Wednesday (July 24).

Today, Vsolar told Bursa Malaysia that Credit Suisse Group's 5.08% stake comprises 19.6 million shares in Vsolar.

Vsolar said Credit Suisse Group has deemed interest in the 8.8 million shares, which were acquired in two tranches of 1.2 million and 7.6 million units respectively.

According to Vsolar, Credit Suisse Securities (Europe) Ltd has direct interest in the 1.2 million shares. On the 7.6 million shares, Vsolar said Credit Suisse AG, Dublin branch, has deemed interest in the shares "given it has the right to rehypothecate the shares belonging to its clients' holdings".

"Credit Suisse Securities (Europe) has new holdings of 12 million shares and Credit Suisse AG, Dublin branch has new holding of 7.6 million shares. Based on outstanding voting shares of 386.07 million, the deemed interests of Credit Suisse Group AG of 19.6 million shares is equivalent to 5.08%," VSolar said.

At 12:30pm today, Vsolar shares settled up 0.5 sen or 2.5% at 20.5 sen with 12.51 million units traded.

Prior to Vsolar's Bursa filing today, the last statement on shareholding changes involving Credit Suisse Group was on July 4, 2016.

On that day, Vsolar said Credit Suisse Group ceased to be a substantial shareholder on June 29, 2016 because of "dilution due to change in number of outstanding shares".