KUALA LUMPUR (Jan 7): Former Lagenda Properties Bhd chairman Datuk Doh Tee Leong has emerged as a substantial shareholder of public bus operator Konsortium Transnasional Bhd (KTB) after acquiring 67 million shares, or a 14.26% stake, through a private placement exercise on Dec 29, 2021. He now holds a direct stake of 2.17% and an indirect stake of 14.26% via Doh Properties Sdn Bhd.
In a filing with Bursa Malaysia on Friday (Jan 7), KTB said Doh had also been appointed as an executive director of the group effective immediately.
Doh, 47, has been in the property development and construction industry for over 20 years and sitting on the board of various medical centre companies since 2016, the group added.
For the cumulative nine months ended Sept 30, 2021, KTB narrowed its net loss to RM7.61 million, from RM10.19 million a year ago. However, revenue for the period came in lower at RM11.49 million, down 56% year-on-year from RM26.12 million.
The Practice Note 17 (PN17) company is in the midst of formulating a regularisation plan to address its financial condition. It has about three months to submit its regularisation plan to the relevant regulators for the approval of the plan. Nevertheless, it on Oct 13, 2021 proposed to diversify its existing core business to include construction and construction-related activities.
It fell into PN17 status in April 2020 after its external auditor Al Jafree Salihin Kuzaimi Plt highlighted a material uncertainty in the group’s ability to continue as a going concern in its audited financial statements for the financial year ended Dec 31, 2018.
At Friday’s noon break, KTB shares were five sen or 2.38% higher at 21.5 sen, giving the group a market capitalisation of RM98.6 million. Its share price has risen 19.44% over the past 12 months.