KUALA LUMPUR (Sept 18): Ingenuity Consolidated Bhd's former managing director (MD) Chin Boon Long is now a substantial shareholder in poultry farmer Lay Hong Bhd.

In two separate filings with Bursa Malaysia today, it was revealed that Chin had acquired 3.8 million Lay Hong shares at a price of RM3.05 per share on Sept 11, representing a 7.4% stake in the company.

The purchase price of RM3.05 per share by Chin represents a 24.6% discount to Lay Hong's share price, which closed at RM3.80 today.

Chin had resigned as MD of Ingenuity on Feb 13 this year. On the same date, Chin had also resigned from his post as executive director in another ICT company, 1 Utopia Bhd.

Chin's emergence as Lay Hong's substantial shareholder comes after QL Resources Bhd's exit from the company.

On Sept 11, QL sold its entire 38.6% stake in Lay Hong for RM60.59 million while Kenanga Investment Bank Bhd and Greenfield Hills Sdn Bhd emerged as substantial shareholders with a 15.56% and 6.3% stake respectively.

It is worth noting that Greenfield Hills has a 30.91% majority shareholding in pottery and porcelain products manufacturer Spring Gallery Bhd. Lay Hong's MD Yap Hoong Chai is a substantial shareholder of Spring Gallery with an indirect 7.34% stake held through his vehicle Innofarm Sdn Bhd.

Lay Hong shares closed up 9 sen, or 2.43%, today to RM3.80, resulting in a market capitalisation of RM195.43 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)