Goh Choon Kim ceases to be substantial shareholder of Caely

Wednesday 01 May 2024

KUALA LUMPUR (Nov 3): Penang-based businessman Datuk Seri Goh Choon Kim has ceased to be a substantial shareholder of Caely Holdings Bhd.

The troubled lingerie manufacturer's Bursa Malaysia filing on Thursday (Nov 3) showed that Goh let go of 54.35 million shares on Oct 31 via off-market disposal.

Prior to the disposal, Goh was the largest shareholder of Caely with a 21.05% stake, according to Caely's filing on May 31.

He first emerged as a substantial shareholder of Caely on Aug 27, 2018 when he bought another 1.7 million shares in the company to raise his shareholding to 5.3 million or a 6.6% stake.

Goh was the schoolmate of Caely's founder and former executive director Datin Fong Nyok Yoon. Goh is also the chairman of GTM Property, which has interests in property development as well as hospitality and leisure.

Fellow businessman Datuk Seri Tee Yam @ Koo Tee Yam is now deemed to be the largest shareholder of Caely with a 19.12% stake.

Koo, who first emerged as Caely's substantial shareholder on May 30 with a 5.63% stake, went on to steadily raise his shareholding until August.

Since February, Caely has been embroiled in a legal case of misappropriation of funds involving Fong and her husband Datuk Alan Chuah Chin Lai as well as the group's former board of directors.

The couple is alleged to have misappropriated RM30.55 million from Caely's wholly owned subsidiary, Caely (M) Sdn Bhd, through 10 questionable related-party transactions.

On Oct 27, five shareholders of Caely who collectively held at least 10% equity interest in the company called for an extraordinary general meeting (EGM) to discuss several issues, including the exclusion of certain shareholders from participating in meetings as well as the appointments of new directors.

The five shareholders were former executive chairman Datin Seri Jessie Wong Siaw Puie, Zhang Jia, Leow Boon Kin, Datuk JP Low Kok Chuan and Cheng Kwee.

This came after Caely announced two days earlier that it had been issued with another requisition notice to convene an EGM, without disclosing the details as the company said it wanted to verify the shareholdings of the five shareholders.

Caely's share price finished 1.72% or half a sen lower at 28.5 sen on Thursday, bringing the group a market capitalisation of RM73.6 million.

Edited ByS Kanagaraju

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