KUALA LUMPUR (Nov 14): Loss-making Goodway Integrated Industries Bhd’s chief executive officer Tai Boon Wee has sold off almost his entire shareholding in the company via off-market deals in the past two days.

He disposed of a total of 25.462 million shares — 4.726 million on Wednesday and 20.736 million shares today — representing 20.95% interest in the company, according to the group's stock exchange filing.

It is not known who bought the shares from him.

According to the company's annual report, Boon Wee held 21.02% as at Oct 11 this year, comprising 16.44% direct and 4.58% deemed interests. 

Following the disposals, Boon Wee is left with an indirect interest in just 85,000 shares or 0.07% stake in Goodway Integrated — held under sons Tai Qiyao and Tai Qisheng — which leaves Boon Wee out of the company's substantial shareholders' list.

Goodway Integrated fell into the red in its financial year ended June 30, 2019, with a net loss of RM27.13 million, against a net profit of RM5.92 million the group achieved in the year before, as revenue halved to RM55.31 million from RM110.23 million.

The company said the weak performance was primarily due to revenue declines from its rubber compound division (down RM10.2 million), which was facing operational constraints, as well as its property development division (down RM23.4 million).

Shares of Goodway closed one sen or 6.25% higher at 17 sen with 38.27 million shares traded, for a market capitalisation of RM20.67 million. The stock has retreated over 24% in the past year.