KUALA LUMPUR (Dec 31): Tycoon Tan Sri Lee Kim Yew has emerged as a substantial shareholder of SMTrack Bhd, following his acquisition of 28.5 million shares, equivalent to a 5.051% equity stake, in the company.

The Country Heights Holdings Bhd executive chairman acquired the radio frequency identification company's shares on Dec 29 from the open market, SMTrack's bourse filing showed.

According to Bloomberg data, which has yet to reflect Lee's stake in the company, the largest shareholder of SMTrack was Datuk Seri Tan Choon Hwa with a 3.16% stake, followed by Jacqueline Lee Fei Fei (2.13%) and Lim Shiou Ghay (1.94%).

For the three months ended July 31, 2021, SMTrack reported a smaller net loss of RM113,000, versus RM295,000 for the previous year's corresponding quarter, while revenue surged 417% to RM2.53 million.

Based on its financial statements for the quarter, the higher revenue recorded for the quarter was offset by higher cost of sales.

On Thursday (Dec 30), the counter closed two sen or 12.9% higher at 17.5 sen, giving it a market capitalisation of RM99 million.

Later at 9.49am on Friday, SMTrack shares had gained 1.5 sen or 8.57% to 19 sen, giving the company a market cap of RM107.19 million.

It was the most active counter on Friday morning, with 71.77 million shares traded thus far.

SMTrack's share price has been trending upwards since mid-December, rising 84% from its closing of 9.5 sen on Dec 17.