KUALA LUMPUR (April 7): DWL Resources Bhd (formerly known as Spring Gallery Bhd) said Montagna Management Sdn Bhd has emerged as a substantial shareholder in the company, after acquiring 15 million shares or a 6.44% stake today.
The loss-making ceramics and pottery products manufacturer said in a filing with Bursa Malaysia that the shares were acquired by Sim Chiun Wee through Montagna Management via a direct business transaction.
Following this, Montagna Management owns 23 million shares or a 9.878% stake in DWL Resources. This makes it the second-largest shareholder in the company.
According to DWL Resources’ 2019 annual report, Datuk Seri Aminul Islam Abdul Nor owned 59.65 million shares or 25.62% stake in the company via Greenfield hills Sdn Bhd, as at Oct 3, 2019.
Shares of DWL Resources closed one sen or 4.88% higher at 21.5 sen today, bringing a market capitalisation of RM50.06 million.
The counter has shrunk 76% from 89 sen a year ago.