KUALA LUMPUR: Takaso Resources Bhd saw the emergence of a new shareholder, Ong Kah Hoe, after he bought 15.65 million shares or 8.97% equity interest on the open market yesterday.

A filing with Bursa Malaysia yesterday revealed that Ong has 10.24 million shares or a 5.87% indirect stake held through his parents and siblings.

It is noted that three of Takaso’s directors — Yong Mong Huay, Tan Ooi Jin and Su Seong Yeen — had disposed of  4.41 million shares or a 2.53% stake.

Yong sold 2.03 million shares or 1.17%, while Tan disposed of 668,000 shares or 0.38% and Su sold 1.71 million shares or 0.98%.

Takaso, a baby-care accessories and condom manufacturer, has been in the red since 2009.

For the financial year ended July 31, 2014 (FY14), Takaso’s net loss widened to RM5.95 million from RM3.61 million a year ago, while revenue decreased 17% to RM37.56 million from RM45.08 million previously.

Takaso attributed the loss to reduction in sales of computer accessories and declining orders from some of its big customers in the Middle East and African countries due to their unstable market conditions.

Takaso’s counter closed at one sen lower to 61 sen yesterday, giving it a market capitalisation of RM106.4 million.

This article first appeared in The Edge Financial Daily, on November 4, 2014.