Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 28) Two new substantial shareholders — Kenny Khow Chuan Wah and Chong Koon Meng — have emerged in business ICT solutions provider MMAG Holdings Bhd.

It is worth noting that the company's managing director Wong Eng Su has also recently emerged as a substantial shareholder in the company.

According to Bursa filings, the trio has deemed interest in MMAG by virtue of their equity interest in Marina Teguh Sdn Bhd, a private vehicle that acquired 177.56 million MMAG shares or an 18.62% stake of the company on Sept 15.

The purchases were made both off market and in the open market, at a transaction price of 6 sen apiece, same as its closing price on the same day.

It is worth noting that Wong, who was appointed as managing director of MMAG in April last year, surfaced as a substantial shareholder with 87.9 million shares or a 9.22% stake in the company, held through Firstwide Success Sdn Bhd.

Meanwhile, Chong also owns 600,000 shares or a 0.06% direct stake in MMAG.

MMAG made a net loss of RM18.72 million or 1.96 sen per share in financial year ended March 31, 2016 (FY16), 24.2% lower than its net loss of RM24.71 million or 2.72 sen per share a year ago. The group continued to make a net loss of RM2.72 million in first quarter ended June 30, 2016 (1QFY17).

The stock was unchanged at 6 sen today, with 8.35 million shares traded. It has a market capitalisation of RM57.2 million currently.

 

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