KUALA LUMPUR (Apr 28): Pelita Niagamas Sdn Bhd has emerged as a substantial shareholder in Ge-Shen Corp Bhd, following its acquisition of 11 million shares representing a 14.3% stake in the company at 68 sen a share, for a total of RM7.4 million.

By virtue of his holdings in Pelita Niagamas, Ge-Shen (fundamental: 2.2; valuation: 1.1)’s executive director Chan Choong Kong has also emerged as a substantial shareholder in the high precision plastic components manufacturer.

Chan, 53, was appointed as executive director on April 23 this year. He also holds 22.5 million unlisted redeemable convertible preference shares by virtue of his interest in Pelita Niagamas.

Ge-Shen shares closed four sen or 5.56% lower at 68 sen, with a market capitalisation of RM53.45 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)