Prudential emerges as new substantial shareholder in Thong Guan

Prudential emerges as new substantial shareholder in Thong Guan
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KUALA LUMPUR (Aug 16): Prudential plc has emerged as a new substantial shareholder in plastic packaging manufacturer Thong Guan Industries Bhd.

The insurance company, via Eastspring Investment Bhd, acquired 18.96 million shares or a 5% stake in Thong Guan on Aug 12, according to a notice filed with Bursa Malaysia today by Thong Guan.

The tranche of shares would have cost Prudential about RM45.26 million based on the company's closing price of RM2.44 on Aug 12.

Prudential is now the second-largest shareholder in Thong Guan after Foremost Equals Sdn Bhd, which held a direct interest of 39.3% or 148.74 million shares in the company as at Oct 20, 2020.

Foremost Equals' shareholders include Thong Guan managing director Datuk Ang Poon Chuan, and his siblings and executive directors Datuk Ang Poon Khim and Datuk Ang Poon Seong.

Thong Guan's share price closed down two sen or 0.82% to RM2.42, bringing a market capitalisation of RM924 million.

S Kanagaraju