Siew Ka Wei sells Ancom shares on open market

Siew Ka Wei sells Ancom shares on open market
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KUALA LUMPUR (Oct 30): Ancom Bhd executive chairman and substantial shareholder Datuk Siew Ka Wei has disposed of 620,000 shares on the open market for RM475,539, a filing with Bursa Malaysia showed.

Ancom Bhd executive chairman Datuk Siew Ka Wei. Photo by Ancom Bhd.

After the share sales, he is left with 27.63 million shares or a 11.538% direct equity stake in the diversified group. Meanwhile, his indirect interest in the company stood at 9.351% as at today.

Siew is the second largest shareholder in Ancom after Pacific & Orient Bhd, which holds a 14.64% stake.

In July this year, it was reported that integrated security IT solutions provider S5 Holdings Inc was seeking a back-door listing via Ancom Logistics Bhd, in which Ancom owns an 11.6% stake.

Meanwhile, Ancom Logistics will inject its business into Nylex (M) Bhd, another subsidiary of Ancom, hoping for a turnaround in Nylex’s operations.

The share price of Ancom climbed and reached a two-decade high of RM1.02 on Aug 7, after the news.

Today, Ancom fell 1.5 sen or 1.92% to 76.5 sen, giving it a market capitalisation of RM193.51 million.

Kathy Fong