KUALA LUMPUR, (July 24): Tan Sri Vincent Lee Fook Long has ceased to be a substantial shareholder in SHH Resources Holdings Bhd, after disposing of 1.76 million shares in the furniture manufacturer.

In a filing with Bursa Malaysia, SHH (fundamental: 2.5; valuation: 1.4) said its director Lee had undertaken the off-market disposal at RM1.25 per share on July 15 this year.

It is not immediately known as to who had purchased the block of shares from Lee. After the sale, Lee is left with 1.03 million shares or a 2.05% stake in SHH.

The announcement on Lee paring his SHH stake came after advertising agency Naga DDB Sdn Bhd ceased to become a substantial shareholder in SHH on June 15 this year. Lee is the founder of Naga DDB.

SHH told the exchange on June 19 this year that Naga DDB had sold its entire 5.58 million shares or 11.16% in SHH in an off-market deal. The buyer was SHH managing director Datuk Teo Wee Cheng.

After the transaction, Teo's direct stake in SHH rose to 24.41%.

Today, SHH shares climbed four sen or 3% at 12:30pm to settle at RM1.43, for a market capitalisation of RM71.5 million.

The stock had gained 81% this year, significantly outperforming the FBM KLCI's 2% decline.

(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.)