KUALA LUMPUR (June 6): AE Multi Holdings Bhd's executive chairman Yang Wu-Hsiung has ceased to be a substantial shareholder in the printed circuit board manufacturer, after the stock rallied by about 60% last month — around the time it announced a turnaround in the first quarter.

A filing with Bursa Malaysia today showed Yang sold two million AE Multi Holdings shares he directly owned on June 3. The price for each share was 12.5 sen.

It should be noted that a month earlier — on May 6 — he exercised his employee share option scheme to acquire 5.39 million AE Multi Holdings shares at 10 sen each.

With the sale, Yang is no longer a substantial shareholder in the company he founded. His direct ownership of 5.39 million AE Multi Holdings shares amounted to 2.22% of the company's share base, while his indirect stake was at 2.59%.

Another stock exchange filing today revealed that Yang sold all his AE Multi Holdings warrants, AEM-WA. He sold a total of 1.26 million of the derivatives for six sen apiece on June 2, and 1.95 million for 6.3 sen each the day after.

AEM-WA has a strike price of 25 sen and shall expire on Dec 17, 2019. Its close of seven sen on May 23 was the highest in more than a year, and its price averaged at 4.6 sen so far this year.

AE Multi Holdings' net profit for the three months ended March 31, 2016 (1QFY16) grew by 673% year-on-year to RM1.24 million or 0.52 sen a share. The company attributed the jump to a marked increase in orders for air-conditioner printed circuit boards.

Its shares were flat at 15.5 sen at noon break, bringing its market capitalisation to RM38.79 million. AEM-WA meanwhile fell half a sen to 5.5 sen.