KUALA LUMPUR (Feb 14): Revenue Group Bhd co-founders the Ng brothers continued to reduce their stakes in the e-payment solutions provider to 17.71% now, the company said in a filing.

Brian Ng Shih Chiow has also transferred all 55.5 million of his shares or 11.51% in the group to his brother Dino Ng Shih Fang.

Dino, now the single largest shareholder in Revenue Group with 85.38 million shares, has been buying and selling shares in the company since last week.

From Feb 8 to Feb 13, Dino sold a total of 27.43 million shares at between 45.3 sen and 52.4 sen a share for a total sum of RM13.36 million.

In the period, he also bought 4.1 million shares at between 44.5 sen and 51.2 sen apiece for a total of RM1.9 million.

Aside from Dino, Revenue Group’s substantial shareholders include managing director Datuk Eddie Ng Chee Siong with 8.33%. Eddie has no family ties with the brothers.

Brian and Dino are currently in a court tussle against Revenue group after their suspension as executive directors on Jan 4 when the company said several complaints were received against them.

On Jan 27, the Malaysian Anti Corruption Commission (MACC) confirmed the arrest of the duo over an alleged false claim relating to the purchase of thermal printing paper worth more than RM400,000.

On Feb 10, Dino and Ng filed their defence and a counterclaim against Revenue Group, stating that their suspension as the group’s directors was invalid.

Shares of Revenue Group finished up 4.5 sen or 10.11% at 49 sen on Tuesday, giving it a market capitalisation of RM233.65 million. The counter has fallen 28% year to date.